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

To: Grommit who wrote (10087)	3/1/2000 12:53:00 PM
From: James Clarke	Read Replies (1) \| Respond to of 78666

FIT's FY 1999 10-K just came out. Check out some of these numbers ($12 = $61 million market cap) $12 of cash and marketable securities Textile business lost about $5-6 million on a GAAP basis last year, but poured out cash as working capital was liquidated and capital expenditures ceased. 1999 free cash flow of about $3 a share. This is not sustainable, but it does feel as if I am looking at a stealth liquidation here, which is exactly what I'd want this management doing if they are not prepared to sell the whole thing at once. Net-net of $16.80/share plus 1.2 million square feet of industrial real estate owned free and clear. Call it 10 bucks a foot and there's another $2.00+ per share of asset value. Book value is about $24. The CEO is 80 years old. The stock pays a dividend of 70 cents per year. (~6% yield) A Godawful business, I know.

To: Grommit who wrote (10087)	3/1/2000 1:54:00 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78666

PLCE - Other than your post, I couldn't find anything to account for the 31% jump in share price today. If that's what's doing it, I have a few 'Toads' I'd love for you to scribble about.

To: Grommit who wrote (10087)	3/2/2000 2:57:00 PM
From: Michael Burry	Read Replies (4) \| Respond to of 78666

Need some accounting help: In several recent stocks I've been looking at (Equifax, Dun & Bradstreet) it appears that there have been huge charge-offs against equity due to foreign currency translation as a result of depreciating foreign currencies relative to the dollar. I'm no exactly sure how to interpret and value this, especially as respect to cash flow analysis and cash return on equity/cash return on capital calculations. Does it show up in cash flows? If not, is it becuase the profits are made in foreign locales and largely stay in foreign locales for reinvestment so it is really more of just an accountant's trick to bring everything into US dollars? I'd appreciate any clarity that can be offered. Mike