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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (25390)7/9/1998 2:16:00 PM
From: Elmer  Read Replies (1) of 95453
 
Slider, RE: VSIEF. I got the press release off the Business Wire on a stand-alone product, thus, I can't post the release. Here is the meat of it: "For the quarter, Boone is expected to report sign. less rev. than anticipated due to inefficiencies in meeting certain customer commitments for projects in progress as a result of timing demands and equip. shortages. The shortage of equip. for the projects in progress, and the overlap in the timing of the projects in progress, resulted in sign. reduced production and rev. In addition, certain disputes arose regarding charges for the performance of extra and/or premium rate charges for work outside the normal conditions anticipated, which resulted in collection difficulties and a decision to write-off disputed charges. The reduced rev. in Boone was compounded by the minimal activity by the company in the Canadian segment of the market during the quarter....."

Company needs lender waivers.

Company feels industry conditions are favorable.

Company plans to release earnings on 8/6.

Slider, I'm sorry to be the conveyor of bad news. I have been experiencing more than my share the last few months.

Things will turn soon for all of us longs - won't they?
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