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PCTI...5% yield trading @ 2.7x cash/no debt...Never thought I'd see the stock price this low again. Would be adding here but I still have a truckload.
nelson, this is where your "Buyout out at a significant premium" thought could really make sense, but you never know...$4.37 today?!! Wow. ($4.35 is the 52wk low).
RGP...Cc Notes...Q4 guidance looks good at $211-$215M in revenue with gross margins @ 38.7%-39.5%. (guessing that should put them @ another $0.50++ EPS Q.)
Bought back approx $20M in stock and has no exposure to Russia or Ukraine.
Side Note: Adjusted FY2022 EPS should easily be over $2 putting current PE at approx 8.
RGP...Damn nice Q!!! Adj EPS = $0.65. Revenue over $200M
FTK...Picked up more @ $1.15, $1.17...This is one of the most undervalued plays in the energy sector. (IMO).
SD...Lol. No problem. I think NG prices will stay elevated for quite some time. Sure there will be fluctuation, but US NG is and will be in much more demand for years to come. Also need it to help transition to cleaner energy.
SD...No open hedge positions or commodity derivative contracts...Large NOL position (over $1.7B)...No debt...Strong cash...Strong cash flow...Low PE...Rocketing NG prices.
I think you're right on creede. SD could easily hit $20+ this year.
RGP... Based on comments in their last cc RGP's revenue will be close to what it was last Q. YoY rev should be up approx 27%+. EPS should be up nicely YoY too.
Going to also get info on how the launch of their HUGO app is going.
Investor Day scheduled for next week.
Re: RELL...My funds (+margin) are pretty much tied up and running thin at this time, but I'll take a look.
RGP...Earnings due out Wednesday...Comps should be great.
ELTK...Made a few bucks on ELTK but it just didn't excite me much. Good luck. Hope you do well.
SD...Nice day today. +4.5%.
FTK...Combined with the organic growth, we anticipate our first month of business profitability in 2022, which should be followed by UNINTERRUPTED PROFITABILITY THEREAFTER.
- "We have solidified a partnership with ProFrac to deliver downhole chemistries to its hydraulic fracturing fleets in North America. Should the contract extension be approved by shareholders, we anticipate combined organic appropriate related 2023 revenues to be WELL IN EXCESS OF $200M. Furthermore, the segment has continued its growth into adjacent energy markets with revenue generation and geothermal drilling and cementing operations as well as solar panel coatings."
- WHAT IS THE SENSITIVITY OF THE PROFRAK DEAL TO OIL PRICES?...The great part about this contract, which I hope does not go unnoticed, is that it gives us continuity regardless of oil price.
The contract promises 70% of the crews or a minimum of 30 crews. And with them at 45 crews, they would have to come down by nearly 33% before we got to the 30 crews or less.
I think we are one of the only service companies that have true backlog in place that goes out for a decade, that is secure in the current price environment. And so pretty excited to know that we can make plans going forward and we have a robust revenue stream to support that.
ONLY APPROX 52% OF FLOTEK's CAPACITY IS BEING/WILL BE USED for the ProFrac contract, including the supply, the amendment, what baseline business has been in 2021.
PLENTY OF ROOM FOR SALES EXPANSION WITHOUT ANY TYPE OF CAPEX EXPENDITURE.
Notes above taken from the cc...
https://seekingalpha.com/article/4499127-flotek-industries-inc-s-ftk-ceo-john-gibson-on-q4-2021-results-earnings-call-transcript
PCTI... Hasn't done much lately. Still holding a large position though. Next reported quarter is one of their weakest, so hopefully they'll have some good forward statements when they report.
FTK...Been adding all morning in the $1.20's. Strong forward guidance in the cc. FTK is now my #2 position. Waiting for the transcript to re-hash notes.
Market cap (including all ProFrac diluted shares is only $190M. Flotek will be doing more than that in profitable yearly sales starting next year. (Original $1B 10yr ProFrak contract starts tomorrow and the amended $2B one should have approval by June.)
This is an absolute no-brainer IMO...The way I look at it is...Buy now, avg down, hold for 1yr++, so that when it comes to tax time, your FTK profits go into the "long term" column. There will be profits!!! (IMO) :]
FTK...Earnings are out. Going forward-->>>..."Primed for METAMORPHIC opportunities in 2022 and beyond."
Metamorphic: (Example) "The shift from dead stillness to hurricane-force winds was as metamorphic as Jekyll to Hyde"
- Long-term contract, subject to shareholder approval, valued at over $2B in revenues over the next decade with a leader in North American hydraulic fracturing services, ProFrac.
- Cash: $11.5M.
- Long term Debt: $1.4M.
- Developed a new line of Verax analyzers for the international market and obtained the necessary certifications for usage in hazardous locations internationally.
- Launched the Advanced Interface Detection Algorithm system, or AIDA, a new patent-pending application that uses advanced machine learning algorithms to enable pipeline operators to cut batches using real time detection of batch interfaces without the need for additional sampling or chemometric modeling.
https://finance.yahoo.com/news/flotek-announces-fourth-quarter-full-015200741.html
Tomorrow's cc will be good !!!
FTK...Earnings after the close. Cc tomorrow. With what's in the 10yr pipeline, earnings are pretty much irrelevant (IMO). It's all about the cc and hopefully we will get more info on the ProFrac deal. There will probably be a lot of questions.
I added more shares today @ $1.33 & $1.34.
ISUN..Interesting company. Trading just off a 52wk low...Picked up a few shares today. Thanks RNsidersbuying and researcher
SD...Another strong day for SD. Another big plus is at current NG prices...Sandridge is not hedged!!
SD...Sill holding...NICE!!..And EPSN up over 8% today!!!...EPSN = no debt also.
MRNA...This Is What Whales Are Betting On Moderna...
https://www.benzinga.com/amp/content/26282140
EPSN...Another debt free NG company...Nice earnings released last night after the close...
Epsilon Energy Ltd. Announces Full Year 2021 Results
HOUSTON, March 23, 2022 (GLOBE NEWSWIRE) -- Epsilon Energy Ltd. (“Epsilon” or the “Company”) (NASDAQ: EPSN) today reported its financial results for the fourth quarter and full-year ended December 31, 2021.
Epsilon’s highlights for 2021 and material subsequent events following year end through the date of this release include:
Total Revenues of $42.4 million for the year as compared to $24.4 million for the same period of 2020.
Net after tax income of $11.6 million ($0.49 per share) for the year as compared to $0.9 million ($0.03 per share) for the same period of 2020.
Adjusted EBITDA of $24.1 million for the year as compared to $15.7 million for the same period of 2020.
Average net natural gas prices of $2.68/Mcf including hedges ($3.10/Mcf excluding hedges) for the year as compared to $1.78/Mcf including hedges ($1.36/Mcf excluding hedges) for the same period in 2020. Realized natural gas prices averaged $3.65/Mcf including hedges ($4.36/Mcf excluding hedges) in the fourth quarter of 2021. Hedges total 0.9 Bcf for Q1 2022 and nil thereafter
Cash and cash equivalents at the end of 2021 were $27.1 million (net of $2.4 MM of share repurchases in 2021) as compared to $13.8 million at the end of 2020.
Total estimated proved natural gas reserves of 111.0 Bcf as of December 31, 2021 after 2021 production of 10.2 Bcf, and 1.1 MMbbl of proved oil and other liquid reserves after 2021 production of 54.4 Mbbl. This compares with 88.7 Bcf of gas reserves and 0.37 MMbbls of oil reserves at the end of 2020.
Gathered and delivered 63.2 Bcf gross (22.1 Bcf net to Epsilon’s interest) during the year, or 173 MMcf/d through the Auburn Gas Gathering System.
Marcellus net gas production averaged 26.9 MMcf/d for the year as compared to 30.0 MMcf/d net gas production in 2020. Net gas production as of this release is approximately 22.3 MMcf/d (or 25.7 MMcf/d of working interest gas production) Epsilon has 14 gross (2.29 Net) wells offline for adjacent completion operations and pad compression installations. The shut-in wells (2.29 Net) were producing, in aggregate, slightly more than 4.0 MMcf/d net (or 4.6 MMcf/d working interest gas production) prior to shut-in.
Michael Raleigh, CEO, commented, “During the past year, the Company performed exceptionally well with EBITDA and free cash flow rising significantly year over year. Our cash balance grew roughly 100% to $27 MM, even with our share repurchases of $2.4 MM, and the company remains debt free. We expect to benefit in this more constructive price environment throughout the remainder of the 2022 calendar year as consolidation coupled with capital discipline provides support for constructive commodity prices. The E&P industry has committed to capital spending restraint and generating free cash flow rather than simply expanding production. The new paradigm is flat or slight (5% or less) y-o-y production growth, and living within cash flow.
We continued our measured appraisal program on our Meramec acreage in Oklahoma in early 2022. The Company will complete 2 gross (.55 net) wells during early April 2022. The timing of these completion operations coincides with our expectation for very constructive prices for oil and natural gas liquids. Our evaluation of these two wells will inform our decision regarding further appraisal and development in 2022.
After evaluating our capital expenditures, strong balance sheet, and outlook for 2022, we expect another solid year of cash generation. The Board of Directors elected to expand our commitment to returning capital to shareholders through additional share repurchases and the initiation of a quarterly dividend. All dividends paid by the Company are “eligible dividends” as defined in subsection 89(1) of the Income Tax Act (Canada), unless indicated otherwise.”
Financial and Operating Results
Year ended
December 31,
2021
2020
Revenues
Natural gas revenue
$
31,708,185
$
15,207,227
Volume (MMcf)
10,233
11,204
Avg. Price ($/Mcf)
$
3.10
$
1.36
PA Exit Rate (MMcfpd)
29.3
32.8
Oil and other liquids revenue
$
2,829,982
$
338,325
Volume (MBO)
54.4
14.9
Avg. Price ($/Bbl)
$
52.02
$
22.66
Gathering system revenue
$
7,865,825
$
8,879,728
Total Revenues
$
42,403,992
$
24,425,280
ELTK...Looks like a decent report this morning...Eltek Reports Full Year and Fourth Quarter 2021 Financial Results
"In the fourth quarter and the beginning of 2022 Eltek succeeded in building a strong backlog for 2022."
Revenues of $33.8 million in 2021 compared to $36.7 million in 2020.
Net profit of $5.0 million in 2021 compared to a net profit of $2.6 million in 2020.
Revenues of $9.5 million in the fourth quarter of 2021 compared to $9.5 million in the fourth quarter of 2020.
Net profit of $3.8 million in the fourth quarter of 2021 compared to net profit of $0.8 million in the fourth quarter of 2020.
Gross margin of 20% for 2021.
$3.8 million EBITDA in the year, or 11% of total sales.
Cash flow provided by operating activities of $3.9 million for the year.
PETACH-TIKVA, Israel, March 23, 2022 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today its financial results for the full year and fourth quarter ended December 31, 2021.
Mr. Eli Yaffe, Chief Executive Officer, commented: "2021 was a challenging year in which we had to deal with a shortage of raw materials and the devaluation of the US Dollar against the Israeli Shekel. These two challenges impacted our results of operations. Despite this, we managed to end the year with $1.5 million of pre-tax income. In the fourth quarter we released the tax loss carryforward valuation allowance recorded in prior years, which resulted in income of $3.5 million. This release was based on our conclusion that it is more likely than not that our company will realize its deferred tax losses in the future. Thus, our net profit for 2021 was $5.0 million."
"In the fourth quarter and the beginning of 2022 Eltek succeeded in building a strong backlog for 2022. I am also glad to report that we received the $1.4 million purchase order from a defense customer which we reported earlier on February 7, 2022. We are continuing with our R&D programs in order to maintain our position as an Industry Innovation leader as well as to streamline and improve production processes and increase operational efficiency," Mr. Yaffe added.
"We ended 2021 with a strong balance sheet. The company's cash balances as of the end of 2021 amounted to approximately $9.3 million and we had working capital of $13.3 million. Our improved financial condition allows us to continue to invest in equipment and machinery.
During 2021, we were able to increase the company's customer base and we hope to continue this positive trend during 2022 as well," Mr. Yaffe concluded.
Highlights of the Full Year of 2021 compared to the Full Year of 2020
Revenues for the full year of 2021 amounted to $33.8 million compared to revenues of $36.7 million in 2020, a decrease of 8% YoY.
Gross profit was $6.9 million (20% of revenues) in 2021 compared to a gross profit of $7.7 million (21% of revenues) in 2020.
Operating profit was $1.9 million in 2021 compared to operating profit of $3.0 million in 2020.
Net profit was $5.0 million or $0.86 per fully diluted share in 2021, compared to a net profit of $2.6 million, or $0.58 per fully diluted share in 2020.
EBITDA was $3.8 million in 2021 compared to EBITDA of $4.6 million in 2020.
Net cash provided by operating activities amounted to $3.9 million in 2021 compared to $3.3 million in 2020.
Cash and cash equivalents as of December 31, 2021 were $9.3 million compared to $4.7 million as of December 31, 2020.
Highlights of the Fourth Quarter of 2021 compared to the Fourth Quarter of 2020
Revenues for the fourth quarter of 2021 were $9.5 million the same as in the fourth quarter of 2020.
Gross profit was $2.0 million (21% of revenues) in the fourth quarter of 2021 compared to $2.2 million (23% of revenues) in the fourth quarter of 2020.
Operating profit was $0.6 million in the fourth quarter of 2021 compared to operating profit of $1.0 million in the fourth quarter of 2020.
Net profit was $3.8 million or $0.65 per fully diluted share in the fourth quarter of 2021 compared to a net profit of $0.8 million or $0.16 per fully diluted share in the fourth quarter of 2020.
EBITDA was $1.1 million in the fourth quarter of 2021 compared to $1.4 million in the fourth quarter of 2020.
Use of Non-GAAP Financial Information
The Company reports financial results in accordance with U.S. GAAP and herein provides some non-GAAP measures, including EBITDA. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company's presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures presented to evaluate and manage the Company's operations internally. The Company is also providing this information to assist investors in performing additional financial analysis. Reconciliation between the Company's results on a GAAP and non-GAAP basis is provided in a table below.
Conference Call
Eltek will conduct a conference call to discuss the results today, Thursday, March 23, 2021, at 8:30 a.m. Eastern Time. The call will feature remarks by Eli Yaffe, Chief Executive Officer and Ron Freund, Chief Financial Officer.
FTK...gilead/anyone buying/adding in the $1.30's?? Added approx 15% more to my position today. Q4, Y/E should be out shortly w/ more info on the ProFrac deal.
HSON...I'm not in now, but yeah, what a great performer!!!
PCTI...PCTEL Automates Critical Communications Radio Uplink Testing for Building Code Compliance
LAS VEGAS, March 22, 2022--(BUSINESS WIRE)--PCTEL, Inc. (NASDAQ: PCTI), a leading global provider of wireless technology solutions, announced the availability of automated uplink testing, a new feature for the PCTEL® public safety network testing solution that makes it easier to ensure high quality in-building radio coverage for first responders and other critical communications applications.
A reliable uplink signal, or the signal from a handset to the network, is crucial during an emergency in order for first responders to be able to communicate from inside a building. PCTEL’s solution is the first to enable accurate, repeatable indoor uplink testing while eliminating the need for a second technician to receive test calls. The initial release supports uplink signal quality measurements on P25 public safety radio networks in addition to uplink channel power measurements for other Land Mobile Radio (LMR) technologies.
"Automated uplink testing is the most commonly requested feature by our public safety testing customers, including radio solutions providers for private critical communications networks," said Arnt Arvik, PCTEL's Chief Sales Officer. "Now that an efficient, accurate, and repeatable uplink testing solution is available, we also expect more jurisdictions to incorporate uplink testing into their requirements."
Uplink testing is included in NFPA (National Fire Protection Association) and IFC (International Fire Code) standards. However, it is often unenforced under local codes due to the difficulty and unreliability of manual testing using the traditional Delivered Audio Quality (DAQ) method.
Whereas DAQ testing requires two testers who subjectively grade voice quality, a single person can use PCTEL’s solution to quickly and objectively measure both the uplink and downlink signals throughout a building. With PCTEL’s solution, a second public safety testing solution kit is placed at the radio site prior to testing and operates without a technician being present. After the walk test of the building is complete, PCTEL’s SeeHawk® Touch software automatically synchronizes uplink measurements from this second public safety testing solution to produce a single report that includes both uplink and downlink test results.
With the recent additions of both uplink and commissioning tests, PCTEL now offers the most complete automated testing solution for in-building radio solution deployment and local code compliance.
PCTEL also recently launched the SeeHawk™ Central cloud platform, further streamlining the reporting process while enabling easy collaboration and access to historical data for testers, building owners, local jurisdictions, and other interested parties.
PCTEL will demonstrate the public safety network testing solution and SeeHawk™ Central platform along with its other solutions for the critical communications industry at IWCE in Las Vegas, March 23-24 at booth #2632.
CXDO...Good point. lol. Who knows what tomorrow will bring. As much as I'd like to see it go up, I won't be surprised if it dips. You never know though.
Again, the CEO has bought a lot of shares at higher prices.
We'll see what happens.
CXDO...Not too shabby but was hoping for more EPS. The insider buying is what initially attracted me. Listening to the cc now. Talking about 40% - 50% yearly growth. Not sure if that is fully organic? Backlog is up 46% YoY to $41.7M
NSYS...At a quick glance, looks like a loss after the PPP loan forgiveness gain...Nortech Systems Announces 2021 Fourth Quarter and Full Year Results
MINNEAPOLIS--(BUSINESS WIRE)-- Nortech Systems Incorporated (Nasdaq: NSYS) (the "Company"), a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving medical, industrial and defense markets, reported 2021 fourth quarter and full year results for the year ended December 31, 2021.
2021 Fourth Quarter and Full Year Highlights
Fourth quarter revenue up more than 40 percent from prior year.
Full year revenue of $115.2 million, up nearly 11% from 2020.
Net income of $7.2 million, up from of a net loss of $1.5 million in the prior year.
Year-end backlog of $95 million, up over 50 percent from 2020.
Completed extension of the Bank of America $16 million credit facility in December 2021.
Management Commentary
“Our entire Nortech team deserves enormous credit for their commitment to delivering mission-critical solutions for our customers despite ongoing Covid concerns and significant supply chain disruptions,” said Jay D. Miller, Chief Executive Officer and President.
“In 2021 we made progress on several important fronts. We strengthened our balance sheet, extended our Bank of America agreement until 2026, restored revenue growth, and improved gross margins. We tightened our focus on operational excellence and innovation for our customers,” Miller added.
“Creating shareholder value remains a top priority; we believe this is best accomplished by creating value for our diverse customer base. In today’s problematic supply chain environment, our current and new customers increasingly recognize and appreciate Nortech as a key long-term partner offering complete fulfillment solutions. We believe that creating efficiencies for our customers and deepening these relationships will further improve Nortech’s revenue, gross margin, and operating cash flow.”
In the fourth quarter of 2021, revenue totaled $33.5 million. This represents a 40.3% increase from revenue of $23.8 million in the fourth quarter of 2020. For the full year 2021, revenue totaled $115.2 million. This represents a 10.6% increase from revenue of $104.1 million in 2020.
In the fourth quarter of 2021, gross profit totaled $2.7 million, or 8.0%, compared to gross profit of $1.7 million, or 7.3%, in the prior-year quarter. For the full year 2021, gross profit totaled $15.9 million, or 13.8%, compared to a gross profit of $9.7 million, or 9.3%, in the prior year. Full year 2021 gross profit included $4.7 million in CARES Act Employee Retention Credits (ERC). Net of the ERC, full year 2021 gross profit would have totaled $11.2 million or 9.7%.
Net income totaled $5.0 million, or $1.76 per diluted share, in the fourth quarter of 2021, up from a net loss of $3.5 million, or $1.33 per basic share, in the prior-year quarter. In the fourth quarter of 2021 Nortech recognized a non-cash gain of $6.2 million related to PPP loan forgiveness. For the full year 2021, net income totaled $7.2 million, or $2.54 per diluted share, up from a net loss of $1.5 million, or $0.58 per diluted share, in the prior year.
Business Outlook
“We believe our results for 2021 provide a great springboard for 2022,” continued Jay Miller. “For the remainder of this year, we will continue to focus on managing supply-chain disruptions and related cost challenges that our customers are experiencing.” Miller added that rising material and labor costs continue to be the large issues facing the Company. A January 2022 report by the global trade organization IPC found that 90 percent of electronics manufacturers report rising material costs and over 75 percent report rising labor costs.
“In this current environment, our partnerships with customers run much deeper than purchase orders,” concluded Miller. “In tandem with our customers, we are leveraging our decades of technical expertise to develop innovative proprietary technologies for manufacturing methods and products.”
Conference Call
The Company will hold a live conference call and webcast at 4:00 p.m. central time on Monday, March 21, 2022, to discuss the company's fourth quarter financial results. The call will be hosted by Jay Miller, Chief Executive Officer and Chris Jones, Chief Financial Officer. To access the live audio conference call, U.S. participants may call 888-506-0062 and international participants may call 973-528-0011. Participant Access Code: 551424. Participants may also access the call via webcast at: https://www.webcaster4.com/Webcast/Page/2814/44766.
About Nortech Systems Incorporated
Nortech Systems Incorporated is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech Systems primarily serves the medical, defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire/cable/interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has seven manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech's website is www.nortechsys.com.
CXDO...Crexendo Announces Fourth Quarter and Year Ended December 31, 2021 Results
PHOENIX, AZ / ACCESSWIRE / March 21, 2022 / Crexendo, Inc. (NASDAQ:CXDO) is an award-winning premier provider of Unified Communications as a Service (UCaaS), Call Center as a Service (CCaaS), communication platform software solutions, and collaboration services designed to provide enterprise-class cloud communication solutions to any size business through our business partners, agents, and direct channels. Our solutions currently support over two million end users globally and was recently recognized as the fastest growing UCaaS platform in the United States. Today, the Company reported financial results for the fourth quarter and full year ended December 31, 2021.
Fourth Quarter and Year End Financial highlights:
Q4 Revenue increased 108% to $9.0 million
2021 Total revenue increased 71% year-over-year to $28.1 million.
Q4 Non-GAAP net income of $592,000 and GAAP net loss of $(602,000).
2021 Non-GAAP net income of $1.7 million and GAAP net loss of $(2.4 million).
Financial Results for the Fourth Quarter of 2021
Consolidated total revenue for the fourth quarter of 2021 increased 108% to $9 million compared to $4.3 million for the fourth quarter of 2020.
Consolidated service revenue for the fourth quarter of 2021 increased 14% to $4.3 million compared to $3.8 million for the fourth quarter of 2020.
Consolidated software solutions revenue for the fourth quarter of 2021 of $3.9 million compared to $0 for the fourth quarter of 2020.
Consolidated product revenue for the fourth quarter of 2021 increased 55% to $815,000 compared to $526,000 for the fourth quarter of 2020.
Consolidated operating expenses for the fourth quarter of 2021 increased 133% to $9.8 million compared to $4.2 million for the fourth quarter of 2020. Acquisitions contributed $4.6 million of the additional operating expenses.
The Company reported net loss of $(602,000) for the fourth quarter of 2021, or $(0.03) loss per basic and diluted common share, compared to $7,161,000 of net income, or $0.40 per basic common share and $0.37 per diluted common share for the fourth quarter of 2020 due to the release of our valuation allowance.
Non-GAAP net income of $592,000 for the fourth quarter of 2021, or $0.03 per basic common share and $0.02 per diluted common share, compared to non-GAAP net income of $7,430,000 or $0.42 per basic common share and $0.39 per diluted common share for the fourth quarter of 2020 due to the release of our valuation allowance.
EBITDA for the fourth quarter of 2021 decreased to a $(102,000) loss, compared to $185,000 for the fourth quarter of 2020. Adjusted EBITDA for the fourth quarter of 2021 increased to $474,000, compared to $431,000 for the fourth quarter of 2020.
Financial Results for the Year ended December 31, 2021
Consolidated total revenue for the year ended December 31, 2021 increased 71% to $28.1 million compared to $16.3 million for the year ended December 31, 2020.
Consolidated service revenue for the year ended December 31, 2021 increased 18% to $17.1 million compared to $14.5 million for the year ended December 31, 2020.
Consolidated software solutions revenue for the year ended December 31, 2021 of $8.7 million compared to $0 for the year ended December 31, 2020. Software solutions revenue represents revenue from the NetSapiens business combination from the acquisition date of June 1, 2021.
Consolidated product revenue for the year ended December 31, 2021 increased 26% to $2.3 million compared to $1.8 million for the year ended December 31, 2020.
Consolidated operating expenses for the Year ended December 31, 2021 increased 101% to $30.9 million compared to $15.4 million for the year ended December 31, 2020. Acquisitions contributed $11.2 million of the additional operating expenses. Additionally, during the year ended December 31, 2021, we incurred $1.0 million of acquisition related general and administrative expenses.
The Company reported a net loss of $(2.4) million for the year ended December 31, 2021, or a $(0.12) loss per basic and diluted common share, compared to $7.9 million net income, or $0.50 per basic common share and $0.46 per diluted common share for the year ended December 31, 2020.
Non-GAAP net income of $1.7 million for the year ended December 31, 2021, or $0.09 per basic common share and $0.07 per diluted common share, compared to a non-GAAP net income of $8.7 million or $0.55 per basic common share and $0.50 per diluted common share for the year ended December 31, 2020.
EBITDA for the Year ended December 31, 2021 decreased to a $(1.2) million loss, compared to $1.2 million in earnings for the year ended December 31, 2020. Adjusted EBITDA for the year ended December 31, 2021 decreased to $1.6 million, compared to $1.9 million for the year ended December 31, 2020.
Total cash, cash equivalents, and restricted cash at December 31, 2021 was $7.5 million compared to $17.7 million at December 31, 2020.
Cash used for operating activities for the Year ended December 31, 2021 of $(1.0) million compared to $647,000 provided by operating activities for the year ended December 31, 2020. Cash used for investing activities for the year ended December 31, 2021 of $(9.9) million compared to $(921,000) used for the year ended December 31, 2020. Cash provided by financing activities for the year ended December 31, 2021 of $650,000 compared to $13.7 million for the year ended December 31, 2020.
Steven G. Mihaylo, Chief Executive Officer commented, “The results we announced today were excellent. Our ability to execute on our plan and grow the business is due to the hard work and commitment of our entire team. Our employees come to work every day with a passion for their jobs and to provide the best service and benefits to our customers and our shareholders. The fourth quarter and year end results support my confidence in our ability to execute on our long-term strategic plan. We have met every milestone that I have committed to including now doing a superb job of consolidating operations. Our entire team has worked tirelessly to make operational and structural improvements and the combined post-merger operation is going to provide substantial benefits to our customers and shareholders. One such example, of many, is the Crexendo VIP™ platform powered by the award winning NetSapiens technology which is the top in the business that provides what I am convinced are the best benefits in the industry as well as the best support package offered which includes our 100% uptime guarantee. VIP™ shows that our combined operations are capable of having the dual benefit of reducing our expenses while allowing us to improve service to both the telecom and software solutions customers. This type of collaboration is only the beginning, and I am convinced the merger will continue to provide substantial customer and shareholder benefits.”
Mihaylo added, “I am very excited with our results, consolidated total revenue for the fourth quarter increasing 108% is a major milestone, I am also highly impressed that 2021 total revenue increased 71% year-over-year to $28.1 million. This is a very exciting metric, and I am convinced that this is only the beginning. With that said we are diligently working on improving margins by increasing efficiencies, targeting expenses and implementing price increases. I fully believe that we will continue to grow the business both organically as well as through additional accretive acquisitions. My expectation of growing the business by 40% to 50% has not changed. I have never been more excited about the future for Crexendo, our customers, our employees, and our shareholders.”
Doug Gaylor, President, and Chief Operating Officer, stated, “I agree with Steve that our results of the combined organization have been great. I am particularly gratified that we have met all the milestones we had committed to including integrating last year’s major acquisition of NetSapiens. We are operating as one team with one commitment to our customers, employees, and shareholders. While I am pleased with our progress, I know we have much more that we can and will accomplish. The results were exciting, but we are not resting on our laurels, we have recently announced partnerships with multiple Master Agents as well as our recently announced partnership with Mavenir. We will continue to work on these types of relationships which I believe will help fuel our future growth. We will also work on aggressively growing the business organically and inorganically. I couldn’t be more excited about our opportunity for continued growth and success in the future.”
Conference Call
The Company is hosting a conference call today, March 21, 2022, at 4:30 PM EDT. The dial-in number for domestic participants is 877-545-0320 and 973-528-0002 for international participants. Please dial in five minutes prior to the beginning of the call at 4:30 PM EDT and reference Crexendo earnings call. A replay of the call will be available until March 28, 2022, by dialing toll-free at 877-481-4010 or 919-882-2331 for international callers. The replay passcode is 44837.
NSYS...Reports today after the close.
CXDO...Today's earnings watch...Crexendo reports after the close...This was taken from their latest cc regarding lat Q's numbers...
- "I think that we are the best kept secret in the technology play.
I think these earnings speak for themselves on what the opportunity is ahead for us. And we're excited to get that message out there to the investment community."
Anyway, over the past couple weeks I was able to add in the $3's and drop my avg below $4. Also, CEO has bought a shitload of stock over the past couple months.
We'll see what happens...
Crexendo Inc, is an award-winning premier provider of cloud communications, UCaaS (Unified Communications as a Service), call center, collaboration services, and other cloud business services that are designed to provide enterprise-class cloud services to any size business at affordable monthly rates. Crexendo is a technology growth leader in the UCaaS (Unified Communications as a Service) space, providing hosted telecommunications services for a variety of markets. We provide award-winning, patented, cost-effective business communications solutions developed in-house with premier 1st party customer support.
This enables us to remain responsive, agile, and disruptive in the competitive market of telecommunications providers. Our technology allows small, medium, and small enterprise-sized businesses to fully mobilize their workforce with enterprise-grade solutions that work seamlessly across multiple devices (phone, laptop, pc/Mac, tablet, iOS, and Android devices) to ensure they are connected across all locations and always available. All this at a greatly reduced cost compared to traditional, premise-based business communications solutions.
https://www.crexendo.com/why-crexendo/for-investors/
FTK...Inching back up from the drop to the $1.30's...Accumulated quite a bit below $1.50. Now trading above my avg.
I like FTK and plan on holding as the ProFrac agreement plays out.
SD..."As of March 7, 2022, the company's cash on hand, including restricted cash, was approximately $161 million."
$4.37 per share in cash and NO debt.
Trading @ approx 3.8x cash.
Impressive.
HSON...Yea, thanks. Nice. Excellent Q and strong forward looking statements..."Our sales activity levels and pipeline remain exceptionally robust and I continue to be encouraged by the increasing level of collaboration across our teams globally. Our technology team and 2020 acquisition, Coit Group, significantly outperformed our expectations in 2021 and has flourished inside of Hudson RPO. I am also pleased with the progress we have been making with the integration of Karani, our recent 2021 acquisition, and continue to be very excited about its growth potential as part of Hudson RPO.”
HSON...Adj Q4 EPS = $1.02...Hudson Global Reports 2021 Fourth Quarter and Full-Year Results
OLD GREENWICH, Conn., March 11, 2022 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (Nasdaq: HSON), a leading global talent solutions company, announced today financial results for the fourth quarter and full year ended December 31, 2021.
2021 Fourth Quarter Summary
Revenue of $50.1 million increased 83.2% from the fourth quarter of 2020, or 82.9% in constant currency.
Adjusted net revenue of $22.3 million increased 97.8% from the fourth quarter of 2020, or 97.1% in constant currency.
Net income of $2.1 million, or $0.70 per basic and $0.67 per diluted share, versus net income of $1.2 million, or $0.41 per basic and diluted share, in the fourth quarter of 2020. Adjusted net income per diluted share (Non-GAAP measure)* increased to $1.02 from adjusted net income per diluted share of $0.20 in the fourth quarter of 2020.
Adjusted EBITDA (Non-GAAP measure)* increased to $4.6 million, versus adjusted EBITDA of $0.7 million in the fourth quarter of 2020.
2021 Full-Year Summary
Revenue of $169.2 million increased 66.8% from 2020, or 55.5% in constant currency.
Adjusted net revenue of $68.2 million increased 74.4% from 2020, or 65.4% in constant currency.
Net income of $3.2 million, or $1.11 per basic and $1.07 per diluted share, compared to net loss of $1.2 million, or $0.43 per basic and diluted share, in 2020. Adjusted net income per diluted share (Non-GAAP measure)* of $2.04 increased from adjusted net loss per diluted share of $0.38 in the prior year.
Adjusted EBITDA (Non-GAAP measure)* was $10.0 million, versus adjusted EBITDA loss of $0.4 million in 2020.
“2021 was a tremendous year for our business globally,” said Jeff Eberwein, Chief Executive Officer at Hudson Global. “Our entire team generated very strong growth in revenue, adjusted net revenue, and adjusted EBITDA for the fourth quarter and full year. Our sales activity levels and pipeline remain exceptionally robust and I continue to be encouraged by the increasing level of collaboration across our teams globally. Our technology team and 2020 acquisition, Coit Group, significantly outperformed our expectations in 2021 and has flourished inside of Hudson RPO. I am also pleased with the progress we have been making with the integration of Karani, our recent 2021 acquisition, and continue to be very excited about its growth potential as part of Hudson RPO.”
* The Company provides Non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in the United States ("GAAP"). Constant currency, adjusted EBITDA, EBITDA, and adjusted net income or loss per diluted share are defined in the segment tables at the end of this release and a reconciliation of such Non-GAAP measures to the most directly comparable GAAP measures is included within such segment tables.
Regional Highlights
Asia Pacific
Asia Pacific revenue of $32.2 million increased 61% and adjusted net revenue of $8.0 million increased 46% in constant currency in the fourth quarter of 2021 compared to the same period in 2020. EBITDA was $1.9 million in the fourth quarter of 2021 compared to EBITDA of $1.0 million a year ago. Asia Pacific delivered adjusted EBITDA of $2.4 million in the fourth quarter of 2021 versus adjusted EBITDA of $1.5 million in the fourth quarter of 2020.
For full year 2021, Asia Pacific revenue of $118.6 million increased 45% and adjusted net revenue of $28.6 million increased 34% in constant currency compared to 2020. EBITDA for full year 2021 was $5.5 million, compared to EBITDA of $2.9 million in 2020. Adjusted EBITDA for full year 2021 was $7.2 million versus $3.9 million in 2020.
Americas
In the fourth quarter of 2021, Americas revenue of $11.4 million increased 222% and adjusted net revenue of $10.9 million increased 242% in constant currency compared to the fourth quarter of 2020. EBITDA was $1.6 million in the fourth quarter of 2021 compared to EBITDA of $0.7 million in same period last year. Adjusted EBITDA was $2.7 million for the fourth quarter of 2021 compared to adjusted EBITDA loss of $0.1 million a year ago.
For full year 2021, Americas revenue of $28.8 million increased 163% and adjusted net revenue of $27.1 million increased 180% in constant currency from 2020. EBITDA was $1.8 million for full year 2021 compared to EBITDA loss of $1.0 million in 2020. Adjusted EBITDA was $4.7 million for full year 2021 compared to adjusted EBITDA loss of $1.4 million in 2020.
Europe
Europe revenue of $6.4 million increased 66% and adjusted net revenue of $3.5 million increased 30% in constant currency in the fourth quarter of 2021 compared to the fourth quarter of 2020. EBITDA was $0.4 million in the fourth quarter of 2021, compared to EBITDA of $0.2 million in the same period one year ago. Adjusted EBITDA was $0.5 million in the fourth quarter of 2021 compared to $0.2 million a year ago.
For full year 2021, Europe revenue of $21.8 million increased 37% and adjusted net revenue of $12.5 million increased 22% in constant currency compared to 2020. EBITDA was $1.0 million for full year 2021 compared to $0.5 million in 2020. Adjusted EBITDA was $1.6 million for full year 2021 compared to adjusted EBITDA of $0.4 million in 2020.
Corporate Costs
The Company's corporate costs of $0.9 million and $3.4 million for the fourth quarter and year ended 2021 excluded $0.3 million and $0.6 million of non-recurring expenses, respectively. This compares to corporate costs of $0.8 million and $3.3 million for the fourth quarter and year ended 2020, which excluded $0.3 million and $0.8 million of non-recurring expenses, respectively.
Liquidity and Capital Resources
The Company ended the fourth quarter of 2021 with $22.1 million in cash, including $0.4 million in restricted cash. The Company generated $1.7 million in cash flow from operations in the fourth quarter of 2021 compared to an outflow $0.1 million in the fourth quarter of 2020. For the full year, the company generated $2.5 million in cash flow from operations compared to using $1.4 million a year ago.
Share Repurchase Program
The Company has reduced its share count by 15% since December 31, 2018 and continues to view share repurchases as an attractive use of capital. Under its $10 million common stock share repurchase program, the Company has $1.7 million remaining.
NOL Carryforward
Hudson Global has $312 million of usable net operating losses (“NOL”) in the U.S., which the Company considers to be a very valuable asset for its stockholders. In order to protect the value of the NOL for all stockholders, the Company has a rights agreement and charter amendment in place that limit beneficial ownership of Hudson Global common stock to 4.99%. Stockholders who wish to own more than 4.99% of Hudson Global common stock, or who already own more than 4.99% of Hudson Global common stock and wish to buy more, may only acquire additional shares with the Board’s prior written approval.
COVID-19 Update
The Company is vigilantly monitoring the business environment surrounding COVID-19 and continues to proactively address this situation as it evolves. The Company believes it can continue to take appropriate actions to manage the business in this challenging environment due to the flexibility of its workforce and the strength of its balance sheet.
FTK...So based on your 150M diluted shares once the deal is finalized, a $2 share price would equal $300M market cap. Seems awful low for $2B+ in backlog. If this is correct, I don't see much (if any) downside.
But you never know.
I'll relook at things this weekend.
Another plus is O&G is a strong sector right now and should remain strong for quite some time.
FTK...Thanks for your thoughts gilead. Going to re-look at the slides and re-listen to the cc tomorrow, but like I said I am not an expert on this.
The words "Massive opportunity" came from the cc.
But damn, $220M in profitable yearly revenue for years to come w/o having to expand their facilities sounds huge to me. Plus organic growth.
At current share price, I don't really have any big concerns. Think it's worth a hold just based on the focus and excitement in the call. They will talk more on the deal in their Q4/YE call.
Anyway, I could swear they said G&A should be less than 10% of revenue, but I'll go back and re-listen. Not sure if shipping is included.
Also, not sure on what the exact dilutive share count will be.
FTK...Wow, Good cc today!! "Massive opportunity"...Have a listen...
https://www.webcaster4.com/Webcast/Page/934/44725
The proposed amended deal raises Flotek's yearly 10yr backlog revenue to $217M+ a year. It's non-exclusive meaning Flotek can work w/ other interested companies.
Lots of opportunity in organic growth also.
Should have industry leading margins.
The deal will take Flotek where G&A is less than 10% of revenue.
Will not need to build any additional facilities.
I believe ProFac will control approx 40% of Flotek.
Not an expert here, but this sounds like a great deal. Going to re-listen to the call later.
Stock closed @ $1.78 and is currently up a notch AH's
CXDO...Crexendo Partners with Mavenir to Allow Both Companies to Expand Their Business Communications Offerings
PHOENIX, AZ / ACCESSWIRE / March 10, 2022 / Crexendo, Inc. (NASDAQ:CXDO) is an award-winning premier provider of Unified Communications as a Service (UCaaS), Call Center as a Service (CCaaS), communication platform software solutions, and collaboration services designed to provide enterprise-class cloud communication solutions to any size business through our business partners, agents, and direct channels. Crexendo solutions currently support over two million end users globally and was recently recognized as the fastest growing UCaaS platform in the United States.
Crexendo announced today a strategic partnership with Mavenir that provides both companies with an expanded portfolio of business services and advanced capabilities and enables each to address Unified Communications as a Service (UCaaS) and business messaging market growth. The parties have agreed that Mavenir will integrate Crexendo's Unified Communication as a Service (UCaaS) with the Mavenir Connect brand and Crexendo will integrate Mavenir's Contact Center as a Service (CCaaS) and omni-channel customer engagement, chatbots and automations.
Mavenir Connect will leverage Crexendo's technology to deliver a proven UCaaS solution for customers who are looking for industry leading, mobile-friendly, cloud-based unified communications capabilities that are cost effective, easy to deploy and consume, improve employee productivity and increase customer engagement. Crexendo, with Mavenir's CCaaS offerings, will expand its contact center portfolio with omni-channel capabilities including text, chat and e-mail that are in high demand in the mid-size and enterprise level markets.
Steven G. Mihaylo, Chief Executive Officer commented, "This is a major milestone for us. We merged with NetSapiens being convinced that we could monetize their award-winning solutions in an effective manner that would provide substantial shareholder value. That Mavenir shares our view in the benefits of our solutions and will now be offering them to their customers is confirmation of our belief. Mavenir is the ideal partner to help meet Crexendo's objectives and long-term growth initiatives as a leading choice for channel partners and service providers, increasing the number of opportunities to profit from the UCaaS, CCaaS and business messaging market expansion."
Jorgen Nilsson, President, Enterprise Connect Business, Mavenir stated "The collaboration with Crexendo accelerates Mavenir's growth in the UCaaS space. By allowing both companies to focus their efforts and investments on what each company does best, business customers benefit from a full portfolio of communications solutions with faster innovation, omnichannel customer engagement, extensive API-based programmability, commercial flexibility and a large number of out-of-the-box integrations."
Bryan Dancer, CEO of Allegiant Technology, a Crexendo and Mavenir Partner, said, "We chose the combined Mavenir-Crexendo solution because it has enabled us to deliver the value, flexibility and support our clients expect that is largely unavailable from the larger players in the market. This new collaboration will provide service provider organizations like us with an even more seamless, disruptive, and integrated offer."
About Mavenir
Mavenir is building the future of networks and pioneering advanced technology, focusing on the vision of a single, software-based automated network that runs on any cloud. As the industry's only end-to-end, cloud-native network software provider, Mavenir is focused on transforming the way the world connects, accelerating software network transformation for 250+ Communications Service Providers and Enterprises in over 120 countries, which serve more than 50% of the world's subscribers.
About Crexendo
Crexendo, Inc. is an award-winning premier provider of Unified Communications as a Service (UCaaS), Call Center as a Service (CCaaS), communication platform software solutions, and collaboration services designed to provide enterprise-class cloud communication solutions to any size business through our business partners, agents, and direct channels. Our solutions currently support over 2 Million end users globally and was recently recognized as the fastest growing UCaaS platform in the United States
https://finance.yahoo.com/news/crexendo-partners-mavenir-allow-both-140000443.html
SD...Earnings out. Nice...Q4 Adj EPS = $0.90. Adj FY2021 EPS = $2.65. Strong cash.
https://ih.advfn.com/stock-market/NYSE/sandridge-energy-SD/stock-news/87508330/sandridge-energy-inc-announces-financial-and-ope
ATGN...bilndman, I bought AGEN today @ avg $1.01...They announced an acquisition and I caught part of the cc. Sounded pretty promising. Should have more info within a couple weeks. I don't usually buy otcbb stocks, but thought I would give Atigen a shot. Will do more DD tonight and go from there. Do you still own it or follow it? Any plans of an uplisting that you know of?