Hvide Marine HMAR - High Growth, Undervalued Message Board

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Non-Tech : Hvide Marine HMAR - High Growth, Undervalued

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To: Grommit who wrote (221)	1/31/1998 5:00:00 PM
From: Thomas C. Donald	Read Replies (3) of 547

Grommit: HMAR's 3Q97 statement showed $47 million in long-term debt. Since then we have had the Bay acquisition for perhaps $20 million (my guestimate) and the IMS and Selat acquisitions for $56 million, bringing the total long term debt to $123 million. According to Raymond James, the debt is $138 million. Close enough; James may be also counting $6 million in obligations under capital leases. The $111 million in obligations associated with the preferred stock are not due until 2012, so that issue is irrelevant (except to Oppenheimer). I still don't see how Oppenheimer came up with $310 million. 111 plus 138 is only 249. Given its exaggeration of the debt and focus on the debt, could Oppenheimer possibly have a hidden agenda? Oppenheimer itself estimates that HMAR's cash flow (which could be used for debt repayment or new investments) will be $81 million in 1998 and $88 million in 1999. This would allow HMAR to comfortably repay all of its current debt in less than two years. No problem here! What am I missing?

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