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Gold/Mining/Energy : UFAB - oil drilling deck fabrication
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To: SargeK who wrote (301)3/29/1999 7:26:00 AM
From: SargeK  Read Replies (1) of 337
 
Unifab Universal, Inc. - (UFAB)- Focused on Growth

From the Prospectus: (New Iberia, La) "The Company estimates that its current facility could accommodate a workforce of more than double the 408 workers employed by the Company at July 31, 1997. The Company intends to continue its efforts to increase its skilled workforce in order to increase the Company's production capacity." Note: The Company has over 200,000SF of covered work space to accommodate future increased growth in production.

The Company's acquisition of Allen Tank, renamed Allen Process Systems, LLC this past year has broadened Unifab's focus and increased international marketing of their 'Total Project Capabilities'.

Because of the industry downturn the deep water facility in Lake Charles has developed slower than expected; however, the Company remains optimistic that it will be the Company's cornerstone in the future, and will allow them to offer world-class capabilities in concert with UNIFAB service. Dredging @ the LC Port facility (which provides deep water access to the GOM) is scheduled for completion within in the next few months.

SUMMARY: By further development and enhancement of its facilities and through acquisitions the Company is well positioned to reach the more optimistic growth forecasts and with the continuing crude price recovery a major impediment to significant earnings growth appears to have been removed.

SargeK
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