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Gold/Mining/Energy : maverick (MAVK)

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To: goober who wrote (186)	4/16/1998 2:25:00 AM
From: Steve Rolfe	Read Replies (2) of 432

Maverick Tube April 8th [OTC-MAVK: $17.00; BUY (1)] -- While Maverick should report an extremely strong year-to-year comparison due to the increase in the U.S. rig count over last year, on a sequential quarter basis, business has deteriorated somewhat with the recent decline in oil prices and Canadian demand. Throughout the quarter, distributors drew down their own inventories rather than purchasing new pipe because of fears that demand from oil companies would slacken. Also, an early spring breakup and an unfavorable exchange rate in Canada weakened Maverick's exports. While we have recently lowered our numbers to reflect the above-mentioned slowdown, Maverick could still fall short of our March quarter estimate by a penny or two. On the upside, it looks as though distributors have stopped drawing on inventories and are now purchasing new pipe for new orders. This should help strengthen Maverick's business in the June quarter.

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