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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Goldberry who wrote (6701)	8/11/1999 11:02:00 PM
From: James Flynn	Read Replies (2) \| Respond to of 24905

Graham: I have Newport on my calendar for "earnings" on Friday coming............Am I correct?.........and do you have any idea of the estimates? JF

To: Goldberry who wrote (6701)	8/12/1999 11:43:00 AM
From: SofaSpud	Respond to of 24905

Graham / Crestar / Newport I have this awful feeling that you're not missing anything in CRS. I bought it thinking that it would be a takeover target, perhaps for a good-sized U.S. player wanting to set up shop in Canada. Seems like that isn't going to happen now, particularly since they actively shopped themselves a while back and got no nibbles. I've owned NPP longer than I've had CRS. The market seems to go harder on one-time darlings who fall from grace. Personally I found NPP's YE debt figures a bit unsettling -- IIRC, they had a $270 million revolving line and a $30 million bridge loan (the latter expired June 30); on that they had run up about $267 million. They only cash flowed $62 mil. and change last year, so those numbers are significant. Of course what's relevant is what they will cash flow in the future. Nesbitt says $1.71 in 2000, which would be about $150 mil. if I'm right about 88 million shares o/s. But they spent $180 million in Q1 of this year. So perhaps the market is passing judgement on the speed at which NPP is fixing up the balance sheet. Comments, please - I know there are analysts out there who still see NPP as having huge upside, and I'd love to have a reason to feel more comfortable with the position.