Rough fourth quarter for BWIA Trinidad Express WITH not much ado about anything to stimulate market activity, indices=20 moved upwards in traditional fashion with demand coming predominantly in=20 the core stocks. Ten stocks advanced against four declines with the All T &= =20 T up 1.51 points to close at 493.68 and the Composite Index up 1.0218=20 points to close at 435.15 points. Ansa Finance and RBTT Financial made the= =20 greatest gains and are anticipated to continue this climb through to their= =20 announcement of financial earnings for full year 2001. After such promising= =20 third quarter results posted by the national air carrier, the management=20 has followed in the trend of the other major international airlines by=20 cutting its payroll. Management has made the unpopular decision on the=20 basis of the shortfall in revenues expected in a normally upbeat period=20 from holiday travellers and Carnival visitors. It is noteworthy that the=20 chairman had mentioned in the half-year report that there were major=20 challenges ahead for the remainder of 2001. The benefits of the advance=20 bookings until July and August contributed to the US$9.16 million earned at= =20 third quarter 2001 but competitive international pricing discounts as well= =20 as the downgrade of the airport by the FAA have adversely affected the=20 revenues for the last quarter of 2001. In addition, the events of September 11 exacerbated the decline in tourist= =20 air travel to the Caribbean. The further loss of over US$2 million as a=20 direct result of downtime due to the prevention of airlines entering US=20 airports may now be adding further injury and may send their bottom line=20 well into the red. Implemented cost-cutting measures were not sufficient to= =20 retain the full compliment of staff and it was believed that the decision=20 to implement the cut was not timely, which may have contributed to the=20 erosion of profits. At current price earnings ratio levels and the $0.91=20 per share earned at third quarter, the share price may have leant towards=20 an upward trend, depending on such pertinent variables in the airline=20 industry such as market share, recurrent expenditure and seasonal traffic.= =20 However, with the recent turn of events we downgrade our recommendation to= =20 a SELL rating. This report is for informational purposes only and does not= =20 constitute an offer or solicitation to buy or sell any securities discussed= =20 herein. The information and any data contained herein have been obtained=20 from financial data provided to us by the issuers of the subject=20 securities. Investors wishing to purchase any of the securities mentioned=20 should consult an investment adviser. Projections and estimates are those=20 of Bourse Securities based on current available information. =96E-Mail us at Bourse@ carib-link.net or phone 868-623-0415/0416 /9360 The owner of Roger's Trinbago Site: Roj (Roger James) *************************************************** Trinbago site: http://www.tntisland.com ICQ: ICQ # 15836110 ICQ Pager: mailto:15836110@pager.icq.com escape email #!1 mailto:ejames@escape.ca yahoo email #2: mailto:triniroj@yahoo.com Yahoo Pager: triniroj Caribbean Brass & Soca Connection Group on Yahoo: http://groups.yahoo.com/group/caribsocabrass Caribbean Brass & Soca Connection Club Website http://www.tntisland.com/caribbeansocabrassconnection/ ******************************************************* Steel Expressions Orch http://www.escape.ca/~ejames/se/ email #1: mailto:steelexpressions@yahoo.com email #2: mailto:steelexpressions@home.com ******************************************************* The Trinbago Site of the Week: (Revellers Mas Band) http://www.revellers.com/ (Trini Revellers Mas Band) courtesy of Roj Trinbago Website & TnT Web Directory Roj's Trinbago Website: http://www.tntisland.com TnT Web Directory: http://195.224.187.36/ *********************************************************