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

To: Paul Senior who wrote (13577)	1/4/2002 8:46:04 AM
From: TimbaBear	Respond to of 78702

Interesting questions regarding REF Paul! I can't say that I can answer them. My analysis only goes back through 1998 for sales and cash flows and through 1999 for the rest. A quick look at my data this morning indicates that while they did not have any long term debt, I had amounts listed under "other long term obligations", and those amounts have declining balances since 1999. Additionally their CFO has been negative since 1999 so maybe they've improved the situation for their working capital demands going forward. In line with this possibility is the fact that although their book value hasn't changed much since 1999, their NetNet value as I calculate has improved somewhat from $3.87 to $4.22. I wish I had more time today to look for the answers, 'cause I love a good problem! Maybe over the week-end. Timba