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Seitel, Inc. (SEI) Message Board

  • sarthur10021 sarthur10021 Apr 1, 2003 11:19 AM Flag

    #'s

    so they claim to have 84 cents/share in cash-stockholder equity of approx $1.48 and it appears about $1/share in operating revenue for the quarter- assuming a 36% tax rate - that would leave approx $.60/share operating income

    it appears that they can continue to pay debt service. but can they refinance?

    this is a quick synopses- tell me what you think-thanks

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    • The write downs are a pre bankruptcy move virtually all companies take before filing Chapter 11. It makes it easier to show the court why there is nothing for shareholders and not much for most creditors.

      For those who have enough shares to cover commission, .20 is better than nothing. Not much better, but a little better.

      • 1 Reply to framesbane
      • While not ruling out BK, could not a writedown of assets also improve the prospects for new secured financing (and no, I don't mean DIP financing) should it come to that? With assets revalued, a new lender may feel more confident about the "true value" of the company and accordingly be willing to negotiate terms that are more favourable to Seitel (Lenig's preferred option being renegotiating better terms with the noteholders notwithstanding).

    • I'm more impressed with the 12 million
      increase in receivables while accounts
      payable remained the same. The real
      question is whether they are selling
      data at firesale prices to obtain cash.
      If this financial report is clean the
      noteholders have no reason to close in.
      Question, DO YOU TRUST THEIR NUMBERS?

      • 1 Reply to oleacct
      • well, if they are fabricating these #'s, they should be shot and shareholders should examine why they held on.

        after all this company has been through recently, i would hope that they have a comittment to honesty and full disclosure. but as we have seen, way too often recently, corporate america exists too frequently to enrich the managers while shareholders are crushed like grapes

 

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