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Gold/Mining/Energy : AO.A
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To: Joe Stoner who wrote (99)7/8/1999 4:23:00 PM
From: M. Merriam  Read Replies (1) of 108
 
Earnings are out and they are bad: loss of .78 per share, including $10.8 million provision.

Then it gets worse: still $11 million more in provisions to be taken over the next 12 months. "We do not anticipate a return to profitability before December 31, 2000."

Sweetened with a morsel of good news: "Mr. Joe Schaffer, Company founder and Chairman, will step down."

In one year, shareholder's equity has gone from $37 million to $21 million. What's left will probably be cut in half by the next round of provisions. Operating losses over the next two years (or more) will eat into that further.

I think we are looking to a quick slide in share price to the .15-.25 range, if we can hold that.

Mike
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