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To: yard_man who wrote (218472)	2/3/2003 5:51:05 PM
From: reaper	Read Replies (1) \| Respond to of 436258

well, i don't know where the heck she gets $100mm in free cash flow from, but we'll just agree to disagree on that point... otherwise, her argument is actually sound. she says that BZH return on capital is declining; i agree and thus the basis for my not-positive view on the company. if your return on capital is declining you are investing in marginally crappy projects. instead of making such investments cash should be returned to shareholders. via stock buybacks or (preferred in my mind) dividends. i would note that BZH does not pay a dividend. free cash??? Cheers