Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: freddie who wrote (60699)	2/22/2000 10:04:00 AM
From: SargeK	Read Replies (1) of 95453

FGH Link newsalert.com I'm glad the Company f-i-n-a-l-l-y disclosed what has been suspected for weeks. The good news in the release(s) are summarized as follows: "The Company anticipates significantly improved financial results for the current year." "The Company believes, based upon current estimates, that all of the earnings impact of unprofitable contracts as well as merger-related expenses have been provided for in the quarter." "In a continuing effort to divest itself of its non-strategic assets, the Company also announced that it had entered into a letter of intent to sell the yacht division of its Vessels segment. J.L. Holloway, chairman and chief executive, said, "The yacht division is a non-core asset that offers very little synergy with our other businesses, and is dilutive to management's efforts to manage the company." "The Company said that it plans to release its earnings on March 15th, and will conduct a conference call at 10 am CST on March 16th to discuss the quarterly and year-end results." COMMENT: The best news (if the Company is to be believed) is ALL the negatives are now OUT! Even with FY/99 losses, FGH is selling (5 7/8 Friday's close) BELOW book value (with tax carry forwards resulting from the losses) WHILE bidding and business continues to show improvement. HEAVY VOLUME AND price volatility is expected for the forseeable future. Good luck SargeK

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