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Strategies & Market Trends : Value Investing

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To: rjm2 who wrote (13345)	11/21/2001 4:48:38 PM
From: Sergio H	Read Replies (1) of 78670

RJM, any opinion on KARE? It's selling at depressed valuations. From the recent 10q: <Betker said that the Company is formulating a plan for an extensive corporate consolidation to be implemented during 2002. The consolidation is being designed to further improve operational efficiencies and reduce corporate overhead. ``We are confident that the financial and operational benefits of this program will be significant and will position us for much improved performance during fiscal 2002. We hope to disclose the details and anticipated results of this plan before the end of the year.'' Management reported that third quarter EBITDA (earnings before interest, taxes, depreciation and amortization) results were below the levels required by the Company's restated and amended credit agreement entered into on September 26, 2001. Consequently, the Company is not currently in compliance with the covenants of its credit facility. Management said it is working to secure a waiver from its senior lenders and will announce the results of those discussions soon.>

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