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A CLEARER VIEW OF EMERGING COMPANIES
I read the story on the American Stock Exchange's Emerging Company Marketplace ("Did the Amex turn a blind eye to a `showcase' stock?" Finance, Sept. 12) with interest. But consider this: The return on an equal-weighted portfolio of these dogs is 32.6%. Skewed though this number is by the enormous 1,542.1% return on Three-Five Systems, it is still greater than the 23% return on the Russell 2000. As my business school professor used to say: "Diversification forgives most investing mistakes."
Mountain View, Calif.
While the table accurately depicted North Coast Energy Inc.'s current share price compared with the date we listed on the Emerging Company Marketplace, you did not note that North Coast left the ECM on Apr. 6, 1993, and relisted on NASDAQ.
We are certainly not alone in this situation, but I would ask the question: How do small companies, including North Coast, that are profitable and growing attract capital and support if there are no ECMs?
Your table "The class of 92: Most are flunking" includes "Intertel Communications" as a member of that class. That Canadian corporation was unrelated to our company, Inter-Tel Inc., and our major telecommunications subsidiary, Inter-Tel Communications Inc.
The Intertel Communications listed in your table has changed its name to IntelCom Group Inc., a corporation of British Columbia.
Please help us to correct the confusion between our 25-year-old telecommunications company and this newcomer.