Wednesday, March 02, 2011 8:32:50 PM
1. One of BUKS operating segments is management of a casino. They are currently expensing the purchase of slot machines for the casino. They had to expense the purchase of these slot machines over an 18 month period despite the fact that the useful life of them is much longer. The expensing of these slot machines ends in May and will decrease their expenses significantly. I calculate that this savings will add roughly $0.10/share in pre-tax earnings. This is described in the most recent conference call.
2. When you combine the savings described above with their current earnings I expect them to have pre-tax EPS of roughly $0.04/quarter starting with fiscal Q1'2012 which ends in July of 2011. Those are big earnings for a stock that last traded at $0.475
3. BUKS has a solid balance sheet with a book value of $0.30/share and cash of $0.12/share.
Mike
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