TCMS - Transcoastal Marine Message Board

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Non-Tech : TCMS - Transcoastal Marine

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To: The Ox who wrote (199)	3/23/2000 1:17:00 PM
From: Area51	Read Replies (1) of 201

Bought some TCMS today @ 1 3/16. I question the intelligence of this move but this was the first oil\oil services related issue that I ever bought. (Back in the days when Lucretus Taurus was espousing the future of $100 NE on his travels around SI). I wouldn't infuse $15 million of equity into the company either, but when you can buy all the outstanding stock for less than $15 million I think it becomes interesting. It seems to me that with the resurgence in gulf drilling activity that TCMS ought to be able to meet its interest payments and eventually repay it's debt. The failure to meet its loan covenants should allow the banks to require that TCMS get their cost structure in order. But I don't think they will force liquidation (nor does Bank One want to run a pipe fabrication business; they're not even that good at running banks <g>). This was a company that was making 0.10 per quarter in 1998, and even with higher interest rates it's not too much a leap of faith to think they could make EPS of 0.36 in the future. Best Regards, Area51

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