RECY Looking Good... A Message Board

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Non-Tech : RECY Looking Good... A

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To: James Strauss who wrote (6027)	10/23/1998 11:19:00 AM
From: James Strauss	Read Replies (1) of 7006

10/15 Conference Call Recap... ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I missed this call but just listened to a tape of it... Some big name Brokers there: Merrill Lynch Oppenheimer Morgan Stanley ************************************** Ferrous Scrap prices at 21 year lows: RECY used to pay 100/ton and sell at 147/ton... Now pays 57/ton and now sells for 97/ton... Still getting the same 40 margin... When prices start moving up so will gross margins... ************************************************** This market downturn forced RECY to fast forward its consolidation and integration plans from next year to now... New integrated Purchase Order System... New integrated Payroll System... New integrated Freight Management System... New Daily Margin Report for all facilities... New Insurance Program... Will save 500k per year... ************************************************** Interim Accounting Firm in place... AK Robbins, a regional firm that has worked for RECY before will conclude their audit and financial reporting for the fourth Qtr of 1998... 10q due out in mid Dec... RECY will be looking for a Big Six accounting firm going forward... A good sign about their strategic growth plans being in tact... ****************************************************************** Redemption of Convertible Debt... RECY intends to redeem some of its convertible debt... This will shrink the diluted shares number on the Income Statement... *************************************************************** The bottom line from this conference call, for me, was a tremendous sense of competency of RECY Mgmt that's proving it can deal with the tough times as well as the good times... RECY For The Long Term... Jim

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