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Dixon Ticonderoga Company (DXT) Message Board

  • pmcmurrell pmcmurrell Jan 18, 2002 11:15 AM Flag

    Balance Sheet Observations

    Inventories were $36.21 million on 9/2001.
    Receivables were $30.88 million. These were
    the chief assets.
    Equity is about $26 million divided by 3.177 million shares. That is about $8, a lot more than the current price of $1.80.
    The market is saying that those inventories and
    receivables need to be discounted.
    Why? Will some of the inventory or receivables
    suddenly disappear? Maybe, if Kmart owes BIG BUCKS to Dixon. Maybe from others too in this retailing environment. Maybe if the Refractories Div. is stocking stuff for LTV Steel, then its inventory might need to be devalued. If any of that is significant, it could mean BANKRUPTCY. Then we have a liquidation by lawyers at great cost - i. e. no
    value to shareholders equity. Could happen!

    I am going to trust Gino to manage the inventory carefully and to manage the receivables. This trust may not be worthy, but that is what I am going to do.

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