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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: Walk Softly who wrote (11803)	11/1/1999 8:20:00 PM
From: TRIIBoy	Read Replies (1) \| Respond to of 18998

Your analysis of BFT is less than earth shattering. I will respond once to your clearly juvenile analysis and commentary. 1)Free Cash Flow is very negative (Do you know what FCF is?) Their clubs need so much in cap ex, and renovation that they are burning cash. Have you noticed how debt keep going up every quarter, including the three "positive" cash flow quarters you are talking about? 2)They have over 360 DSOs (both long and short term receivables) I have never seen or heard of such a high number. Simply meaning they are booking revenue a year in advance of being paid. Hmmm...that sounds aggressive to me. 3)Sales tactics are despicable and so are management's attempts to make this low margin business look like a high powered earnings machine.