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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge
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To: Carter B who wrote (10290)11/29/2002 8:28:34 AM
From: Al Collard   of 11802
 
MGX-t...in the news:

Globe says analysts pessimistic on Mosaic recovery

Fri 29 Nov 2002

The Globe and Mail reports in its Friday, Nov. 29, edition that if Mosaic
Group had not got mixed up with Enron and WorldCom, chances are it would
not be staring insolvency in the face today. The Globe's John Heinzl writes
in The Pitch column that Performance Solutions was once one of Mosaic's
most promising divisions, earning $44-million on revenue of $322-million in
2001. This year, Mosaic estimates the division will have no earnings on
revenue of $139-million. "A major reason why Mosaic finds itself in its
current state of financial challenges is the difference between last year's
performance and this year's in this specific division," says chief
executive officer Marc Byron. "This business has faced the most difficult
year filled with a series of circumstances that no one could have
predicted." An unnamed analyst says Mr. Byron should have stepped aside and
hired a seasoned restructuring expert when the extent of Mosaic's troubles
became known. Although Mr. Byron launched a reorganization early this year,
it did not go far enough, the analyst says. The Globe says analysts are
pessimistic about Mosaic's chances for recovery.
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