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Strategies & Market Trends : Value Investing

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To: Michael Burry who started this subject	2/13/2002 7:52:35 PM
From: TimbaBear	Read Replies (1) of 78714

I'd like to mention TUG again to the board. I got in about 6 months ago at just under $9.00, I think. In the last 12 months they have paid off $33 million of 9.25% debt (around half of their debt) and have bought back over 2 million shares(about 20%+ of shares). They are projecting income of between $1.50 and $2.00 for next year. They have almost completed refurbishing their fleet to double-hull and have grown revenues and income while doing so. Between the savings from the paid off debt and the cash flow from operations, I would not be surprised to see them significantly increase their dividend in the coming year from the current 40 cents/share to closer to $1.00/share. My target for them in the next year is to $20.00+ They are currently selling at around $13.00 I have a position in TUG and will be adding more. Please do your own due diligence. Timba

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