NO BRAINERS

[Drugdoctor]

PDGE .07 should be a multi-bagger-NOBRAINER-....

Check out this website, then read below and read the SEC filings... Not many FALLEN ANGELS like this left...

http://www.pdge.com/press_releases

I've already got a pick up, but do a little DD on this stock..

Start with the book value of .24... Then realize that this stock traded up to almost $4 a share with NET PROFITS in 2005, 2006, and 2007... then you start to see just how OVERSOLD it is...

Contract Revenues-$36,935,000 For the Nine Months Ended October 31, 2009.


Average Common Shares and Dilutive Common Stock Equivalents Outstanding 20,875,000

NOTE 4 — TERM DEBT
The Corporation maintains a $14.5 million line of credit with Huntington Bank (formerly Sky Bank). The current interest rate on the line of credit is Prime plus 0.75% with a floor for Prime of 4.25% (at October 31, 2009, Prime was 3.25%).
On October 31, 2009, the balance on the line of credit was $7.8 million with an unused availability, based upon the asset based lending formula of $0.3 million. The majority of the Corporation’s property and equipment are pledged as security for the above obligations. Effective May 14, 2009, the Company and Huntington Bank amended the loan agreement which resulted in an extension of the maturity date from June 30, 2010 to August 3, 2010; a change in the interest rate to Prime plus 0.75% (with a floor for Prime of 4.25%); and includes various covenants relating to matters affecting the Corporation, including the annual required evaluation of the debt service coverage ratio, debt to worth ratio, and tangible net worth.
The Corporation paid approximately $650,000 and $636,000 for interest costs during the nine months ended October 31, 2009 and 2008, respectively.
The Corporation’s mortgage on its Pittsburgh operating location is at an interest rate of 4.875% fixed until July 31, 2011, and during the remainder of the term will be adjusted to 2.75% above the 3-year Treasury Index every three years. On October 31, 2009, the balance on the mortgage was $206,000.


The First Common Offering Warrants issued to each Common Investor provide such Common Investor the right to purchase shares of the Corporation’s Common Stock, in aggregate, up to an additional 25% of the total number of Common Shares purchased by such Common Investor in the Common Private Placement at an exercise price of $1.11 per share.



Terms of the Preferred Stock
The rights and preferences of the Preferred Shares are set forth in the Certificate of Designation, Preferences and Rights of Series C Preferred Stock (the “Certificate of Designation”). The Preferred Shares have a face value of $1,000 per share and are convertible at any time at the option of the holder into shares of Common Stock (“Conversion Shares”) at the initial conversion price of $1.00 per share (the “Conversion Price”), subject to certain adjustments including (a) stock splits, stock dividends, combinations, reclassifications, mergers, consolidations, sales or transfers of the assets of the Corporation, share exchanges or other similar events, (b) certain anti-dilution adjustments. For a complete description of the terms of the Preferred Shares please see the Certificate of Designation.
Outstanding Preferred Shares that had not been converted to common stock at the maturity date of July 1, 2009 were payable in cash along with the related 8% per annum dividend. Any remaining Series C Preferred Stock were exchanged for and cancelled as on May 14, 2009; therefore, no Preferred Shares were entitled to be converted on the maturity date. No Preferred Shares remain outstanding.

If the Company is unsuccessful in its efforts to refinance its debt and return to profitability, the Company may be required to adjust the carrying value of certain assets and / or the amounts and classification of liabilities to reflect the Company’s inability to realize its assets and satisfy its liabilities in the normal course of business. The financial statements do not include any such adjustments relating to the realization of the carrying value of assets or the amounts and classification of liabilities that might be necessary. In order to mitigate these issues, we have reduced our overhead staff and are actively pursuing strategic alternatives, which may include a sale or other combination of the Company, sale of assets, managing our continuing operations, and seeking a refinancing of our debt.

During the nine months ended October 31, 2009, the Corporation’s contract revenues decreased by 46.6% to $36.9 million compared to $69.1 million in the nine months ended October 31, 2008. The decrease was due, in part, to lower sales volumes as a result of lower capital spending by our customer base driven by difficult economic conditions. Specifically, we had a reduction of approximately $15.7 million in revenues generated from non-asbestos projects and approximately $16.5 million for asbestos abatement projects during the nine months ended October 31, 2009, as compared to the same period last year. Revenues were also negatively impacted by the lack of natural disasters in the current year versus revenues generated from hurricanes Ike and Gustav in the prior year.

At October 31, 2009, the Corporation’s backlog totaled $17.8 million ($10.5 million on fixed fee contracts and $7.3 million on time and materials or unit price contracts). At October 31, 2009, our backlog consisted of $8.3 million of booked orders and an additional $9.5 million of open ended purchase orders or orders in final negotiation stage which will likely become booked orders in either the fourth quarter of fiscal 2010 or the first quarter of fiscal 2011.
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http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000950123%2D09%2D073094%2Etxt&FilePath=%5C2009%5C12%5C23%5C&CoName=PDG+ENVIRONMENTAL+INC&FormType=10%2DQ&RcvdDate=12%2F23%2F2009&pdf=