Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
ASRG 1.25 X 1.30, 6100 left at 1.30
ASRG -- 1.24 X 1.25, +9%
ASRG -- 1.22 X 1.24, ARCA appears gone from the ask. Could move rapidly now.
ASRG -- 3300 left on the 1.23s...
4500 left on the 1.23s
The $1.22's are gone. Next up to bat are the $1.23's.
12K left on the ask. ASRG +6%
ARCA vs. ARCA
Oops, I guess it was 2000 since 2000 just went off and it's 1.20 X 1.22
14k at 1.22 now
There was a wall of shares on the ask that's now down to 500 if I'm reading level 2 correctly.
Upped my position from small holding to moderate. If management performs I can't see why not $2.00 and fat dividends until. Possibly even more.
sam
Very funny. LOL.
Does your thesis also change if ASRG files a 5 day extension?
lol
Well put! That has been my thesis too.
Excellent points. I will further add that the giving of dividends now TWICE by ABRG management shows evidence of enriching shareholders (even if doing so selfishly) so this suggests other dividends will come in the future IMO
One thing on the dividend. I think the move to dividends over bonuses is what is occuring here. Rather then insiders get these huge bonuses, holding earnings back and dropping the stock price. By not giving Bonuses they probably will come in with earning .07-.10 a quarter, and they will be able to afford to pay dividends in the future. And since insider own a large number of share I think they realized they would be better off financially paying dividends, and hopefully moving the stock price up which helps them with all the shares they have, because by getting there money through dividends, it will drive eps up, and hence hopefully the stock price up.
I think I calculated that bonuses have hit 9 months ended results around .12-.13 this year so far. So that added plus the .14 is about .09 a quarter. Given a stock with about .09 a quarter in earnings it is trading at a pe about 3. The only things that trade at those valuations are china stocks. So I think if they continue on this strategy fair value will be higher then today's prices.
Now the .16 one time dividend is probably a smart thing for them to do with the current uncertainty in how taxes are going to be on this in 2011. But as you said earlier I'm looking at it like they could do .04 a quarter possibly in the future, although there are obviously no guarnatees on that. All is just my opinion, and I could always be wrong though.
I calculated the dividend to be maybe 20% higher than the operating cash flow last quarter. They have been growing sequentially rather steadily.
I have not looked. What is annual cash flow? Cash potentially needed for growth?
Assuming management is acting smart going forward, a tiny company if revenue growth is less than robust would probably trade around yield of 8% imo at some point.
If the above answer happens to be 16 cents dividend about a $2 price target.
sam
I agree, that is a bummer...
Yeah, it looks like they're paying 1 years worth of dividend.
I don't think they've ever issued a PR.....bummer
Will they PR the dividend?
Did they PR the last one?
TIA
Right....which is why I said .04/quarter instead of .16 as a possibility.
Looming Tax Increases, Cash Piles Drive One-Time Dividen
d Boom
DJN: =DJ Looming Tax Increases, Cash Piles Drive One-Time Dividend Boom
By Corrie Driebusch
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--The flurry of companies declaring one-time special
dividends is expected to intensify in the next few weeks as those with large
stockpiles of cash rush to issue the payouts before dividend tax rates
potentially soar next year.
Data from Standard & Poor's show a huge increase in the number of companies
declaring special dividends in the first two months of the fourth quarter.
In October and November, 150 U.S. companies announced one-time payouts, the
highest figure since at least 2004 when S&P started tracking the measure.
That compares with 90 companies last year and 83 in 2008.
And those may just be the tip of the iceberg, said John Briginshaw, an
accounting professor at Pepperdine University.
"I think we will see a bit of a scramble in the next couple weeks," he said.
Congress is currently debating a slew of Bush-era tax cuts that are set to
expire Jan 1. Unless extended, the top tax rate on dividends will increase
to 39.6% from 15% at that time. Even if the debate continues well into 2011,
any decision will be retroactive to the beginning of the year.
For executives with large holdings in their company's shares, the payouts
aren't entirely altruistic. Though the special dividends appear to be
widespread across industries, insider ownership is a prevailing theme.
At discount retailer Stein Mart Inc. (SMRT), youth-geared apparel retailer
Buckle Inc. (BKE) and transportation company Werner Enterprises Inc. (WERN),
all of which have declared a one-time payout in the past month, the chairman
owns about a third or more of the company's stock.
Macquarie Research analyst Chad Beynon said using this metric, it makes
sense for theater chain Cinemark Holdings Inc. (CNK) to follow in their
footsteps. Private-equity firm Madison Dearborn Partners and Cinemark's
chairman together have about a 33% stake.
Along the same lines, Keefe Bruyette & Woods analyst Niamh Alexander pointed
to interdealer broker GFI Group Inc. (GFIG) in a note from late October as a
candidate for issuing a one-time dividend as Chief Executive Michael Gooch
owns more than 40% of the stock and the company could easily pay up to 75
cents a share before considering additional leverage.
And the retail sector, in particular, is seen as primed for more special
dividends based on cash levels and a hesitancy to perform major
acquisitions. American Eagle Outfitters Inc. (AEO), for one, said earlier
Thursday it will pay holders a 50-cent cash payout on top of its regular
quarterly dividend thanks to the liquidation of its auction-rate securities.
All eyes are also on Cisco Systems Inc. (CSCO), the technology-sector
heavyweight that first announced its intention to pay a regular dividend in
September. With a yield of 1% to 2%, the payout has a monetary value above
$1 billion--a big chunk of which would be lost to a higher tax rate if the
company stalls until its fiscal year ends in July.
Cinemark, GFI and Cisco weren't immediately available to comment.
In a strange twist, some companies are actually borrowing money to fund
their special dividends, aided by historically low interest rates. Some of
those may be doing so to avoid paying hefty fees to repatriate cash held
overseas. Others are small-capitalized companies that see a strategic
benefit in borrowing rather than funding the dividend out-of-pocket,
Standard & Poor's senior index analyst Howard Silverblatt said.
Auto finance company White River Capital Inc. (RVR) and online brokerage
OptionsXpress Holdings Inc. (OXPS) are two such examples.
Overflowing balance sheets have also changed the conversation surrounding
one-time dividends, Silverblatt said.
"Previously, the question was can I do it," he said. "Now the question is do
they wish to do it."
Those balance sheets are continuing to grow as companies hoard cash. U.S.
public companies that have filed third-quarter reports have a record $2.32
trillion in cash and short-term investments on their balance sheets,
according to data provided by FactSet Research. That is up from $2.03
trillion at the end of the first quarter.
But don't expect the special dividend fever to last.
Even if the low dividend-tax rate is extended, it is important for companies
to keep one-time dividends just that--a one-time thing, said Casey Fleck, a
partner at Skadden, Arps, Slate, Meagher & Flom.
"You don't want to get in the habit of a recurring special dividend," he
said. "That would not look like the best corporate finance approach."
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com;
Now what if ASRG continues to pay dividends? This is the 2nd one in a row, .16 and .08 before this.
What if they say, to be super conservative, pay .04/Q average or .16/year? At $1.00, that's a 16% dividend yield which is basically unheard of in addition to getting your PE of 3 stock with no debt and a nice cash balance.
I don't see $1.00 or $1.15 as anything less than a fist-pounding screaming no-brainer. Doesn't mean there isn't risk, but the risk/reward ratio is extremely favorable. This is almost a dream value stock.
Great, I'll sit here and collect dividends.
Massive yield plus a PE of 3? Easy triple.
Might drop back to the underside of $1.00 after dividend. So a few cents down there could at least temporarily overpower dividend benefit. A dividend without convincing double digit growth could leave in low pe land.
sam
When ASRG declared .08 div a few months ago the stock bumped up to 1.29 since then they have had
1 A very good quarter
2 Management refused their bonuses
3 Just declared a .16 div
ASRG = NO BRAINER NOW. Dividend of .16/share following .08/share last Q, tiny PE, no debt, cash rich, making money hand over fist......damn. Reminding me of UVE when it was at $1.10 only without the risks that UVE faces.
NO BRAINER imo.
I think it's some of the remaining warrant holders selling
I think it is someone that doesn't read real-time filings but who knows.
55000 on the ask @ $1.05; insiders taking advantage of divi announcement liquidity?
ASRG 1.08 X 1.10
Thanks Mike & some good d&d points that I in haste missed.
1. Revenue gains are much better than what it looks like on the surface. There was some one-time revenue that they received in 2009 due to moving their collections in-house and collecting on old receivables. That improved both revenue and earnings in 2009. If you back out revenue related to service in prior periods for both 2010 and 2009, revenue for the first 9 months improved $4,056,454 or 28.2%.
Here is the related comment from the Q3'10 10-Q: "Revenue: We generated revenue of $18,711,908 for the nine months ended September 30, as compared to $16,702,850 for the nine months ended September 30, 2009. The increase in revenue for the nine months ended September 30, 2010 as compared to the same period in 2009 was $2,009,058, or 12%. The increase in revenue is due primarily to a 16% increase in cases performed by our surgical assistants during the first nine months of 2010 compared to the comparable period in 2009. Those new cases originated in part due to our provision of services at additional facilities in Georgia, Virginia, Tennessee, and Texas. Revenue during the nine months ended September 30, 2010 included $247,877 related to services performed in prior periods as compared to $2,295,273 included in the comparable period in 2009. Revenue during the nine months ended September 30, 2010, excluding revenue from services performed in prior periods increased by $4,056,454, or 22% as compared to the comparable period in 2009. Because our revenue recognition policy requires us to make certain estimates with respect to our revenue, we anticipate that our future will continue to be impacted by revenue from services performed in prior periods, which should be considered in comparing our results. Revenue from services performed in prior periods is likely to continue to decline in the future because we have moved our billing services in-house, which has resulted in more timely and efficient processing of services and claims."
2. This is at least the third sequential year that revenue has grown. I didn't bother to go back earlier than 2007. That shows that they have long term growth which I expect to continue.
3. I think that they have become more shareholder friendly. Management indicated in the current 10-Q that they aren't accepting a bonus. My hunch is that they will primarily use dividends going forward and rely less on bonuses.
4. Expenses also increased due to M&A activity. Most of this is one-time in nature. Here is the related comment from the Q3'10 10-Q regarding the nine month change: "Legal and professional fees and director fees increased by $928,694 and $591,462, respectively, as compared to the comparable period in 2009. The increase in legal and professional fees and director fees resulted from the creation of the Mergers and Acquisitions Committee of the Board of Directors in the third quarter of 2009 and the evaluation by such committee of potential transactions, which activity increased during 2010. In addition, legal and professional fees also increased as a result of the retention of law firm to assist the Mergers and Acquisitions Committee and to expand the review of all our SEC filings and other regulatory filings including state filings which were required as a result of the expansion of our business into additional states."
5. If you back out the one-time items in #1 and #4 above you will find that their net income is growing. Assuming they continue to use dividends instead of bonuses which I believe they will do, there is a good argument that earnings will grow nicely going forward.
Rawnoc,
The sequential rise in eps & another possible dividend [imo] was the reasons I decided to continue to hold for now.
My biggest concern other than what I have already stated in prior messages is that in spite expanding into other states revenue gains were quite poor.
I am a little out of my space even holding for now.
"As I like big revenue growers cheap & ahead of expected bottomline gains."
ASRG doesn't seem to fit on either a top or bottomline basis, however the pps has suffered thus at the current pps I will give revenue increases a little more time.
Yes my position is just on hold for now.
Are you guys just seeing a pps that is cheap or do you like the chances that revenue gains will improve & management will become more shareholder friendly in the future.
The last dividend coupled with turning down bonus payments may be signaling a more freindly management going forward as well.
Time will tell.
ASRG earned +.08 EPS this Q and +.03 last Q so it increased over 150% sequentially.
That is what makes a market. I think the stock is grossly undervalued.
this is why I sold:
Net Income: Our net income for the nine months ended September 30, 2010 was $1,966,407 which represented a decrease of $1,580,358, or 45%, compared to net income of $3,546,765 for the nine months ended September 30, 2009. This decrease was primarily the result of the increase in our cost of revenues, legal and professional fees and salaries, which was partially offset by the increase in our revenue.
There's better companies out there to invest in IMO.
ASRG has a very nice balance sheet with a tangible book value of $0.49/share and cash of $0.31/share!
ASRG just reported +.08 EPS which is +.32 EPS annualized. PE of 3?
Seems super cheap to me.
I purchased. I think the company is moving in the right direction. For one, they have become more shareholder friendly. They paid a dividend earlier this year. Also, they stated the following in their 10-Q: "On August 17, 2010, the Compensation Committee established performance targets for bonuses related to the Company's performance in September and October 2010. If the Company's senior management team achieved these targets, they were to receive bonuses in the aggregate amount of $250,000 in the latter part of November 2010. The Compensation Committee subsequently reviewed the approved bonuses, and while targets were met, determined that the bonuses will not be paid and the members of our senior management have waived all of their rights to receive any such bonuses."
just sold, this company seems to be moving in the wrong direction.
Shares as bonuses I don't mind so much....it`s issuing themselves cash bonuses that is most of the net income is what I mind. They want to give themselves stock? Fine, at least we keep most of the net income. But giving themselves most of the net income? Vomit.
Last 10Q says they won't for this Q....if that's true, then I think we rock and roll to $2 at least, maybe $3. Great company numbers-wise on a pre-bonus EPS
Managements greed in issuing endless shares to themselves is the real problem with asrg.imo
ASRG -- I just noticed that although they haven't filed an NT recently before this one, back in 2007/2008 they used to do it all the time then report by the extension due date. So, IMO, it's not a big concern.
Followers
|
4
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
360
|
Created
|
04/27/07
|
Type
|
Free
|
Moderators |
American Surgical Holdings owns American Surgical Assistants (ASA), a specialized staffing firm which is the largest provider of surgical assistant services to patients, surgeons and healthcare institutions in the Greater Houston, Texas area. The use of outsourced certified and/or licensed surgical assistants is a growing practice, offering a feasible and attractive alternative in the operating room. ASA plans to become the nationwide leader in the surgical assistant sector of the healthcare staffing industry. Services are available around the clock, every day of the year with an average response time of 30 minutes.
Web Site
http://www.asainc.us.
Financial Information
Quarter | Revenue | Diluted EPS |
Q3'10 | $6,866,640 | $0.077 |
Q2'10 | $6,406,778 | $0.031 |
Q1'10 | $5,438,490 | $0.028 |
Q4'09 | $5,058,309 | $0.068 |
Q3'09 | $6,724,758 | $0.174 |
Q2'09 | $5,938,695 | $0.095 |
Q1'09 | $4,039,397 | $0.058 |
Q4'08 | $3,601,434 | $0.089 |
Q3'08 | $3,072,479 | $0.040 |
Q2'08 | $2,575,143 | -$0.093 |
Q1'08 | $2,030,455 | -$0.161 |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |