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Non-Tech : ingles markets (imkta)
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To: virgil vancleave who wrote (8)2/10/1998 11:33:00 AM
From: Steven Dopp   of 10
 
Virgil, I appreciate your comments and I want to give my stock club a fair, balanced analysis of IMKTA. As you can see, I am predisoposed to selling this company. My stock club is supposed to be oriented toward the long term (and not sell based upon short-term factors).

I'm not sure that I agree with the premise that their, "underlying business is solid and they are profitable." Margins are dropping due to increased competition as reported by management in their latest 10K. The competition isn't going away (well, Bruno's may go away!) As reported yesterday, earnings won't be enough to cover their dividend for the most recently-completed quarter. In fact, EPS has consistently declined for the last 5 quarters. Management hopes to turn it around by reducing their administrative costs. However, their administrative costs are not out of line with industry norms, so I don't see where they can save a meaningful amount of money that way.

I'll be interested to see what your friend has to say.
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