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

To: James Clarke who wrote (7356)	5/30/1999 5:06:00 PM
From: Allen Furlan	Read Replies (1) \| Respond to of 78627

James could you give me your insight on this. Gibson Greetings(GIBG) shows on their 10Q that approximately 35/198 million of short term assets and 30/199 million of long term assets are "deferred income tax". They do not show significant goodwill but have 6 million quarterly "amortization of deferred cost and good will" I have been under impression that a deferred income tax was an asset because of operating loss carry overs which could be used to offset income taxes. Obviously this is not so. What is it? Doesn't 65 million seem high for a 320 million a year revenue company? I was interested on how much of their 17 dollar book value was phony. Company is near 5 year low at 7 3/8 and a recent WSJ article indicated that an investor group purchased between 6.19 and 9.25 with "a view to influencing material business decisions" My buy decisions often are influenced by events which might trigger a change in a company's direction. Have not requested an investor package as yet. Response appreciated by any thread members who are knowledgeable on the ways of financial reporting. Thanks in advance.

To: James Clarke who wrote (7356)	6/1/1999 8:26:00 PM
From: Paul Senior	Read Replies (3) \| Respond to of 78627

re: Clayton Homes (CMH). Stock is pretty close to yearly low, and the pe seems reasonable-- reasonable enough that someone who might want to establish a position, should begin to initiate. After thinking about CMH off and on for about 7 or 8 years, I guess if I'm ever going to buy, now would be the time. They have a marvelous record. And this quarter the record is intact (manufacturing segment is off, but financing and homesite operations are up). They just announced they will be building their 20th plant-- so they must still be confident in what they are about. I'm in at 11 3/16 and looking at a pe of 11, bv of $6.4/sh and steady roe of 15-16% (long term debt has increased though). Paul.