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Strategies & Market Trends : Value Investing
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To: TimbaBear who wrote (15524)9/27/2002 11:02:02 AM
From: Don Earl  Read Replies (1) of 78666
 
Timba,

Agree with your impression of FLM. With debt to equity at 3.26 to 1, it's a cash burning machine, and has been for a long time. GAAP allows a lot of current expenses to be capitalized as assets, and you just plain don't get a debt to equity ratio that high, on a company that is supposedly profitable, unless there is some very aggressive book cooking. FLM looks like a train wreck waiting to happen. Eventually the creditors wise up and say, "If you're making so much money, why do we have to keep loaning you more money to make your payments?".
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