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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 (2029)3/6/1998 2:17:00 AM
From: Czechsinthemail   of 2841
 
David,

I think the earnings announcement throws us back on the fundamental Am Eco predicament: It is a very low-priced stock showing high earnings growth. Consider that the 33% EPS growth for the year or the 39% EPS growth for the quarter are significantly higher than most companies, let alone those selling for such a low PE. Though I think many/most of the people on this thread are obsessed with the missed $1.20, others may be impressed by how strong the real growth is for a company selling for such a cheap price.
Regarding the accounting problems, I would hope and expect that the company would get some benefit out of their relationship with Coopers & Lybrand, and perhaps the CFO will do some homework so that they are better prepared to handle their numbers in the future. As you pointed out in an earlier post, McGinnis has probably learned from the way the company was burned by its bottomless convertible offering. The financing on the DBCO deal seems to reflect that.
Lastly, I just wanted to thank you again for the abundant time and energy you have put into informing people about this company. It is a complicated story, and I have appreciated your efforts to explain and clarify it.

Baird
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