SFE's latest 10Q is now available through Edgar.
There are a couple of things I will put out for discussion.
First is the Long Term Debt situation.
Here is a comparison of LT Debt in
4th Q.'96, 1st Q. '97 and 2nd Q. '97 (expressed in thousands):
12/31/96 3/31/97 6/30/97
Parent Company and Other Recourse Debt
Revolving Credit Facility $ 14,700
Note Payable to Equity Investee Company.$ 9,200
Other.................................. $ 16,151 15,930 16,515
------ ------ ------
16,151 30,630 25,715
Subsidiary Debt (Non-Recourse to Parent)
CompuCom.............................. 239,946 208,104 126,034
Other................................. 5,268 5,965 285
------- ------- -------
245,214 214,069 126,319
------- ------- -------
261,365 244,699 152,034
------- ------- -------
Current debt obligations............ (8,640) (9,207) (3,970)
Long-term debt....................... $ 252,725 235,492 148,064
A couple of things stand out, IMO.
First, SFE's "Recourse" debt has been reduced in the last quarter
and the note to Sanchez (SCAI) for 9.2 million is on slightly
better terms than it could get from its usual lenders.
Second, "Non-recourse" debt (which is principally that of
Compucom) was decreased substantially. [As noted in the 10Q,
Compucom sold a portion of its receivables to pay off long-term
debt]
Any comments?
Bill |
