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

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

ECX 1.655

-0.6%

3:59 PM EST

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To: david james who wrote (2030)	3/6/1998 12:28:00 AM
From: Michael Anthony	Read Replies (1) of 2841

Give it up David. We all know the irony. Face it. It doesn't matter. The inequity will persist for quite some time IMO. You will be able to make similar comparisons to others in the industry for many quarters to come. If I was thinking of coverage and I was sitting in on the call, I would never initiate regardless of the prospects simply because management is inept. Not inept at running a company, but certainly in enlightening the public about it in a way that anyone can trust. When Norris told those two questioners that he didn't have the breakdown of the numbers in front of him after all the time they had to prepare, it shows they are still bush league or intentionally unwilling to talk openly about their balance sheet. I thought about 1.08 and didn't feel nearly as bad as I did when I heard McGinnis and Norris on that call. Truly a shameful performance all around. They had the biggest spotlight on them in their history and they blew it worse than possibly imagined IMO. Forget the numbers, they are obviously meaningless as the price over the last years have shown. We needed credibility to back up the numbers (and they weren't anything to be ashamed of I agree) tonight and not only was it not there, it was INcredible the way they handled the call. Assume a PE of 10 going forward for years to come. Look at it this way. They grew earnings 33% with 10% tax. They will be taxed 37% this year. At the same earnings growth rate, they should make about the same this year. The benefit of the acquisitions will be eaten up by taxes and dilution. Watch the 1.40 est for 98 drop to 1.20. Oh the irony if THAT happens! My guess is with first quarter being lower than last year, we'll be lucky to see 1.08 again in 98. Hats off to Capital Research. They were right on the money.

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