GRIN (Grand Toys International Inc) Message Board

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Non-Tech : GRIN (Grand Toys International Inc)

GRIN 26.77

-1.4%

Nov 17 3:50 PM EST

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To: hoffy who wrote (364)	9/7/1999 10:41:00 PM
From: Frank McVerry	Read Replies (1) of 495

GRIN stock options The 1998 annual report shows that there were about 1.9M shares with an average exercise price of $6.78 on 12/31/98. Assuming none of these had expired and none had been added during 1999, then if all of them were exercised recently, this would bring about $13M into the company. Their line-of-credit last year was about $11M, so this is a very sizable chunk of money for the company and really changes the financial picture for them. For example, consider what would have happened last year if this cash had been available. First, they would have been spared most of the big $1.3M expense from foreign currency loss and of course, interest expense would have been reduced to zero from $700k. In other words, their earnings before taxes would have been $2M higher !! So this large injection of cash has practically eliminated the company's heavy interest payments and currency risk factor and must give them much more room for maneuver in their new growth initiatives (ARK products and Grand Concepts). FWIW, Frank fortunecity.com

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