Something to think about:
From Q3 10Q:
<Note C: Credit Facilities
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During the second quarter of fiscal 1997, the Company's Malaysian subsidiary completed credit facility agreements with two additional banks in Malaysia and during the third quarter completed facility agreements with three additional banks. The total amount available to borrow under these five new facilities was approximately $46.0 million of which $13.5 million was outstanding at June 28, 1997. The new facilities are callable on demand, have no termination date, are
unsecured, and are guaranteed by the Company. The previously existing Malaysian bank credit facilities allow for borrowings of up to $48.0 million of which $36.7 million was outstanding for the same period.>
Short term debt Q3 $50,182,000 Q4 $50,188,00
Malaysia Ringgit 6/30/97 $1 = 2.5237 12/14/97 $1 = 3.8075
If I'm reading this correctly they could service the debt for 33.7% less dollars than the amount borrowed, or an exchange rate profit, at current rates, of about 16.9 million (.68 EPS primary). |
