Trico Marine Services (TMAR) Message Board

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Gold/Mining/Energy : Trico Marine Services (TMAR)

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To: Mikhail Rasolis who wrote ()	3/24/1998 8:43:00 AM
From: IrieDiver	Read Replies (2) of 1153

Just bought some TMAR yesterday and then on an afterthought purchased a Provestor report. The annual cash flow statement suggests to me that Trico might be using creative accounting to boost their earnings. Specifically, FY 1996 showed a huge increase in Accounts Receivable and Deferred Taxes, while the company evidently delayed paying some suppliers (Accounts Payable/Accrued Expenses increased). The same pattern is evident for the first 9 months of 1997 relative to the first 9 mos. of 1996. Beginning to think that I should have done more due diligence before taking the plunge but I was hoping that one of the regular posters to this board could comment on this. One thought that I had is that some of these increases might be explained by the Saevik acquisition or other international acquisitions, which could be expected to increase the DSO on A/R and allow longer payment times to suppliers. Still I find it hard to believe this could account for the magnitude of increases shown in the report. Well, Michael Price couldn't have been wrong about this one, could have he? Any comments would be greatly appreciated.

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