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Gold/Mining/Energy : Wenzel Downhole Tools Ltd (WZL) - was Master Downhole -- Ignore unavailable to you. Want to Upgrade?

To: Robert Raymond who wrote (69)	9/17/1999 8:06:00 PM
From: Robert Raymond	Read Replies (1) \| Respond to of 104

Talked to Don Barber today. He says he hopes to release yr end results on Wednesday, the 22ed, but it may be a day to two later. He said the delay was due to the firing of the comptroller in the spring which set back the timetable. He made the following points: - for the last fiscal year ending May 31, the company will show increased revenues and earnings. - Increased earnings in a year when overall industry sales were down seems to indicate Wensel is increasing market share but this is difficult to quantify. - the first qtr of the current fiscal year was "difficult" due mainly to the bad weather conditions that cut into drilling activity. The 1st quarter is always the worst quarter for Wensel. Activity in Wyoming was and continues to go well. - the agreement with Smith was slow to start because of market conditions but will be a good relationship over the long term. - he is looking into a financing this fall that would be used to a)pay off bank debt; b) build inventory to take advantage of the fast improving market conditions for drillers this winter and c) to take advantage of any acquisition possibilities. - he emphasized Wensel does not have a cash problem. Overall he was quite upbeat about the prospects going forward and indicated some analysts he has talked with in relation to the financing consider Wensel undervalued. Robert Raymond