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Gold/Mining/Energy : Royal Group Technologies, Ltd. (RYG)
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To: AL PELLICCIO who wrote (122)2/4/1998 10:44:00 PM
From: Julio P. Antelo  Read Replies (1) of 199
 
AL, this project I'm on is keeping me quite busy.
It's impossible for me to call Mark Badger during
the day so I have not even tried.

I did receive Royal's annual report and have spent
the last couple of days reading it. I like it!
By now we know that sales and earnings both were
up in 1997 but several other things have caught my
eye: 1. cash flow improved significantly, 29%, over
1996. 2. capital expenditures increased from 100 mill.
to 215 mill (canadian). Most of this money was spent
on expanding existing facilities or acquiring new ones,
especially plants to build the Royal Housing System.
3. this construction boom was mostly responsible for
the only potential negative I saw: debt as a percent
of capital rose from 19% to 30% in just the last year.
4. But the good news is that the Mexico and China
plants for the housing system are both expected to
come online in the first 6 months of the fiscal year
(this means by March 31 or sooner!) and start
contributing to the bottom line. 5. Capital expenditures
in 1998 are expected to be 150 mill. mostly financed
from cash flow or working capital: no increase in debt!
6. The housing system's backlog at the end of fiscal
1997 was 90 mill. That's terrific. 7. But the one
thing that caught my eye is Vic de Zen's pledge
to TRIPLE the size of the company in 5 years!

No time to sell yet, hang on a little longer. :)
Later, Julio.
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