American Eco (ECGOF, ECX on Toronto exchange) Message Board

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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange)

ECX 1.670

0.0%

Feb 6 9:30 AM EST

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To: david james who wrote (1602)	2/6/1998 10:39:00 PM
From: Mark Dorros	Read Replies (1) of 2841

And David, the growth expected this quarter over last year's 4th quarter is even greater than you mention. Due to the NOLs, 4q96 was not taxed at all. 4q97 is expected to be taxed at about a 30% rate (same as 3q97). So post-tax earnings of $7 mil and $0.37/share becomes $10 mil and $0.53/share pre-tax. That's an apples-to-apples earnings per share growth rate of 165%. For a company that has an acquisition related growth component, I don't think it's really valid to give an earnings growth rate that is not a per share figure - since they needed the dilution to finance the acquisition - but just for fun that's a 300% growth rate in raw earnings. But the true growth rate in per share earnings for the quarter year-over-year would be 165%. Temper this a bit by realizing that the company has historically had unusually large quarters due to the fluctuations of when work is completed and paid for. However, $0.35 in each of 98's quarters gives us $1.40 for the year, so $0.37 doesn't look like it's expected to be that much of an anomaly. And the PE is around 10! Load me up - oh, too late. Mark

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