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Gold/Mining/Energy : Lava Systems (LVA:TSE)

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To: Serge Collins who wrote (28)	3/18/1998 3:48:00 AM
From: Sultan	Read Replies (2) of 102

Here is my take: The co. has about 30-40 m. annual revenue and growing but looks like mainly in Europe. Overhead is too high because the expected growth in US has not materialized; hence the announced restructure which is expected to save 2 m annually. Senior Management shored up, CFO sounds like used to work at Softkey before TLC days. Looks like they plan to grow thru acquisition. The balance sheet needs to be cleaned up and one reason after taking out intangibles etc. it is trading at book value and less then the annual sale. Going forward, there is upside potential but it will be slow.

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