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Technology Stocks : Enterprise Informatics -- Ignore unavailable to you. Want to Upgrade?

To: bob zagorin who wrote (9033)	4/9/2003 4:32:05 PM
From: Greg h2o	Respond to of 13797

<<i still can't figure out what i really own>> currently, an expensive piece of wallpaper! <G>

To: bob zagorin who wrote (9033)	4/10/2003 12:59:18 AM
From: jackhach	Read Replies (1) \| Respond to of 13797

Spescom Update Allays Shareholders' Concerns Business Day (Johannesburg) April 2, 2003 Posted to the web April 2, 2003 Charlotte Mathews, Consumer Industries Editor Cape Town Technology group Spescom's trading update yesterday has indicated a significant improvement in the company's interim results to be published on May 15. This lays to rest some of the immediate anxieties of shareholders who had noted the auditors' and directors' going concern qualification in the group's recent annual report. Spescom said in the six months to the end of March a strengthening rand had provided foreign exchange gains, while the underlying profitability of operations had exceeded original expectations. It said all the group's SA operations were generating positive cash flows, while the US and UK operations were showing improvement compared to the same period last year. In the US, Spescom has won new contracts from Bechtel, New Network Rail and Seabrook Nuclear while it has successfully delivered the first. In the UK, the group is generating positive cash flow as a result of the rollout of the British Telecoms contract. A big concern for Spescom in the year to September 30 was its high borrowings. The directors pointed out in the "going concern" statement in last year's annual report that bank finance had risen to R143m from R123m a year previously due to currency losses and additional capital needed to fund the US businesses. The directors said reducing or restructuring debt remained a high priority. They said yesterday the group's debt had fallen materially since year-end due to the rand strengthening and improved cash flows. "Various initiatives are being explored and continued discussions are taking place with Spescom's bankers with a view to agreeing to an acceptable repayment programme," chief financial director Hilton Isaacman said. The positive trend evident in the six months to last month is expected to continue for the full financial year. About half of Spescom Group revenue is expected to be generated by offshore operations this year. Spescom's share price gained 3c to 43c on the JSE Securities Exchange SA yesterday.