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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: thomas hayden who wrote (38247)	2/24/1999 9:24:00 PM
From: aroundight	Read Replies (1) \| Respond to of 95453

Thankfully, I have been out of FLC for several months and out of the sector for a few weeks. But I looked today and can't believe how low FLC has gone. Unfortunately, I don't see any technical support left. Since you are predicting the stock will be up tomorrow, I am curious if you think that this will just be a "dead cat" bounce, or whether you expect some intermediate-term buying interest to finally start coming back in. I apologize if this was covered. I have been off the thread for quite awhile. In fact, I can't believe I am looking at this one again after the beating I took last time. But it has to turn back up at some point. Right?

To: thomas hayden who wrote (38247)	2/24/1999 10:22:00 PM
From: VLAD	Respond to of 95453

thomas, I just skimmed the FLC report and it actually looks a lot better than what I was expecting based on the price performance of the stock the past 2 weeks. Looks like they made 9 cents which includes one time quarterly charges and the early extinguishment of debt. The bottom line is they made money and lost money(75 cents) in the year ago quarter. Revenues were down a little ($228.7M) as compared to year ago revenues ($266.7M). Look at it it this way: The fourth quarter revenues were down 14.2% from a year ago while the industry experienced what may end up going down as the worse quarter for drilling activity this decade. Also, the stock price a year ago was $27.00/share. So in essence we have a stock that is down 80% from a year ago on revenues that decreased 14%. If that's not irrational panic selling I don't know what is!