Forum Archive Index - February 2000

[Glen Whiteman <quality.res.ltd@xtra.co.nz>]

Well done Ritchie Marr,
I am sure that I read that announcement - didn't even click tho.
Anyway, thought this might interest you -

AI Engineering Corporation Ltd (AIE) – SHAW Analysts Interview of
Management
December 6, 1999
SHAW interviewed management a few days ago in Perth. AIE is a mix of
businesses, including the “legacy” engineering businesses servicing the
mining, processing, gas and electricity industries in WA (Timcast, TVT
Engineering, J&R Steel, Weldtronics, Rankin). AIE has acquired a number
of businesses in the past year that have improved the outlook for the
company. These recent acquisitions include:
KIAM: an engineering company providing services to many large and
smaller resource companies in WA. Strengths are strong management,
quality work and high industry regard. Management from KIAM is improving
performance in the other AIE divisions. 
BLISS: Makes replacement auto panels for a number of major car
manufacturers from the SA plant. Negotiating with other car companies
and is likely to report new major contracts. Will benefit from a new
e-coat paint facility.
LAND: The Bliss acquisition came with a large land bank (industrial
estate) in SA, which has a number of major corporates as tenants, but
also has scope for near-term development (refurbishment, new buildings).
AIE receives rental income, but may sell after investing in upgrading
the site.
ECLIPSE: A highly regarded multimedia company, which produces corporate
presentations for large corporates. Experiencing rapid growth, expected
to be floated soon.
SUMMARY: AIE has a number of growth opportunities (expand Bliss, KIAM
expansion and utilise new KIAM management elsewhere in the organisation,
appoint new managing director) as well as profit from asset sales (SA
industrial estate, Eclipse, possibly overseas operations). The company
last week issued a profit outlook statement, with $25M revenue and $2.9M
EBITDA in the first 4 months. AIE also announced that pretax profit this
year is likely to be $4M, and revenue in 2001 to exceed $100M.

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