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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Big Dog who wrote (41652)4/5/1999 11:57:00 PM
From: Q.  Read Replies (1) of 95453
 
Any opinions about how worrisome GIFI's backlog decline is?

I bought GIFI as a value play earlier this year. Now that I look at the new 10k, I see a nice looking balance sheet with no debt.

But I also see a backlog that has dropped from $86 M to $67 M. The corresponding days of backlog (my calculation based on TTM revenues) dropped from 233 days to 128 days. Substantially all the backlog is expected to ship in CY 1999.

What I'm wondering is how bad it could get? How low could orders go in 1999? Zero? $30 M? Any ideas?
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