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Gold/Mining/Energy : Trico Marine Services (TMAR) -- Ignore unavailable to you. Want to Upgrade?

To: Robert T. Quasius who wrote (226)	4/6/1998 1:51:00 AM
From: William Nelson	Read Replies (2) \| Respond to of 1153

Re: tmar vs. hmar Looks like a tossup to me between these two, except for the fact that tmar is already maximally in debt (d/e=1.3) and therefore presumably limited in its ability to expand further through debt-financed acquisitions. Note that debt-financed acquisitions is the stated growth plan of both tmar and hmar. Hmar on the other hand is still listed in yahoo with d/e .25, although with the 300M in notes they just issued I imagine the true number is hihger. Anyway, my point is hmar could quickly grow to the size of tmar using debt, while tmar can't easily grow much bigger I don't think. On the down side for hmar, it seems dangerous to buy boats with debt at a time of maximal dayrates. But alot of tmar's buys happened when rates were quite high too so the same risk is present.