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Spectra Energy Corp. Message Board

  • mentges mentges Sep 9, 1998 1:30 PM Flag

    PART III

    Further, Mr. Telzrow says, while the venture
    could prove beneficial,
    the initial sign-up
    procedure for check-cashing customers takes too long
    at
    about 10 minutes. This raises questions about whether
    the machines
    are worth the cost, which he
    estimates at about $80,000 each. The
    company declined to
    confirm the cost.
    A concern that may darken
    investors' outlook is the company's
    ownership. About 65%
    of shares are held by IYG Holding, a
    Japanese
    company, the majority shareholder of which is the Japanese
    retailer
    Ito-Yokado. That partly explains why holdings by
    institutional
    investors, who often would like at least some say in a
    company's

    direction, total only about 7%. To attract
    large investors, Mr. Telzrow
    suggests a reverse
    stock split, which would pump up the price
    by
    reducing shares outstanding.
    But other worries seem to
    be disintegrating, Mr. Telzrow says.
    Long-term
    debt at the end of the second quarter was $1.97
    billion, 31%
    less than at the end of 1991 and none of
    it at an interest rate greater
    than 7%.
    As
    for earnings, Mr. Telzrow projects they'll hit 18
    cents a diluted
    share for 1999, up from his 14-cent
    estimate for 1998. And for those
    looking for a cheap
    safe haven, he says, here's a sure
    indicator:
    Southland shares lost less than two cents Aug. 31, the day
    the Dow Jones
    Industrial Average sank more than
    500 points. "The stock was already
    down," he says.
    "Nobody knows it exists."

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    • Mentges, Thanks for the excellent article--I`ve
      just begun my WSJ Online subscription--and that
      article was ferreted away in their Publications Library
      and I missed it! It confirms all my investigations
      using SLCM`s financial reports.If only the WSJ would
      put the info in the HOTS column. Bob

 
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