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Technology Stocks : Elamex(ELAMF)

ELAMF 2.150

-15.7%

Mar 7 3:00 PM EST

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To: David Seltzer who wrote (225)	10/27/1998 9:24:00 PM
From: kolo55	Read Replies (1) of 276

What is your read on the Mexican tax hit of $1.5M ? It appears that they have to pay taxes on foreign currency held (USDs), if that currency increases in value ('gains') against the peso. Was the 'gain' included in the revenues or other income? It doesn't seem to appear on the income statement. Only the provision for the income tax on the gain is spelled out in the report; the company says they had to set aside $1.5M. This increased the effective tax rate significantly. If I'm reading this right, with a normal tax rate like the 28.3% they provided for in the second quarter, the ongoing operations earned about 21 cents a share. Do you think I am interpreting this correctly? Paul

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