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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Michael Burry who wrote (7054)	5/5/1999 9:21:00 PM
From: jeffbas	Read Replies (1) \| Respond to of 78470

Mike, I have seen a lot of money go into value stocks recently and many are a lot more expensive. Could you name a few that have not moved much where you could still see 50% more. I would regard MWY as one.

To: Michael Burry who wrote (7054)	5/5/1999 9:52:00 PM
From: David Michaud	Respond to of 78470

Pe Ben Oilfield year-end earnings 96 cents per share Pe Ben Oilfield Services Ltd PBN Shares issued 3,272,536 close $5.05 Mr. Joseph Simansky reports Net income was $3.1-million or 96 cents per share on revenue of $64.1-million for the year ended Dec. 31, 1998 compared with a net income of $759,040 or 23 cents per share on revenue of $50.3-million for year ended Dec. 31, 1997. Cash flow for the 1998 fiscal year totalled $5.5-million (or $1.67 per share) compared with $2.5-million (or 79 cents per share) in 1997. Shareholders' equity as at Dec. 31, 1998 increased by 34.6 per cent from $9.3-million (or $2.84 per share) as at Dec. 31, 1997 to $12.6-million (or $3.79 per share) as at Dec. 31, 1998. Gross revenue for the fourth quarter totalled $15.4-million compared with $12,823,782 for the same period in 1997. A net profit of $993,138 or 30 cents per share was recorded for the period compared with a net profit of $155,510 or five cents per share a year earlier. Cash flow generated in the fourth quarter totalled $1.4-million or 44 cents per share compared with $636,413 or 19 cents per share for the same period in 1997. FINANCIAL HIGHLIGHTS Three months ended Dec. 31 1998 1997 Revenue $15,498,130 $12,823,782 Net earnings $ 993,138 $ 155,510 Earnings per share 30 cents 5 cents Cash flow $ 1,455,636 $ 636,413 Cash flow per share 44 cents 19 cents FINANCIAL HIGHLIGHTS Year ended Dec. 31 1998 1997 Revenue $64,133,521 $50,349,572 Net earnings $ 3,195,749 $ 759,040 Earnings per share 96 cents 23 cents Cash flow $ 5,549,326 $ 2,597,745 Cash flow per share $1.67 79 cents Service opportunities created by the commencement of several major large diameter pipeline construction projects facilitated the overall increase in revenue and earnings in 1998 compared with 1997. Revenue from stringing and stockpiling operations in Canada and the United States totaled $27.07-million compared with $6.75-million in 1997 with pretax earnings contribution increasing by $4.52-million. The volume of pipeline stringing and stockpiling work presently secured for 1999 is comparable to that on-hand at this time in 1998 and management anticipates that this segment of its operation will again be a significant contribution source. A sustained downturn in service demand associated with a reduction in energy exploration resulted in revenues derived from oil field transportation, material handling and storage declining by $3.62-million to $16.38-million in 1998 from $20-million in 1997 and pretax earnings declining by $1.27-million. Recent increases in oil prices have provided some encouragement in respect to a potential correction in the economic fundamentals that precipitated the downturn in oil field activity, however, it is not believed that the difficulties experienced in the industry will necessarily be reversed in the near-term. Reduced exploration activity, contract changes and regional economic downturns also resulted in a $2.92-million decline in revenue from the transportation of bulk petroleum products from $23.59-million in 1997 to $20.67-million in 1998. Improved resource utilization and cost controls implemented in 1998 did, however, assist in reducing the impact of the revenue loss and the deficit in this area of operation compared to 1997. Efforts to improve the financial performance of this operation and and its viability continue to be pursued at every opportunity. Further details will be available in the 1998 annual report which is scheduled to be mailed the third week of May 1999. Company info: Sector: oil and gas - oil and gas producers Shares issued: 3,272,536 Exchanges: T 09/01/98 working cap $8,000,000 Address: 4510 - 17th St Edmonton AB T6P 1X5 Phone 403 440 4425

To: Michael Burry who wrote (7054)	5/5/1999 9:55:00 PM
From: David Michaud	Respond to of 78470

SLM is a publicly traded company, listed on the Toronto Stock Exchange (under symbol ESP). SLM has been consistently profitable since it was established in 1986, posting a compounded annual growth rate of 52%. SLM Software Inc. provides advanced end-to-end transaction management solutions that enable payment systems and electronic commerce for financial institutions worldwide. SLM leads the open-systems market for on-line transaction processing offering our customers the advantages of simplified system management and the flexibility to create dynamic, user-friendly customer services. From the world's first open-systems client-server transaction management system to the latest solutions in Internet banking and smart cards, SLM keeps financial institutions and their customers ahead in 35 countries on four continents. Recent acquisitions have dramatically extended the company's ability to service high-growth vertical markets in the financial industry, health care, insurance and electronic commerce. SLM continues to build momentum as the leading customer-driven electronic transaction management resource for the financial industry. The company is expanding its network of local offices in key international markets, and offering an ever broader range of services, including advanced retail banking solutions and knowledge generating software to deliver insight into customer choices and needs. At SLM, we help our customers connect with their customers, building more responsive services, shaping better service delivery, and ultimately, forging stronger, more resilient customer relationships – relationships no competitor can get close to. SLM is expanding its ability to serve a broad spectrum of financial markets through the strategic acquisition of companies with complementary products and expertise. In banking, SLM's ability to deliver solutions with powerful customer appeal gained momentum with the acquisition of FMR Systems in October 1997. FMR is a front-running developer of retail banking solutions focused on building dynamic relationships with customers. Prior to the acquisition of FMR, the two companies had worked together successfully on a number of projects. SLM's strategic diversification into the insurance and health care service markets was accomplished with the acquisition of GSA Consulting Group Inc., a leading Canadian-based health care software company in December 1997. GSA is a pioneer in the emerging ‘IP3' insurance environment – a market defined by Integrated Payers, Intelligent Providers and Informed Patients. The company's products provide both public and private insurers with tools to better understand and manage health resources. Since 1997, SLM's mandate has been to diversify its global revenue base, which had historically been in international markets. The United States represents considerable opportunities for SLM, where the market for electronic financial services is estimated to be over US$3 billion by year 2002. Objective: Achieve major market share in the United States. GROWTH STRATEGY: Key to SLM's growth strategy is to gain significant penetration in the financial services industry in North America, particularly the United States. Extensive market analysis determined the key success factors for successful U.S. entry required: Brand recognition Sales and distribution channels Scalable, integrated open system technology Support and service Plan in Action: SLM determined a strong "distribution" acquisition of an established company would provide the brand equity and channels to achieve a successful footing in the U.S. market. SLM also sought strong management leadership who shared a common vision and would not drain on SLM's management team. Market analysis identified the mid-size community banks and credit unions with assets from $50 million to $5 billion represented the most attractive target markets for SLM. The consolidation within the U.S. banking industry has put pressure on these financial institutions to introduce new products and services in order to compete against the mega banks. SLM Management projects that SLM will generate revenues of more than $100 million and earnings of approximately $16.3 million or $1.25 per share in 1999. Please Visit: slmsoft.com