Glentel Inc GLNIF

RE: 1993 year end estimates

[segltech]

Wirewave retail stores are now there main soucrce of profitability. They opened 17 new store locations during 93. Xmas is the strongest sales period and all maufactures they represent have indicated stong consumer sales. GLN reported a 27 per cent rise in holiday-quarter same-store sales at its WirelessWave cellphone stores across Canada.( Does same store sales include sales from 17 new stores?) The increase in the 9 mths sales was 25%. As almost all the impact of the 17 new stores sales had to be realized in the strong 4th qtr. sales, I used a ratio of 31.5% to estabish 1993 sales. This now seems too aggressive, I believe it should be in the 27 - 30% range or approximately $70 mil. 1992 net income was $2.56 or .046% of sales. At this same ratio, 1993 income is estimated at $3.22 plus an income tax recovery