Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Pancho Villa who wrote (4008)	10/12/1998 2:51:00 AM
From: harryl1	Read Replies (1) of 18998

Pancho: I do not read those numbers as "good", as far as just numbers go. Here's why: a) went from 4MM net cash for nine months to $387M net for full year -- hence they burned up 3.5MM net cash flow in q4. b) from june 97 to june 98, cash flow was hugely negative, and resulted in 50% increase in stock outstanding (mostly due to acquisitions). During that time, hard assets went from $73MM to $151MM, while debt went from 50MM to 90MM, giving increase in tangible net worth from $23MM to 61MM while shares went from 23MM to 37MM. So the incremental shares were issues for less than current book value. This company clearly is not about the numbers. But companies that growing with acquisitions are VERY difficult to analyze based on the numbers like this, what with goodwill and difficulty of year-over-year comparables. be careful...

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