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Microcap & Penny Stocks : TNRG Tianrong Building Materials -- Ignore unavailable to you. Want to Upgrade?

To: WHITEAGLE who wrote (4619)	1/15/1999 10:56:00 AM
From: Grabs	Read Replies (1) \| Respond to of 9824

Looking again at the financials, it looks like operating income was $3.7Mm for the 10 months. When adding back the change in depreciation and the change in amortization of (approx) $520,000 and $49,000 respectively (each are non-cash expenses), your have EBITDA of about $4.3MM. That's your cash flow. One caveat is that we do not have detailed notes on the financial statements which I would like to see. Also, I just took change in accumulated depreciation and change in intangible assets (actually called amortization on the balance sheet which seems strange) to compute the figures above. That would not account for any assets purchased, sold or disposed of in 1998, so its not exactly accurate, but probably within a reasonable range. Basically, it all depends on how this is accounted for within the larger TNRG structure. I remember Tilton saying that income from the property was essentially equal to the interest, so the mall is probably a break even proposition for now. Grabs