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Gold/Mining/Energy : Global Thermoelectric - SOFC Fuel cells (GLE:TSE) -- Ignore unavailable to you. Want to Upgrade?

To: Moshe who wrote (114)	7/27/1998 7:04:00 PM
From: speculatingvalue	Read Replies (1) \| Respond to of 6016

The results are about what I expected, although I was disappointed the heaters won't ship until November. I take "International sales were the driving force behind Global's first quarter" to mean that they suffered a decline in the Alberta oil industry. I see it as very positive, though, that they are diversifying around the world to protect against these kinds of set backs in the local oil industry. 1997: 924,000 / .07 = 13 million 1998: 428,000 / .022 = 19 million I'd say the EPS reflects the 3 million new shares and 3 million new warrants, but I've written to IR to find out for sure. The earnings are only half of last year, but the EPS is less than a third. I also asked for a copy of the financials to see if they are recording fuel cell R&D expenses. The market seemed to see this report as a slight negative in the short term, but I think starting in the third quarter, things should be quite bright. The warrants, especially, seem really attractive at 25 cents. The stock only has to go to $1.30 by next year to be in the money at that price. The death plunge of the Canadian dollar has got to help them. Their expenses are in Canadian and almost all their revenue in US. We should see the effect of that next quarter. Your nickle estimate seemed reasonable - I was just wondering where it came from. Cheers!