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Non-Tech : ACCO: 800America.com, Inc

ACCO 3.445

+0.3%

Nov 11 3:59 PM EST

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To: LTK007 who wrote (241)	1/16/2007 2:38:09 PM
From: LTK007	of 694

also 1/15/07 BRNC How about another name? Black: Bronco Drilling [BRNC] is a land-rig company -- another controversial sector. It came public in August '05 and was selling for 14.56 a share a Friday. It has 24.9 million fully diluted shares, a $362 million market cap. There is no dividend. Stated book is $13.71 a share. Tangible book is $12.72. Trailing-four-quarter return on equity is 22%. Net debt to equity is 0.18. With their cash generation, they'll soon be out of the banks completely, and have a debt-free balance sheet. Bronco has 52 land rigs operating in Oklahoma, Texas, the Rocky Mountains. Half its customers are publicly traded companies like XTO Energy [XTO], Chesapeake Energy [CHK] and Devon Energy [DVN]. The other 50% are large independents. Their average contract is about 8½ months. Some contracts rolling off were made at lower rates of $16,000- $17,000 a day. The going rate now is $19,000 a day. Their land rigs are not high-end; most are not 2,500 horsepower. They're between 1,200 and 1,300. The company is going to add three more rigs this year

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