To: chowder who wrote (11469 ) 3/11/2007 5:24:53 PM From: - with a K Respond to of 13449 Dabum, I joined you in GMRK. Thanks for the idea. I like the funamentals on this one. Healthy margins, robust ROE, good valuations, small debt, cash flow positive. Nice earnings surprises last 2 quarters, rising estimates. Company: GMRK Date: 3/10/07 Next year's expected earnings: $4.46 EPS growth rate used for estimate: 10% Multiple Graham used for estimate: 8.5 Graham Fair Value: $89.49 Current Price: $41.67 $ difference: $47.82 Percent Growth to Fair Value: 114.75% Geographically diverse outside the US: The majority of our operations are conducted in the North Sea, with the balance in offshore Southeast Asia, Brazil and West Africa. As of January 1, 2007 our fleet included 59 offshore supply vessels in various markets throughout the world; 36 in the North Sea; 12 in Southeast Asia; 4 in Brazil; 2 in the Mediterranean Sea; 2 offshore Mexico; 2 in India; and 1 in West Africa. Strong outlook, executing well:Bruce Streeter, President and CEO of the Company commented: "The year 2006 exceeded our expectations from the outset and continued throughout the year. Our results for the fourth quarter were bolstered by demand and day rates which carried over from the strong summer and fall periods in the North Sea and steady demand in our other markets. The addition of the two new vessels in Southeast Asia continues to add to our capabilities to meet the growing demands of our customers in that region. We have set a number of records from both an earnings and operating perspective which will serve as a foundation for the years to come. As a result, our balance sheet is the strongest in our history and will allow us to take advantage of growth opportunities as and when they occur. As we look to 2007 and beyond, our overall contract cover continues to remain strong with our contract cover for 2007 and 2008 approximately 70% and 42%, respectively. This will help provide earnings stability and create a strong cash flow as we continue on our new build program. The new build program reflects a disciplined approach to matching our equipment to our customers' needs, increases asset value and enhances our earnings potential. In 2007, four of our nine new build vessels are scheduled to be delivered. Two of the new design PSV's in the North Sea are due to be delivered at the end of the first and fourth quarters. Toward the end of the third quarter, we anticipate delivery in Southeast Asia of the Sea Supporter while the first of the as yet unnamed AHTS's being built in Singapore is anticipated to be delivered during the fourth quarter. We expect demand for vessel services to remain strong throughout all of our markets during 2007 and believe that our strategy of both growing and replacing our fleet with vessels suited to a variety of support applications is the prudent way to continue to build shareholder value in the long term." The weekly chart really shows the huge volume you were talking about: