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.
not sure, maybe in the near future IMO
I agree, I'm just not sure why they dont uplist along with the R/S...
I'm not concerned. Gendell now owns probably 70%+ of the company ( don't have #'s in front of me ) He controls the company now. I think the R/S is an attempt to get the stock price more attractive to Wall Street. The big boys don't like investing their funds $$$$$ into the penny stocks.
Gendell is a very, very smart individual. Do some DD on his portfolio and you will see he has made sound choices. He is always one step ahead of the next break out industry. Obviously with his investment in Miscor, Tower Tech and even Maxwell, he feels that the future is in the wind turbine industry.
To me what makes windmills such an appealing alternative energy source is that it has no adverse effects on other markets and the technology is here! Look what ethenol production does to the price of corn and the trickle down effect the price of corn has put on diary, meat etc...
The only thing I am waiting for is the filing with the SEC to see how many shares Gendell got for his $20m. If it is around the current PPS range I think this would be a good time to accumulate more. IMO
Like any stock this is a risk, but with who is involved and oil prices at $90+ a barrell something has to give soon.
What do you think about he reverse split?
This stock is a gem.
Great use of capital by the company. Now they will generate revenue from the repair/maintenance piece of the wind turbine industry.
Jeff Gendell ( Tontine Financial ) knows what he is doing. He is investing in all aspects of the wind turbine industry. He also owns 27M+ shares of Tower Tech Holdings ( TWRT manufactures the wind towers )
http://www.towertechsystems.com/
Both TWRT and MSGR are great long buys. Years from now these stocks will be huge!!!!
Thanks for the update dffhogs!!!
MISCOR Group Acquires 3-D Service, Enters Growing Wind Power Repair Market
Monday December 3, 8:45 am ET
Acquisition Funded by $20 Million Equity Investment
SOUTH BEND, Ind., Dec. 3 /PRNewswire-FirstCall/ -- Industrial services provider MISCOR Group, Ltd. (OTC Bulletin Board: MCGL - News) today announced it has acquired privately held 3-D Service, Ltd., a provider of industrial services to the wind energy industry. 3-D Service had revenues of $16.1 million for the first 10 months of 2007.
ADVERTISEMENT
MISCOR also announced it closed a $20 million equity investment by institutional investor Tontine Capital Partners, L.P. Proceeds from the private placement will be used to fund costs associated with the acquisition of 3-D Service as well as for future working capital and acquisition activity.
"3-D Service is an outstanding example of what we look for in an acquisition -- a complimentary culture focused on service, talented management and team depth, and additive service expertise to expand our offerings," said John Martell, President and CEO of MISCOR. "This acquisition allows us to expand our growing Midwest presence, and gives us a foothold in the wind energy industry, which we believe has great growth potential and a positive environmental impact. Our $20 million equity raise was instrumental in completing this acquisition and also serves as an endorsement of our business model and growth prospects."
As part of the acquisition, MISCOR said Bernie DeWees, Owner and current President of 3-D Service, will join MISCOR as President of Magnetech Industrial Services. DeWees brings more than 29 years of experience in the industrial services industry, the last five as President of 3-D Service which he has more than doubled in size during that period.
Bernie DeWees, President of 3-D, said: "We are pleased to be part of MISCOR's vision to become a national service provider of choice. We have shared values, complimentary services and clear potential to be stronger as a team, and I look forward to leading Magnetech Industrial Services and working alongside some of the most experienced people in the industrial services market."
Martell concluded: "As we continue to execute our strategic plan to expand through organic- and acquisition-based growth, we're fortunate to get both new services and a strong team with this deal." This transaction marks MISCOR's tenth acquisition since 2000 and the second in the past three months.
3-D Service will become part of the Company's wholly-owned subsidiary Magnetech Industrial Services, and immediately bolsters its industrial services offerings while expanding its geographic reach in the Midwest. 3-D Service specializes in the sales, repair and service of commercial and industrial equipment in numerous markets, including electric utility, wind power, automotive, manufacturing, plastics and others. 3-D Service also provides 24-hour onsite emergency services in addition to its patented Total Motor Management(TM) program, focused on reducing the risk of equipment breakdowns while lowering repair costs for customers. The addition of 3-D Service's 120 employees and its Ohio-based facilities open the door to new business opportunities while enabling MISCOR to provide expanded services to its current roster of blue chip clients.
In addition to the acquisition, MISCOR's board of directors approved a 1- for-25 reverse stock split of the Company's common stock. The reverse split is expected to be effective Jan 10, 2008. Shareholders with a total number of shares not divisible by 25 will receive a cash equivalent for the fractional shares held. MISCOR currently has 271.8 million shares outstanding, and will have approximately 10.9 million shares outstanding once the split is effective.
Financial terms of the 3-D Service acquisition and equity investment are available on separate Form 8-Ks filed with the Securities and Exchange Commission (SEC) at http://www.sec.gov.
MISCOR Group Reports Sharply Higher Third-Quarter Sales, Net Income
Tuesday November 13, 9:15 am ET
SOUTH BEND, Ind., Nov. 13 /PRNewswire-FirstCall/ -- Industrial services provider MISCOR Group, Ltd. (OTC Bulletin Board: MCGL - News) reported sharply higher net income and strong sales growth in the third quarter of 2007. MISCOR's performance in the quarter was highlighted by strong top line growth, continued debt reduction and increased product sales.
ADVERTISEMENT
South Bend, Ind.-based MISCOR, a supplier of mechanical and electrical industrial products and services, said net sales increased 14 percent to $17.7 million for the third quarter ended Sept. 30, 2007, compared with net sales of $15.5 million in the same period last year. The Company said product sales increased 46 percent to $6.1 million in the 2007 third quarter, reflecting growth in sales of motors, magnets and other industrial products as well as a 48 percent improvement in sales of diesel engine components.
MISCOR reported a $1.3 million improvement in profitability in the most recent third-quarter, reversing a loss in last year's comparable period. The Company reported net income of $64,000, or $0.00 per diluted share, for the third quarter of 2007, compared with a net loss of $1.2 million, or $0.01 per diluted share. MISCOR attributed the improvement to key operating initiatives that yielded increased sales, lower interest costs and improved expense controls. Last year's third-quarter included approximately $0.8 million in interest costs and a $1.0 million loss related to warrants issued by the Company. Interest expense declined to $0.3 million in 2007.
"The third quarter continues our 2007 trend of improved quarterly results and double-digit sales growth," said John Martell, president and CEO of MISCOR. "We are continuing to expand our market presence and are focused on executing from an operations standpoint. Additionally, our results are a testament to our employees' breadth of industry experience as we continue to focus on delivering unmatched products and services to our growing roster of blue chip clients."
Operating income decreased in the quarter, due primarily to a decrease in gross margin. MISCOR said it expects gross margin to improve as capacity utilization improves. Since Dec. 31, 2006, MISCOR's long-term debt has decreased to $15,000 from $5.8 million and total liabilities have declined 44 percent as of Sept. 30, 2007.
For the first nine months of 2007, MISCOR reported strong top-line growth, posting a 17 percent increase in net sales to $50.6 million, as compared to net sales of $43.3 million in the first nine months of 2006. MISCOR's growing geographic presence in the Gulf States and new customers, resulting from the Company's acquisition last year in Saraland, Ala and the recently opened Mobile, Ala magnet repair and remanufacturing center, helped drive the increase in its industrial repair business. The Company said its net loss narrowed to $2.3 million for the nine months ended Sept. 30, 2007, compared to a net loss of $3.1 million in the same period of 2006.
Martell added: "I'm pleased with our positive momentum and expect that we will finish 2007 on a strong note, helped by new revenue from our recent acquisition of Ideal Consolidated and the groundwork we have laid in both our divisions. Our recent acquisitions are gaining market share, and we are seeing the desired effect of offering a growing array of industrial services to our customers."
MISCOR recently announced the acquisition of privately held Ideal Consolidated, a South Bend, Ind.-based provider of mechanical contracting services, including HVAC, plumbing and industrial piping. The acquisition, completed on Oct. 19, 2007, is expected to be accretive to the Company's fourth-quarter earnings.
Segment Results
In the first quarter of 2007, MISCOR completed an internal realignment process as it relates to the Company's former three operating segments in order to better serve customers across its markets. In an effort to bring further clarity to the business, MISCOR realigned its segment reporting and now operates two segments: Repair, Remanufacturing and Manufacturing (RRM), which provides maintenance and repair services for industrial motors, generators and lifting magnets, as well as diesel engine component manufacturing, remanufacturing and repair services; and the Construction and Engineering Services (CES) segment, which provides a wide range of electrical contracting, engineering and repair services for electrical power distribution systems to industrial, commercial and institutional customers.
For the third quarter of 2007, RRM nearly doubled its net income, posting an 83 percent increase to $1.1 million, as compared to $0.6 million, including a 26 percent increase in sales in the same quarter last year. Strong growth led by increased sales of motors, magnets and other industrial products and a double-digit increase in sales of diesel engine components and larger service- based contacts helped to offset CES' loss in the quarter. CES reported a net loss of $39,000, compared to a profit of $480,000 in the year-ago period. MISCOR reported the loss was due primarily to a decrease in revenues directly related to its power distribution systems contracts and flat electrical contracting revenues in the quarter.
Conclusion
"Our results reflect the strides we've made expanding our product and service offerings, as well as our efforts to manage the business more efficiently," said Rich Mullin, chief financial officer of MISCOR. "With our improvements in sales and operations, combined with the strength of our balance sheet, we will continue to explore acquisition opportunities that will bolster our growing brand recognition and customer base."
Martell concluded: "Since our founding in 2000, and our becoming a public company in 2006, we have put in place the proper framework to help us evolve into a national service provider with an international presence. Our strong results this quarter and year-to-date, along with our ongoing acquisition activity and disciplined approach to spending, have created a strong base from which we expect to continue growing in 2008."
Someone bought 300,000 shares at .33 = $99,000
Thats jumping in with both feet...
Thanks dffhogs for setting up the board.
Company has great potential. Should be a nice ride.
Jeffery Gendell purchased over 67M shares of the company.
For those who do not know who Gendell is, do some DD and take a look at other companies he has bought and what has happened with the PPS of these stocks.
Here are some of his holdings:
http://biz.yahoo.com/t/40/433.html
I will be looking to pick up some shares once I sell some other stocks.
GLTYA
Followers
|
2
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
59
|
Created
|
11/01/07
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |