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Gold/Mining/Energy : Yogen Fruz IT'S ALIVE, IT'S ALIVE -- Ignore unavailable to you. Want to Upgrade?

To: yogi bare who wrote (1075)	1/29/1999 1:32:00 PM
From: Ward Nicholson	Respond to of 2453

No panic here. I'm shorting YF.A...making lots of coin too. You guys seem to have forgotten that this is what the market is all about. :-] WN

To: yogi bare who wrote (1075)	1/29/1999 1:53:00 PM
From: Earl Pyatt	Respond to of 2453

<<Earnings largely affected by butterfat price (the key component)>> There is a lot more to the earnings shortfall than the price of butterfat. Their net profit margin after taxes went from 16% to 1%. We need to see more details to get a handle on the real costs of the business. Sales growth through acquisition combined with a drop in profitability is a very dangerous situation. (remember Phillips?). Also, given the current management situation and these results, it would be surprising if there wasn't in-fighting and finger-pointing as discussed in the FM report. It appears to me that YF has some serious operational problems. I am not buying even at these prices

To: yogi bare who wrote (1075)	1/29/1999 6:51:00 PM
From: Mark Kubisz	Read Replies (1) \| Respond to of 2453

<<2. Earnings largely affected by butterfat price (the key component) << will reverse its trend in Q2 as butterfat for December & <<January averaged $1.50/lb vs over $2.25/lb in Q1. Please tell us your source for this information.

To: yogi bare who wrote (1075)	1/29/1999 9:28:00 PM
From: Stocker	Respond to of 2453

Re: 1. $40 million in cash 2. Earnings largely affected by butterfat price (the key component) will reverse its trend in Q2 as butterfat for December & January averaged $1.50/lb vs over $2.25/lb in Q1. 3. Yogen Fruz will eventually buy EPIE and others. 4. Nothing has changed with this company other than butterfat rose dramatically between May 98 and November 98. In 1996 & 1997 butterfat prices were stable with no fluctuations. These are all things the market knows about and they are reflected in the share price. Seems the market questions whether earnings will return to previous growth levels and whether YF WILL actually buy EPIE (seems EPIE doesn't want to get bought) and at what price. Negatives still may not outweigh the positives, but add in all of the uncertainties and the market hardly views this stock as attractive. There are a lot of Integrated shareholders who got YF shares at around the $9 level. You can be sure they're putting the heat on management to pull it together and create some value from the merger. I'd be real careful on YF the next while unless it gets much cheaper. Even then, who knows what problems might crop up. As an aside, went to YF here in Caracas today - Just as good as back home but $3 Canadian for the smallest cup they offer. Rising prices must be much the same in Brazil and rest of LatAm, maybe Asia. Can't say that there will be many long line ups at those prices. Currency/devaluation woes are killing business here bigtime. Currency losses may have hurt YF too, but I'm not sure. Maybe another question for management?? <\b>