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Non-Tech : Simula (SMU)

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To: Urlman who wrote (1497)	11/9/1998 6:08:00 PM
From: Noblesse Oblige	Read Replies (1) of 1671

To the "thread"... A very interesting conference call: Exclusive arrangement set up with TRW on ITS development, which is ahead of ITS development for the analogous time frame it has been in existence. Progress is being made on the rail and car sale. At least one new ITS agreement expected by the end of the first quarter, although Townsend seemed to indicate that this was within the range of possibilities by yearend. The company is planning at least $5 million in share repurchases as soon as financing arrangements are completed for that purpose. Proceeds of the rail and car sale will be used to pay down debt (probably through repurchases of the 8% debentures) and incremental repurchases of the common stock. Unfortunately, the offset continues to be problems in San Diego. Management has changed its expectation for reaching optimal profit margins from the fourth quarter of 1998 to "some time" in 1999. In short, the ITS business is performing, the government business is "okay", and the airline seating business still is trying to get properly tracked. Have a good evening.

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