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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (7870)	7/28/1999 12:17:00 AM
From: Michael Burry	Read Replies (1) \| Respond to of 78497

Wow Paul. I bought and held ALR around 12 at the beginning of 98. Looked real cheap then at like 7 times earnings. Well, I bailed when it broke to new lows. Thankfully, as it is now at like 3 times earnings. Actually, the decimal points have become significant in this stock -- 3.33 times earnings. It was actually a pick of the month for me back then. I'd forgotten about it. The business is two obscure, and that two unnamed governments make up the bulk of its business was a little too much for me in the end. When it loses money, it really loses money. Good luck with it. A consummate value stock. Mike

To: Paul Senior who wrote (7870)	8/6/1999 11:29:00 AM
From: John Stichnoth	Respond to of 78497

Paul, Re: ALR. Net Cash is actually a bit more than $4, according to my calculations. As of March 31: Cash and equiv. 11,542 Restricted Cash 11,336 Restricted Deposits 6,737 Notes Payable 5,330 Curr. Maturities 556 LT Debt 4,008 ----- Net Cash 19,721 Shares O/S 4,830 Net Cash per Share $ 4.08 Part of that cash is from "Advance Payments on ontracts", but still, that seems like a lot of cash for a $4.75 stock. On Backlog: Just to confirm your point: As of June 23 press release, backlog was up to $65 MM, from $26 MM on 3/31. That definitely gives them some breathing room. The 6/23 press release also highlighted that the latest order was to a new customer, which should lower their reliance on Saudi Arabia. That is quite welcome. Paul, we had a brief conversation some months ago on the manufactured housing market. I see from your posts that you went ahead with it. (I had reported that I did not like what I saw when I investigated). Hope your timing was late enough to avoid recent downturn. At least with Clayton, you probably got one of the better ones. Best, JS