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

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

ECX 1.650

-0.9%

11:04 AM EST

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To: Bruce Rogers who wrote (2108)	3/8/1998 9:45:00 PM
From: david james	Read Replies (1) of 2841

I find it interesting that last month, Research Capital's estimate for Eco's earnings in 1997 was $1.07. But was upgraded to $1.19 because "the audit is proceeding as expected (no changes in accounting policies that would effect net income)." It looks to me like Research Capital was aware that there was 12 cents or so that was a matter of debate. It wasn't a debate regarding the bottom line as to how much Eco was earning. Rather it was a debate regarding Eco's "accounting policies". It appears from this that up to recently, Eco thought that their accounting policies would be accepted by Coopers. In the end, it appears they were not. If this is the case, then what should we consider the miss to represent? Its not a change in the fundamentals - but a disagreement in some accounting policy. I will try and contact Research Capital at some point and get their view. It will be interesting to see if these "accounting policies" have any effect on 98 estimates. David

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