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Non-Tech : EINSTEIN/NOAH BAGEL (ENBX)
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To: NCGB who wrote (100)12/6/1997 5:58:00 PM
From: sandman  Read Replies (3) of 148
 
NCGB,

The mgmt credibility has really eroded - both for
ENBX and BOST. Manhatten Bagel troubles may have
also affected investors and they are staying away
from darn Bagel companies.

Also, sketchy details provided in the last quarter
report regarding buying back troubled FAD's has put
a real negative spin on this stock. That effectively
started this downward spiral from the $11-12 range.

The company needs to come out and make their planning
public. If they are really going to buy back ownership
in troubled franchises - then they should come out
with a plan and state exactly the impact it will have
on their future qtr numbers.

I keep hearing about franchises loosing money hand over
fist (as described in the law suit) but there are
no concrete numbers. From my observations the stores in
my area seem to be always running packed. This could mean
2 things -

1. Stores in my area (No. Cal) are an aberration
2. Stores can do good volume business and still manage
to loose money. (Which is hard to believe - making
bagles can't be that capital intensive.)

If 2. is true then this company is doomed and we should
take our money of the table.

But my gut feeling is that ENBX is here to stay and they
are going through some growing pains which involves
re-evaluating their strategy. If they are able to put
together a good plan then we will have a McDonald type
franchise with over a Billion Bagels served....

In the meantime, I have stopped patrionizing their
business and will continue to do so until their
stock moves back to double-digits. (only kidding)
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