WEX Amex 1.70...could be a nice payday coming here when the year end is announced. 9mo numbers are net inc of $622,000 or $.22 per sh vs a loss of ($771,000 or $.26 per sh) last year with rev up sharply for 3rd qtr....$4m vs 3.19m and 9mo...$13.4m vs $11.5m.
3rd qtr net inc was light (0.01) partially due to an in house adjustment for sick time acrual pay (would have been 0.04 otherwise) but was up $338,000 from prior year... the company actually did about $.20 for the first 6mo. In the 10q for Sept the backlog looked good for the very short term:
From 10q 3rd qtr Sept:
The Company currently has orders and forecasts from its major OEM customers for delivery during the remainder of 2002 and the first part of 2003 having an aggregate value of $5.8 million. These are at various stages of completion. The Company also has several smaller customer commitments to be completed in 2002 and early 2003. The Company expects to receive additional orders from current OEM customers for 2002 and 2003 production. In addition, the Company signed a multi-year manufacturing agreement with Select Comfort Corporation, the Company’s largest OEM customer.END
Company also reduced debt by $1.7m during the first 9mo and at Sept end the current ratio was approx 2:1.
With only 2.9m shares outstanding we don't need a heckuva lot of eps for the 4th qtr to make this already attractive situation even more so. Just park it on a watch list and try and catch the year end PR on the quick so you can catch it under 2.00..if they do even 5 or 6 cents that's going to make for a very positve release.