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Non-Tech : GRIN (Grand Toys International Inc)
GRIN 27.400.0%Dec 5 9:30 AM EST
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To: katmando who wrote (169)4/20/1999 4:45:00 PM
From: Frank McVerry  Read Replies (1) of 495
 
Kat,
Good work - you've been busy ! Here are some comments
on your posts.

<< 3. First Hurdle: No profit margin in '98 ie negative earnings.
COGS was up 5 % over '97...that is BAD BAD BAD news. I presume
due to currency adjustment (US vs CAN$). This expense better drop.>>

I agree. Last year's bad exchange rate did the damage in at least two
ways. First was the gross profit hit, when it came time to buy the
goods with a cheapened currency. Second was their US$ bank debt
which steadily wiped-out their remaining profits as the CAN$ fell
(effectively, they paid a huge interest rate for this debt). This
situation has to be better now because they are not carrying a US$
balance and the CAN$ has been improving slowly (though not yet back
to the year-ago level). Despite all that, they still made 2c for the
year, before their acquisition..

<< 6. Fourth Hurdle: Info Tech. GRIN needs to get on with the web
site and E-commerce. Am wondering if their sales force is automated
in any way. GRIN's Manufacturers are automated: Tiger, Toy Biz, PMS
Intl etc. GRIN's Customers are automated: WALMART, Toys R Us,
Sears et al. What the heck!!!!>>

1999 is the year that Opportunity is knocking on GRIN's door. It is
whispering in their ears, "…e-commerce", "…make money with Furby",
"…big fat margins with Ark toys".

We'll see.

Frank

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