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MSGI, Re: CESV...
I'm holding a good position in CESV already, so I would only accumulate more if it dropped into the low 7's or 6's. Earnings are due out any day now and I'm holding. Hoping for an eps of $0.25 or more for the quarter.
BBC....A phenomenal one month performance w/ a new 52wk high today....
BBC 1 month chart
beigledog...Not sure if it'll drop into the lower 6's again w/ earnings due out within 2 week. Q4 is their strongest quarter according to CEO, so I'm expecting an eps of $0.25 or better. I'm holding. If it drops into the 6's again, I'll add to my posistion.
Wadegarret, Re: HRBN... Even though Cummins has not commented on a relationship w/ Harbin, I have no reason to not believe there were samples sent and an LOI signed. Harbin looks to have a very qualified management team.
Like I said, I don't know if it's Cummins, but I'm sure something's in the pipeline...
"Growth in sales and earnings for the year-to- date period is driven by the continued increases in sales within the China's domestic market, as well as the successful beginning to our export strategy. Our technology coupled with a low operating cost structure places us in a strong competitive position to continue to grow profitably in the world-wide marketplace."
"Harbin Electric raised $4.8 million in exchange for 1.6 million shares of restricted common stock. The use of proceeds will be for working capital purposes and allow the company to further expand capacity to meet the growing needs of our customers."
"Looking forward, we expect to continue growing our sales within the China domestic market while focusing on increasing our exposure in the international marketplace. In our view, the recent UL certifications and new U.S. operations will enable us to generate additional growth in the months and years ahead.''
http://biz.yahoo.com/prnews/051114/cnm013.html?.v=1
HRBN,(allmanchase)..."According to our letter of intent with Cummins, quantity production and supply are expected in the fourth quarter this year. We are looking forward to a strong revenue growth this year."
http://www.harbinelectric.com/download/news20050802-1.pdf
It's now in the middle of the fourth quarter.
The opening of US offices along with the jump in share price tells me somethings going on. I don't know if it's with Cummins, but something is definitely going on.
IMO, news of an International contract is imminent.
We'll see what happens.
Allmanchase...
Here are my thoughts on HRBN (from the HRBN board)...Harbin now has 160 employees compared to 120 at y/e 2004. The opening of corporate offices in Pennsylvania tells me that it's just a matter of time before we have news on International sales. (News of a listing on a higher exchange would be nice too.)
Last month when they announced the hiring of Raeburn, he made a comment that kind of sums up where Harbin is headed..."The market for our linear motors and other electric motor products in China alone represents a substantial opportunity for growth. Our corporate development initiatives, which are already underway, will broaden the customer base and enhance Harbin Electric's overall exposure in the global marketplace."
Cash increased from $3.7M last quarter, to $5.6M this quarter. Shareholder equity increased from $15.4M to $23.3M.
A PE of 20 based on Harbin's growth and projected $0.70 - $0.75 eps for y/e 2005 equals a $14.00 - $15.00 share price.
HRBN still looks undervalued in the 7's. JMO.
Just noticed, yesterday was a record breaking day for volume on this stock. So it's definitely on some watch lists now! CESV has traded over 1M shares 3 out of the last 6 trading days. Not bad compared to prior volume.
Good to be on board.
Did a little dd on CESV over the weekend after stumbling over the the company's writeup in the blog spot mentioned by beigledog a few posts back. (I was actualy researching HRBN at the time. Both companies were mentioned in the writeup and both are profitable growing Chinese companies).
http://www.harbinus.blogspot.com/
According to CESV's CEO, Q4 is the strongest quarter of the year, so I'm thinking the share price could eventually go a little higher heading into earnings. Seems to be a lot in the pipeline also.
I like this company and like their revenue structure where they now have a continuous stream of cash flow from clients.
Took a position here yesterday morning in the 6's. We'll see what happens.
Here are comments made by CESV's CEO taken from the Aug 23 PR....."We are now in our strongest quarter of the year in which most of the revenue will come from energy-sharing agreements, as energy use in China soars during the summer months"
CESV...I'll add one more thing to the blog....
Q4 is suppose to be their best quarter. If this is true, CESV will come in w/ an eps of $0.25 or better for the 4th quarter. Results will be out in a few weeks.
Here are comments made by CESV's CEO taken from the Aug 23 PR..."We are now in our strongest quarter of the year in which most of the revenue will come from energy-sharing agreements, as energy use in China soars during the summer months"
CESV...Added CESV to my Chinese holdings today (BBC & HRBN) after coming across this over the weekend...
China Energy Savings Technology - CESV:Nasdaq (11-23-05 Closing Price 6.35 USD) Strong Buy - 12-month target price: $13.95-$15.81
Overview
China Energy Savings Technology (CESV) is a company focused on selling energy savings devices to the Chinese market through its 100% owned subsidiary Starway Management Ltd. China's rapid industrial growth as well as increasing urbanization is putting a great deal of strain on China's power infrastructure. Power plants take a long time and large amounts of capital to construct, thus supply will likely lag demand for some time to come. Currently China's developed Eastern coastal provinces are the areas most affected by this power shortage, which has resulted in brown-outs and blackouts. China's GDP is set to grow at 8-9% this year and many of these electricity problems are likely to continue as China continues to industrialize. Inevitably, electricity consumption will increase based on this increased industrial activity. Furthermore, the rising income of the populace and a growing taste for electronics indicates that electricity usage of the average Chinese will also increase going forward. CESV's energy savings technology will continue to be popular as long as energy prices remain high and China faces this electricity crisis. As such, CESV is well positioned to take advantage of China's rapid industrialization, as well as the current environment of rising energy prices. I am placing a strong buy rating on CESV with at target price of 13.95-15.81, based on a forward 2005 price-to-earnings ratio of 15-17.
Fundamental Analysis
The energy shortage in China, as well as rising global energy prices places CESV in a very attractive market going forward. Chinese energy prices are regulated by the government, but there are indications that they are only willing to subsidize energy prices to a certain extent. Recently, the National Development and Reform Commission has increased the electricity price on average by US$0.27 per kilowatt hour in the four regional power grids in southern, eastern, central and northern China. These measures were aimed at slowing demand and spurring conservation. Still the situation remains difficult going forward with the supply shortages approaching 20 million KWH in the Shanghai region alone.
CESV markets its products to commercial and industrial clients in China. CESV has 470 customers, and none of their customers account for more than 10% of revenues. However, 100% of sales revenue is from companies located in China. CESV's customers represent diverse interests ranging from shopping malls to government to textile manufacturers. CESV is estimated to have approximately 50% of the energy savings device market in China and is the best positioned company to take advantage of growth in this market. CESV's products reduce power usage of lighting systems and appliances by an average of 28% to 34%, with the highest rate reduction reached of 60%. This rate is significantly higher than their competitors' products which deliver average energy savings of ranging from 8-25%. This superior performance has received praises from various Chinese government agencies, receiving a certificate of approval from the China National Scientific Technology Products Committee. In a research report conducted on intelligent-control circuit boards, the Guangdong Research Center for Scientific and Technical Information stated regarding CESV's proprietary technology: "There are so far, no other similar devices in the market that can compete."
CESV went from being overvalued to being an extremely attractive value and growth play. CESV's earnings for the last 12 months have been $19.45 million USD. With a market capitalization of $156.85 million USD, this represents a LTM P/E ratio of 8.06. The balance sheet is very strong with no long term debt and a current ratio of 5:1 (short-term assets:short-term liabilities). CESV has a cash position of $24.55 million USD, and accounts receivable of $11.25 million USD. If we subtract liquid assets from the market capitalization we get an idea of the valuation of the underlying business. We can then establish a P/E ratio of the underlying business of 121.05/19.45, which equals a P/E of 6.22. Based on analyst EPS estimates of $0.93/share, CESV is currently valued at a forward 2005 P/E of 6.83.
Revenues for the first 9 months of the year are down 5%, however much of this is caused by a change in CESV's strategy and revenue structure. Instead of merely offering outright equipment sales, CESV has begun to offer energy savings contracts in which CESV shares in the power cost savings. Under the terms of the contract, CESV's clients enter into a five to seven-year contract with CESV in which the customer pays CESV 70% of the total savings from the reduced electrical bill. They currently have 11 active power sharing contracts. The result of this transition has been a change in the revenue structure. CESV now obtains less revenue upfront but collects a continuous stream of cash flow from clients. As a result revenues have decreased in absolute terms, but the decrease is somewhat deceptive. The first 9-months net income has increased year over year from an EPS of $0.46 in 2004 to $0.62 in 2005. This represents an income growth of 34.8%. Another important development this year was the full purchase of the 35% minority interest in the operating subsidiary Starway Management. This was the primary reason for increased income in 2005. Gross margins increased to 58.3% for first 9-months of 2005, compared to gross margins of 54.5% in the first 9-months of 2004. Operating margins were 46.2% in 2005 vs. 48.8% in 2004.
CESV has 3 primary products that they market. They are described on the company's website. One can view website http://www.cesv-inc.com/ for full details. They are also developing numerous other products including:
An injection molding machine electricity saver.
A central air conditioning electricity saver.
An oil bleed set electricity saver.
A multiuse electricity saver.
Light savers.
Single-phase and three-phase sewing machine savers.
An indoor florescent light saver.
A general saver protector.
The florescent Light Saver V-100.
A high-power intelligence light saver.
A power-equipment saver.
A three-phase zero-adjustment couple.
The only analyst covering the stock, JM Dutton Associates is projecting an EPS of $0.93 for the year end of 2005. This represents growth from $0.64 EPS for the year end 2004. This is a growth rate of 45.3%. Analyst estimates for full year 2005 revenues are $45.47 million, which is an increase from $31.00 million for FY 2004, and implied revenue growth rate of 46%. I am going to go with these assumptions because they seem reasonable given their performance so far this year and the contracts announced for 2005 which have not yet been completed. Since they have already earned $0.62 in the first 9-months of 2005, it isn't too hard to divide this by three and add it to represent Q4, i.e. $0.205 in earnings for the quarter; this would represent full year profits of $0.825. I believe that the earnings will lie somewhere between $0.83 and $0.93 per share for the full year.
CESV is a fairly unique company so it is difficult to find comparables for valuation purposes. JM Dutton estimates a revenue growth rate of 14.3% in 2006. This is a conservative number considering past growth and the potential of the market. I am basing my target on a 15-17 P/E which acts a proxy for the approximately 15% growth rate estimated for 2006. I apply a slight premium for the huge potential upside of the market. I believe this is a conservative target and considering the market potential, I would not be surprised to see valuations of 20 or 25 P/E. The target price assuming a 15-17 P/E on 2005 earnings of $0.93 is $13.95-$15.81.
Technical Analysis
As one may note on the 1-year chart, this year has been a hard one for CESV. The stock hit an all-time high of $28.28 back in December 2004; at 2004 full year earnings of $0.64 this implied a P/E multiple of 44. CESV bounced back in April 2005, but quickly broke down and settled into a downward trend, as illustrated with the red lines. One may note that CESV has changed valuation multiple from 44 times forward earnings in December 2004, to 6.8 times forward earnings for 2005.
On the 6-month chart one can note the downward trend. There was a 2-month support level at approximately $9.00, with a breakdown in late August. The downward trend was broken on November 17, with a clear breakout on high volume. This breakout did not occur on any particular news, but the high volume indicated increased investor interest in addition to perhaps a growing realization of company improved fundamentals. The breakout could also be in anticipation of a positive full year 2005 earnings release. When I talked to investor relations they said the results are in to the auditors and estimated a release in mid-December. The former support level at $9.00 may represent a future resistance level.
On the 1-month chart it is important to note the dates from November 17-23. These are the days of the breakout and minor correction. From November 17-22 CESV's price appreciated rapidly from a level in the low $4.12 to over $7.50. The highest price was reached on November 22, on the highest volume since July. A correction occurred on November 23 on lower volume, in my opinion this represents a healthy correction from post-breakout levels and a good buying opportunity.
Catalysts Going Forward
The next few months should be exciting for CESV. Earnings are being released over the next few weeks, if they are positive, this could send the stock price moving considerably. Another potential catalyst would be the introduction of some of the products in CESV's pipeline. The completion of such products would open new markets in which CESV will be able to leverage its superior quality and experience. Any evaluation of CESV ought to include an evaluation of the energy market. If energy prices decrease significantly, then CESV's market would obviously shrink, this would be somewhat mitigated by the Chinese energy crisis. Therefore the even if energy prices fall, CESV's markets will not completely dry up, still a fall in energy prices would be bad for CESV, while a rise would be good. A final catalyst which could significantly improve both the price and stability of CESV is if some institutional buyers buy and hold some of the float. When I spoke to investor relations they said that this is a priority of theirs and that they are seeing some significant interest.
Conclusion
CESV is a very attractively valued company with good exposure to Chinese industrialization. It can also serve as a method to profit off of the Chinese energy crisis and rising energy prices in general. Trading on American markets is closed today and through the weekend which offers a good chance for individual due diligence if you are interested in CESV. I am placing a strong buy rating on CESV with a price target of $13.95-$15.81.
Disclaimer: This blog has been provided for general information only. While every effort has been made to ensure its contents are accurate they should not be relied upon or used as the sole basis for purchasing or selling investments described herein or any other investment. Neither "Harbinus - Thoughts on the world and markets", nor any person involved in this publication accepts any liability whatsoever for any loss or damage which may directly or indirectly result from any opinion, information, representation or omission whether negligent or otherwise contained within this publication.It is strongly recommended that recipients either seek professional advice and / or ensure any investment or financial decisions are appropriate for their personal circumstances before proceeding with any action.
http://harbinus.blogspot.com/
HRBN's growth...Harbin now has 160 employees compared to 120 at y/e 2004. Also, the opening of corporate offices in Pennsylvania signals that it's just a matter of time before we have news on International sales. (News of a listing on a higher exchange would be nice too.)
Last month when they announced the hiring of Raeburn, he made a comment that kind of sums up where Harbin is headed..."The market for our linear motors and other electric motor products in China alone represents a substantial opportunity for growth. Our corporate development initiatives, which are already underway, will broaden the customer base and enhance Harbin Electric's overall exposure in the global marketplace."
Cash increased from $3.7M last quarter, to $5.6M this quarter. Shareholder equity increased from $15.4M to $23.3M.
A PE of 20 based on Harbin's growth and projected $0.70 - $0.75 eps for y/e 2005 equals a $14.00 - $15.00 share price.
HRBN still looks undervalued in the 7's.
ARSD...Looks interesting. Why are they
trading in the pinks? I noticed the 6/30/05 quarter had income from discountinued operations, but last quarter did not, so the eps looks good. Sure looks undervalued w/ a book value of $1.64! If there's more info available on this company, can someone please post. Thanks.
BBC & HRBN...To my two little Chinese darlings:
I Love You!
5 Day Chart...
BBC & HRBN...Both of these China beauties breaking through 52wk highs today!
BBC...Here's something else interesting...Last month Bodisen took a 12.9% equity stake in a Chinese Natural Gas Company....
"Ms. Qiong Wang, Bodisen's Chairman & CEO commented: "Natural gas is used for the production of urea, one of the key ingredients in the manufacturing of our compound fertilizer products. Through our strategic investment into the profitable Xi Lan Natural Gas Company, we will gain substantial cost savings for urea since Xi Lan has plans under way to serve one of the largest urea manufacturers in the Shaanxi province. As we continue to expand our production capacity and foresee our greater demand for urea in anticipation of strong customer demand for Bodisen products in 2006 and beyond, we believe that this investment makes short term and long term strategic sense and our Board of Directors see significant economic benefits to Bodisen."
http://biz.yahoo.com/bw/051006/65886.html?.v=1
BBC...Hit new 52wk high yesterday after being mentioned on Cramer's RealMoney radio show this week.
Stocks Under $10 co-author Will Gabrielski joined Cramer to decipher stocks that had stumped Cramer on Thursday during the "Stump Cramer" segment of the show....
"Will Gabrielski was positive on Bodison Biotech (BBC:Amex - commentary - research - Cramer's Take), a Chinese organic fertilizer producer. He said the company seems legitimate and just received a two-year exemption from paying taxes from the Chinese government."
http://www.thestreet.com/_yahoo/funds/realmoneyradiowrap/10253719_2.html
worthylion, Re: HRBN...From New York Global Group, "Harbin Electric, Inc. is a Harbin headquartered manufacturer of electric linear motors. The company has experienced rapid growth in recent years. 2004 earnings of $0.15 per share, and projected 2005 earnings of $0.70 per share. Harbin's website: www.harbinelectric.com"
http://www.nyggroup.com/html/news/20050627.htm
BBC is also mentioned by NYGG. If you get a chance, can you look at BBC and tell me what you think. Thanks.
sleestack76, RE: HRBN...They won't be paying taxes for at least another 3 quarters. I wonder if they have plans of listing on a higher exchange?
If you get a chance, take a look at BBC. Tell me what you think. Looks like a good long termer. They're another profitable growing Chinese company that won't be paying taxes until after 2007.
BBC & HRBN...
Bodisen is a profitable Shaanxi China based fast growing organic fertilizer company with 2003 net income of $1.97 million; 2004 net income of $5.05 million, $0.33 per share; and rapid growth in 2005. Bodisen's website: www.bodisen.com
Harbin Electric, Inc. is a Harbin headquartered manufacturer of electric linear motors. The company has experienced rapid growth in recent years. 2004 earnings of $0.15 per share, and projected 2005 earnings of $0.70 per share. Harbin's website: www.harbinelectric.com
http://www.nyggroup.com/html/news/20050627.htm
allmanchas...
It was sleestack76.
HRBN...Another 52wk high @ $7.00 and still climbing!! With a projected 2005 eps of $0.70, HRBN still looks undervalued. That puts them @ approx $0.25+ eps for the 4th Q!
HRBN...First Wilshire Securities purchased 933,033 shares of HRBN last quarter for a total of 1,610,115 shares (10.2% ownership)!! It is now their 9th largest holding!
Not bad for an OTCBB stock.
http://www.nasdaq.com/asp/holdings.asp?mode=&kind=&timeframe=&intraday=&charttype=&a...
HRBN...What a beauty!! New 52wk high after strong earnings 2 days ago. Ask just hit $6!! Haven't seen much selling since earnings. Hope it keeps up.
BTW, Harbin's gains have nothing to do w/ the Baldor/Harbin joint venture. The JV was called off. Baldor originally set up the JV w/ Harbin in anticipation of obtaining specific projects in China. The projects never materialized. The info can be found here...
http://www.theautochannel.com/news/2005/10/13/145494.html
HRBN...Excellent quarter. 9m EPS of $0.45 and they won't be paying taxes for at least another 3 quarters!!!
I see good growth here...
- New U.S. operations with the recent opening of corporate offices in Pennsylvania.
- New (UL) recognition will allow for greater opportunities in the international marketplace.
- The PP proceeds will be used to expand capacity to meet the growing needs of customers.
Also, HRBN seems to have a very qualified management team...
http://www.investorshub.com/boards/read_msg.asp?message_id=7587015
Holding my shares well into next year, and maybe accumulating more along the way!
KHDH...Just looked at earnings. After last Q's blowout $0.98 eps, expectations were high, including mine. A nine month eps of $1.79 for a stock trading in the low $20's is still strong. KHDH's strongest quarter of 2004, was definitely their 4th quarter so I'm guessing they'll still come in w/ at least an EPS of $2.5 for the year. (The fluctuation in eps may have something to do with when they get paid on contracts?)
The Q3 results show a good increase in cash & equiv, up from $12.00 a share to $13.80, and their shareholder equity is up again to $17.50.
Look who Allen & Caron Inc have listed in their client spotlight section...
http://www.allencaron.com/clients/
Maybe they know something we don't. LOL.
You never know...the earnings PR is more than likely already written.
Last November KHDH (MFC) announced a share buyback program for up to 600k shares. The program commenced on Dec 5, 2004. They repurchased 406,000 shares last Dec for an average price of 20.58 per share. (This can be found on page 44 of Form 20-F, 4/6/2005).
Also, As KHD Humboldt expands, so should the company's profit margin...
Last 6 months margins, revs minus expenses (before taxes, G&A expenses, interest, and minority interest)...
Ind...26%
Fin...11%
Gotta admit, last quarter's a tough quarter to beat, but so far from what I've seen, the L/T potential looks good. Hope I'm not wrong. We'll have a better view of things in a few days.
KHDH...I have no idea what the earnings will be for Q3, but I'll say this, I feel VERY positive about the L/T future and growth of this company... http://www.investorshub.com/boards/read_msg.asp?message_id=8369504
http://www.investorshub.com/boards/read_msg.asp?message_id=8370341
http://www.investorshub.com/boards/read_msg.asp?message_id=8381960
http://www.investorshub.com/boards/read_msg.asp?message_id=8382428
http://www.investorshub.com/boards/read_msg.asp?message_id=8382448
A $0.50 eps quarter would still make this company look undervalued IMO.
We'll see what happens.
HRBN...New all time high today, $5.10! Earnings due out next week.
KHDH, (curlews}...
The breakdown on industrial vs financial services can be found in their financial reports. Here's the way the #'s look after subtracting expenses, and before taxes...
Q/E June '04
Fin...$15.8M
Ind...$10.6M
Q/E Sept '04
Fin...$10.8M
Ind...$12.1M
Q/E Dec '04
Fin...$24.2M
Ind...$17.3M
Q/ March '05
Fin...$9.9M
Ind...$14.3M
Q/E June '05
Fin...$20.8M
Ind...$19.4M
DigiTech,
basing it on previous releases, it's been before open...
Q2...7:35am 08/15/05
Q1...7:30am 05/16/05
Y/E...9:00am 03/17/05
KHDH...Q3 results due out tuesday. If KHDH shows the same percentage gains (Y over y) in their industrial & engineering division KHD Homboldt, (after expenses, before taxes) as they did in Q2, they could afford to lose 20% in their financial division (over last Q) and still be at approx $1 eps for the quarter.
A Q3 eps of $0.80 will put them at a 9 month eps of $2 heading into the Q4.
Hope we hear more about their expansion into India and China. I can see this company doing over $1B in sales next year. We'll see what happens.
researcher59, ASEI vs KHDH...ASEI is trading over $70 on a $10 pop due to an EPS of $0.93 for the quarter, while KHDH trades at $23.5 after their $0.98 eps last quarter?? If KHDH has a repeat of last quarter, maybe the market will take notice, now that they're trading under their new name KHD Homboldt.
A $10 pop on KHDH right now would sure fatten up the portfolio.
BBC...Looks like a sleeper. Trading @ $6.75, they earned $0.22 a share in their most recent quarter, Q3 (before a one time accounting charge of $0.03 per share), compared to an eps of $0.18 in the second quarter, and an eps of $0.05 for the first quarter of this year. CEO said in last thursday's PR that 4th quarter sales have been very strong.
Here's the real kicker......Bodisen is exempt from paying income tax through the end of 2007. At that time they can apply again to qualify for another two years of income tax exemption. (The Chinese government provides tax incentives and other financial benefits to companies that engage in the agricultural sector).
Bodisen Biotech develops, manufactures, and sells organic fertilizers and pesticides in China. They were listed on the AMEX in August and have 15.5M shares outstanding w/ no dilution.
Ceo said well known institutional investors are starting to participate in their growth, so it looks like an excellent L/T hold. I'll be accumulating on dips!
BTW, I found BBC while researching HRBN...“Due to our relationship with Benchmark, we have concluded two successful investments in two of Benchmark’s China based clients, Bodisen Biotech and Harbin Electric. Both of these investments currently represent significant unrealised gains.”
http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=568408
n_c3, Re: Oil stocks...
I still like FTK, but as you know I was a little disappointed in their earnings, only because I think I set my expectations too high. Made good gains and thought it was time to lock in some profits. Moved some FTK $ into KHDH. (Still hold a few shares).
KHDH has almost double the eps trading at close to the same price. They have good cash, little debt, a huge and growing backlog, strong growth, and an opportunity to blow their stock price sky high in about a week.
We'll see what happens.
Spin the wheel...........
KHDH earnings...I looked at this company all weekend long. They look undervalued even if they come in w/ half of what they earned last quarter, so I bought more today. They not only design and build plants and equipment that produce cement and clinker, but beneficiated coal, base metals and precious minerals also. So potential growth is huge IMO, especially in China and India.
Looking forward to a good quarter and I hope they update us on the Asian listing.
BTW, outstanding shares are shrinking, so it looks like they're still buying back shares.
HRBN...Another 48,000 block at the ask ($4.80). Interesting.
HRBN...100,000 share trade just went through at the ask.
KHDH's track record....
http://media.corporate-ir.net/media_files/irol/92/92949/pdf/KHD_Historial_Chart_2005.pdf
As of 6/30/05 (six month results)...
Revs = $405.6M
Net = $18.3M
EPS = $1.34
Cash = $12 per share
L/T Debt = $9M
Shareholder equity = $231.8M ($17.02 per share)
Shares outstanding = 13.8M