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Non-Tech : Just For Feet (FEET)
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To: Walter High who wrote (309)8/20/1997 9:59:00 PM
From: Mark T. Heath   of 750
 
I can't find a balance sheet anywhere in today's news. I'd like to see it given the cash drain everyone is referring to. If you know a link, please post. I think it's interesting that all of the analysts are referring to an "expense" problem. None of the information I can find bears this out. Sales are up 92% with operating expenses up 82%, margins down 1%. So sales are outpacing, as they should, expenses as the company grows. So where did the cash go? Is the company "buying" its way into the gutter?

The thing that gets me is how this blindsided the analysts. J.C. Bradford was paticularly unkind slashing '97 estimates from $.94 to $.72 and '98 from $1.30 to $1.05. That's serious money. The brokerage firms don't like being made to look so uninformed on a company they follow. They are going to lose interest fast if they believe management is not being straight with them. There has already been one blunder with the accounting change for new store openings. Now analysts can't target the company's ability to grow and maintain earnings.

Although I'm a novice on reading stock charts, a beginner can see this one is ugly. Support was broken at $14 immediately this morning on the news.

Why no warning from the company to all that analyst's expectations were too high? Furthermore, the company now has a net interest expense and wants to put some debt on the company via the debentures. Is it time to question management's ability to take this company forward?
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