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To: Johnny Canuck who wrote (40093)	8/20/2003 3:35:50 PM
From: Logain Ablar	Respond to of 69207

Hi Harry: Well DVN is still the large cap cream of the crop while the others are small caps with low volume trading. From what I've read the new gulf basin wells close to shore are not producing / replacing what is being drawn down. The small cap Canadian drillers are doing fine (at least the ones with the good charts on the list i gave) although Alberta has some environmental drilling issues which can have an adverse impact.

To: Johnny Canuck who wrote (40093)	8/20/2003 3:43:46 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69207

Furniture maker Shermag posts 42% profit increase to record $4.8 million 03:39 PM EDT Aug 20 ALLAN SWIFT MONTREAL (CP) - Furniture company Shermag Inc. posted record earnings in the first quarter and is on the way to a strong year despite intense competition from Asian imports, the annual meeting was told Wednesday. Chief executive Jeffrey Casselman said that following the acquisition of Quebec company Jaymar Furniture in May, the focus will be on re-engineering its Canadian manufacturing plants to make them more efficient. "We're clearly in a difficult conjuncture," Casselman told shareholders. "We're facing competition like we've never had from Asia." Just the same, Shermag's first-quarter profits jumped by 42 per cent to a record $4.8 million, or 36 cents a share, compared with last year's $3.3 million or 25 cents a share. Revenue advanced by 28 per cent to $58.5 million for the period ended July 4, from $45.6 million a year ago. The results include the contribution from Jaymar for seven weeks. Casselman said the newly acquired company contributed profits right from the start. About 73 per cent of Shermag's sales are in the United States, but the firm was sheltered from the strengthening Canadian dollar as its U.S. dollar sales are hedged with foreign-exchange forward contracts. In addition, said Casselman, "we buy significant amounts of raw material in the United States, and this helps offset the stronger Canadian currency." Shermag, based in Sherbrooke, Que., (TSX:SMG) is a vertically integrated maker of high-end home furniture. The company employs almost 2,300 people and has its own timber cutting rights, sawmills, veneer plant and manufacturing plants in Quebec. About half of the furniture is sold in department stores, 30 per cent through independent furniture store chains while 20 per cent, mainly children and juvenile products, is sold through mass merchandise outlets.