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Gold/Mining/Energy : Unitec Int. Controls Inc.
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To: Richard Saunders who wrote (759)4/1/1999 12:03:00 AM
From: C Bunka  Read Replies (2) of 856
 
I don't have hard numbers for you, but can offer this general opinion.

I'm sure UIC's employee count is lower today than it was at times in '98. Seeing as the financing was delayed I would not doubt that the co. was crimped at times - so the right thing to do from the shareholders perspective is to temporarily lay-off employees until there is enough moola to process all the orders. Seeing as the co. keeps referring to the order backlog I assume it has been the lack of cash that has prevented it from processing this backlog. Don't know if the current employee count is just right / too much / not enough. I assume that current cash position will allow co. to expand to meet demand. Since economic environment in B.C. sucks, I can't see how hiring new employees in Sask. will be a bad thing. In fact, maybe Smyth has positioned the company just so to take advantage of what I assume are lower employment costs in Sask as compared to BC. Don't know the answers to these things, but these are my feelings. Certainly, if I were running the show I would be looking to keep my costs in line with revenue/working cap.

I also don't know exactly how many oilpatch-related SCADA systems have been installed. I have the feeling that "numerous" describes several very small installations as well as the Renaissance work. Of course they have a big natural gas project in South America.

I have not made any trades in UIC stock since last Sept. (I think) when I was buying. Yes, I have a large position in UIC stock.

Don't run me up a flag-pole if I am wrong on any of this, just my best after a long, long day.

Chris Bunka
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