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

To: ValueGuy who wrote (41922)	3/23/2011 3:23:35 PM
From: ValueGuy	Respond to of 78729

Saw this on the Vaalco website: News Release VAALCO ENERGY ANNOUNCES DIRECTOR WILL NOT SEEK RE-ELECTION HOUSTON, TEXAS – March 22, 2011 – VAALCO Energy, Inc. (“VAALCO”) (NYSE: EGY) today announced that one of its directors, William S. Farish, has informed the Board of Directors that he intends not to seek re-election at VAALCO’s 2011 annual meeting of stockholders. He will continue to serve as a director until the adjournment of the 2011 annual meeting of stockholders. Mr. Farish has served on VAALCO’s board since 2004 and currently serves as a member of the board’s Compensation Committee and Nominating and Corporate Governance Committee. “Will Farish has served our board with distinction and we are grateful for his dedication to VAALCO and its stockholders,” said Robert L. Gerry, III, Chairman and Chief Executive Officer. “His leadership and expertise have contributed to our success, and on behalf of our Board of Directors and the company, I want to thank him for his dedication and service to VAALCO and we wholeheartedly wish him well.” I wonder why he is not seeking re-election...possible break in the ranks?

To: ValueGuy who wrote (41922)	3/24/2011 1:44:09 AM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 78729

MRO - over 85% of sales is still refining, which is IMHO very sucky business. If you understand and value refining, then maybe MRO is a good fit for you. ;) GLPW - interesting. However, note that their revenues in 2010 dropped and income increased only due to cost cutting. Same for 2009 vs. 2008. yahoo.brand.edgar-online.com The service revenues are increasing while product revenues are dropping. Can they continue to cut costs? Will revenues recover in 2011? They expect service revenues to grow on nuclear power plant maintenance - this is positive in light of Japan. But they also expected revenues from new nuclear PP construction - this is unlikely to happen. Their gas turbine revenues may increase if gas powered PPs are built. In 2010, two customers accounted for approximately 47% of our consolidated revenues and approximately 24% of our backlog at the end of the year. - this may be worrisome. Did backlog increase hugely or did the two customers just cut 50% of their orders? I am also not happy that their OCF is much lower than reported earnings. This is not a good sign in general.