Well said, Littlefish

The debt snowball may already be too big to control and the current misadministration is hastening the day of reckoning.

Remember, the Commander-In-Tweet is a serial defaulter. Now His Ignorance is trying to work his magic on a whole country.

AH? I'm considering drinking heavily

..the way this week is going.

Is that what you meant?

PCHM: I was surprised to see what looks like a PR

First one in forever.

I was less surprised when I saw the request to significantly dilute via options.

Thanks again for an all-time great pick.

That said, I'm voting NO on the options.

Until Joe gets off his butt and posts results less than 11 months in arrears, he doesn't deserve to dilute us IMO.

Dude's been brusque communicating with me to say the least. Just "refer to old filings" boilerplate response. I think you've done better....

WSTG(11.50) Joined you guys

...for all the reasons you described.

With about $9 of tangible book, a price of $11.50 looks good for
what looks like a high-single-digit p/e and a 6% dividend.

No moat here (dry moat?) but they've been managing that pretty well for years.

SMID (7.90) in the dumper......business

Up .41 on low volume. Doubt if it's due to this crappy PR.

MIDLAND, VA, Nov. 29, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Easi-Set Worldwide, a subsidiary of Smith-Midland Corporation (SMID) licensed producer update. At the center of Cape Cod is Dennis, Mass. This beach town, which offers year-round attractions associated with its coastal location, has been updating its beachfront properties with comfort stations that can withstand the corrosive, high-wind environment. The latest restroom, on West Dennis Beach, is the fifth precast concrete Easi-Set Building to be built in Dennis in four years. Shea Concrete Products, an Easi-Set Buildings licensed producer in Wilmington, Mass., manufactured and installed all the Easi-Set restrooms, including this Skyline Model.

“The town of Dennis chose precast concrete as a solution to withstand the coastal environment they face on all fronts,” says Frank Dimando, a sales/project manager with Shea Concrete Products. “High winds, driving rains, grating sand and ocean spray are a few of the many environmental challenges these buildings must endure along the coast. Many of the conventionally built restrooms on the beachfronts were in decay from being exposed to that environment and required extensive maintenance to keep them in working order.”

The Skyline 1222 Model is an economical, multi-user flush restroom that is ADA compliant. The new 12’ 10’’ x 22’ 2’’ x 11’ building has two toilet stalls with one sink on each side and a 4’-wide utility chase down the middle. The structure is delivered fully-assembled, and it can be pre-wired and pre-plumbed; the town chose to complete its own electrical work for these restrooms. The Skyline has a wide variety of aesthetic choices, so it can easily blend with any surrounding. The Dennis restroom’s exterior walls have a barnboard finish in a sandstone color and the gabled roof has a cedar shake finish in a reddish-orange color. The model comes standard with stainless-steel fixtures, but other fixture options can be specified to meet budgetary needs. The Dennis restrooms have vitreous fixtures. The chase area can be used for storage.

Customization is an option for every Easi-Set Building, and this restroom has knockouts to accommodate the solar panels and solar water heater supplied by the town. Translucent glass block windows were added on each side of the restroom and in the utility chase to allow natural light to fill the interior spaces.

Easi-Set Buildings are manufactured in a factory by licensed producers to minimize the effects of weather, trades coordination and labor issues. This contributes to the cost savings of precast concrete buildings compared to built-in-place construction.

Precast concrete buildings also install fast, typically taking just hours. Shea Concrete Products assembled and outfitted the restroom at its facility and installed the building in one day. “We loaded the building onto our truck in the morning and waited for the state police escorts to arrive,” Dimando says. “We delivered the building to the site, unloaded it and set it with the help of Baxter Crane. We were finished with the install in the early afternoon.”

Buildings on the Cape have to endure the torrents of summer storms with high winds and driving rains, as well as sub-zero winters. With the weather becoming more erratic each year, precast concrete buildings have proven they can withstand the extreme conditions from coast to coast.

“The town of Dennis has been investing in itself to make its beachfront more comfortable for its residents and tourists,” says Art Miles, president of Easi-Set Worldwide. “In Shea Concrete Products, the town has found a true partner that can deliver quality precast concrete products that will last.”

HWEB I added a few

Only about 10% of my holding, though.

IEHC share count corrected.....

Their attorney had promised me an amended Q and they just filed it.

Fully diluted count of 2411000, not 3189000.

So .39 last quarter diluted.

https://www.sec.gov/Archives/edgar/data/50292/000117494718001407/form10qa-21105_iehc.htm

IEHC Diluted Share Count

The count seems off to me. I spoke to Bob Knoth at IEH who passed me on to Steven Glauberman, their attorney.

Steven said that he has received multiple calls about this and that they were using the treasury stock method.

I thought that meant outstanding shares plus in-the-money options and warrants. That would be about 2.3 million + .2 million (rounded) = 2.5 million.

So why over 3 million? Seems they also included authorized but ungranted options. An ungranted option can't be in the money because it isn't even priced.

Maybe I'm missing something.

Steven said he needs more info himself and will talk to their accountant and get back to me. He also said they intend to file a 10-Q/A with an explanation once they get a handle on it.

IEHC (12.30) in with another excellent Q - .41

BROOKLYN, NY / ACCESSWIRE / November 13, 2018 / IEH Corporation (IEHC) today announced results for the second quarter of fiscal year 2019, ended September 28, 2018.

IEH Corporation reported revenues of $6.6 million for the second quarter of fiscal year 2019, an increase of 9% as compared to revenues of $6.06 million for the second quarter of fiscal year 2018. For the six months ended September 28, 2018, revenue was $15.6 million, compared to $11.05 million in the first six months of fiscal year 2018, an increase of 42%. Gross profit margin for the quarter held steady at 39%, similar to the same quarter of the prior year. However, the Company reported net income of $946,304 for the current quarter, or $.41 per share, compared to net income of $564,660, or $.24 per share, in the same quarter of the prior year, an increase of 71%.

Dave Offerman, President and CEO of IEH Corporation commented, "We're pleased to see our successes continue as fiscal 2019 progresses. Despite the conclusion of a substantial contract at the end of the first quarter, our growth in revenue and net income continue unabated, due in large part to the increased efforts of our growing sales force, and the health and bright prospects of the primary industries we serve, Defense and Commercial Aerospace. Aided by a strong cash position, manageable inventory and a solid backlog, we look forward to a successful 2nd half of the fiscal year."

DPDW - there's 60K on the ask at .92

I have a fair chunk of this, too, but someone has been steadily selling .90 - .92.

TRT(4.85) Nice Quarter .17 vs .09


Book value 6.61.

"Our backlog at the end of fiscal 2018 remained strong at $8,699,000 compared to $7,546,000 at the end of fiscal 2017," said S.W. Yong, Trio-Tech's CEO.

https://finance.yahoo.com/news/trio-tech-fourth-quarter-net-123000474.html

OT: Tick size rule added cost without benefit

Duh! Hard to believe anyone thought it would be different.

A Securities and Exchange Commission experiment designed to stimulate trading in shares of smaller companies has cost investors more than $300 million in the past two years, according to a study released Thursday.

The study by brokerage Pragma Securities LLC adds to a growing body of research that suggests regulators’ Tick Size Pilot Program has added to investors’ costs without doing much for the small and midsize companies it was meant to help. The program was mandated by the SEC after pressure from some members of Congress.

New York-based Pragma Securities said total costs to investors could exceed $350 million by the time the program concludes its two-year run in October.

PCHM (.82) Massive Volume Today

501K shares, more than double the YTD total before today.

Someone wants out bad.

SVT in with .30 vs. .05

Elma, NY – Servotronics, Inc. (NYSE American: SVT) a designer and manufacturer of servo-control components and other advanced technology products announced financial results for the period ended June 30, 2018.



Net income increased approximately 573.3% to $707,000 (or $0.31 per share Basic and $0.30 Diluted) for the second quarter ended June 30, 2018 compared to net income of $105,000 (or $0.05 per share Basic and $0.05 Diluted) for the comparable period ended June 30, 2017. Revenues for the quarter were $11,946,000, approximately a 24.2% increase from $9,616,000 for the same period in 2017. During this period the Advanced Technology Group (“ATG”) increased commercial shipments by approximately $2,775,000 which was partially offset by a slight reduction in government shipments of approximately $131,000 as compared to the same period of 2017. The Consumer Products Group (“CPG”) experienced a decrease in both commercial and government shipments (approximately $314,000 in the aggregate) for the second quarter of 2018 compared to last year. Net income for the six months ended June 30, 2018 increased approximately 692.4% to $1,038,000 compared to net income of $131,000 for the same period of 2017. Revenue for the six month period increased approximately 20.2% to $22,505,000 from $18,719,000 for the same period last year.



For the second quarter, cost of goods sold expenses (inclusive of depreciation and amortization) increased approximately $1,192,000 or 15.2% due in part to the mix of product sold, but primarily due to the increase in revenue for the period ended June 30, 2018 from the same period in 2017. The consolidated production employment levels grew by 18.1% and our gross margin percentage improved to 24.5% for the second quarter of 2018 from 18.6% for the same period of 2017. In addition, depreciation and amortization increased by 9.9% for the three month period ended June 30, 2018 from the same period in 2017, primarily due to additional machinery and equipment procured for the ATG increase in production. Selling, general and administrative (SG&A) expenses (inclusive of depreciation and amortization) increased approximately $391,000 or 24.1% for the three month period ended June 30, 2018 when compared to the same period in 2017. This is primarily due to an increase in wages and vacation accrual. The balance of the increase in SG&A expenses is attributable to the sales and marketing of products including commissions, sales support and expenses related to trade shows. SG&A expenses as a percentage of revenues were relatively flat at 16.9% for both periods.



“Our earnings and revenues for the first half of 2018 have increased significantly over the first six months of last year,” commented Kenneth D. Trbovich, Chief Executive Officer and President of Servotronics, Inc. “This growth, largely attributed to organic growth of our existing product lines, is a testament to the hard work and dedication of the entire Servotronics team and shows the importance of our planning and investment to meet our customers’ needs.”

IEHC in with blowout .98 quarter

IEH Corporation reported revenues of $9.043 million for the first quarter of fiscal year 2019, an increase of 81% as compared to revenues of $4.993 million for the first quarter of fiscal year 2018. Gross profit margin for the year was 48% as compared to 33% for the same quarter of the prior year. The Company reported net income of $2.26 million for the quarter, or $.98 per share, compared to net income of $325,000, or $.13 per share, in the same quarter of the prior year. This represents a more than sevenfold increase in Net Income.

Dave Offerman, President and CEO of IEH Corporation commented, "We're very proud to see our success of the last fiscal year continueinto the first quarter of this year, as our top and bottom lines continue to grow. It's worth noting that the results of this quarter, as well as the fourth quarter of last fiscal year, were particularly striking, and due in large part to a substantial contract that has now been completed. So while we anticipate solid results for the rest of this fiscal year, we don't expect this pace to follow the unusually high numbers of the first quarter. Regardless, we maintain a historically high backlog, and with the increase in our production output and the opportunities in our pipeline, we look forward to continued success in the coming months."

UCPA: Oh Come On, Be Serious

Negative tangible book, not making money, 1.6 billion shares, and there's this:


We are hesitantly positive being aware that there will be a full year effect in year 2018 of the loss of two of our top five clients
.These clients’ contracts expire in the second quarter this year

IEHC That .32 was on just 5.2M in revenue

Maybe with 7M, they can do .53 without tax benefit. We'll soon see.

IEHC (9.30) NT 10-K indicates monster quarter

.53 earned on revenue of 7 million.

GV: I'm buying

I bought some yesterday and have more offers in at lower prices.

Same rationale as you.

WG(.83): Add to the list of worst PM's ever

How to go broke on almost a $billion in annual revenue.

Yeesh.

https://finance.yahoo.com/news/willbros-announces-preliminary-2017-operating-201500710.html

ESCC (1.04) .06 in Q4 and decent outlook

The year ended 2017 produced $30,508 of sales which was less than the $32,944 of sales reported in 2016. The lower sales resulted in a reduction of gross profit in the amount of $1,122 mostly offset by a $860 reduction in operating and other expenses resulting in a $262 decrease of net income from $1,743 in 2016 to $1,481 in 2017. Sales in 2017 were slightly less than expected due to the timing of customer orders and deliveries, however, this variability in sales and gross profit are within the normal range for our current business environment. The delay in customer deliveries and healthy new orders increased the sales backlog to $27,360 as of December 31, 2017 compared to $24,444 at the end of 2016. The operating and other expenses in 2017 are more reflective of our current operating structure reflecting a leaner executive management team implemented in 2016. We believe this reduced cost structure illustrates the profit potential of our business. With the healthy sales backlog and encouraging sales prospects, we anticipate sales at levels that are expected to yield profitable results in 2018.

Beyond 2018, we expect variable but reasonably consistent future sales and gross profits from our current product line at annual levels sufficient to cover or exceed operating expenses and meet our obligations. As our recovery progresses from a large stockholders’ deficit eliminated mainly by the 2014 Pension Settlement, we expect to continue to improve our products and explore new opportunities to increase our sales and profits in an effort to grow shareholder value. We believe that our improving financial position could present more opportunities in this effort.

SCKT - None at Schwab or IB, either

APWC shareholder offers $4/share


LONDON, March 01, 2018 (GLOBE NEWSWIRE) -- LONSIN Capital Limited, together with its affiliates, representing over 5% of the shares outstanding of Asia Pacific Wire and Cable ("APWC", ticker “APWC US") on February 23, 2018 wrote to the Board of Directors of the Company and to the Board of Directors of the main Shareholder Pacific Electric Wire and Cable Co. the intention of interest to acquire a majority of APWC US at US$4.00 per share.

The proposal would represent a 62% premium to February 22, 2018 ’s close of $2.475 and a 47% premium to the five-year average closing price on NASDAQ.

LONSIN has expressed concern to the management, both orally and in writing, concerning the failure of the Company to take sufficient action to enhance shareholder value and to include an additional independent director on the Company’s board of directors over time. On May 18, 2016 LONSIN wrote a requisitioned, open letter to the Board of Directors of APWC asking the Board to consider a range of measures that could help deliver enhanced shareholder value without much cost to the Company. The Board responded by stating that they “took very seriously concerns about shareholder value.”

Almost two years later, it is clear that this statement by the APWC Board is questionable. The share price is still at a massive discount to book value, to cash per share and to the market value of the majority stake in listed subsidiary, Charoong Thai Wire (“CTW”) in Thailand.

In light of the underwhelming track record of the incumbent Board and Management of APWC over the short, medium and longer term, LONSIN believes that the acquisition of the majority stake would bring “fresh impetus” to APWC’s assets and “swiftly deliver enhanced value for all shareholders.”

A response received from the Board of PEWC’s US legal counsel, Michael Hagan, on February 27, 2018 states that the "LONSIN letter has been circulated to the board for their consideration.” The response goes on to state that "a substantive response to the LONSIN offer" will be issued in due course but it is unlikely to be before the March 8, 2018 owing to existing commitments of the directors.

OPXS: Thanks, Littlefish


....for all the color.

I still have my shares, not that it's a lot.

OPXS lost .01, backlog down, discontinuing divvies after April

Stock up 6%. Imagine if it was a GOOD report.

The US government is already insolvent

"Donnie Default" is just hastening things, as is his wont.

On a per capital basis, the national debt amounted to $19,948 per person in 2000, and $43,733 in 2010. By 2019, it will be around $68,000 per person:

Political cowardice is the surest bet out there

Odds = 100.00%

ROSG (.44): A quick 40% or so if it goes through

Stock sold off on news that they delayed the meeting 2 weeks to solicit more votes.

Big gain if they get the votes - maybe a wipe if they don't.

ESIO: Expecting "retrenchment"

CC comments sounded like earnings are peaking. Maybe that caused the selloff. That said, backlog looks good for next 2 quarters and they expect the next trough to be higher than the last.

NXTD (2.89) Next crypto-runner?

https://www.prnewswire.com/news-releases/nxt-id-subsidiary-fit-pay-and-cascade-fintech-to-create-platform-for-connecting-cryptocurrencies-to-the-payment-ecosystem-665411243.html

SVT: Other Trbs will probably soak up the savings

The controlling family here has been very greedy, IMO. The founder averaged 760K a year the past 2 years, egregious for his age/involvement and the size of the company. He wasn't even cold yet when his son gave himself a raise.

Mr. Trbovich’s annual base salary was increased to $524,412 effective immediately.

I have some shares here but would load up if there was a history of treating shareholders better instead of the Trbs being pigs at the trough.

This is the company that was embezzled for a decade before they caught the CFO doing it. Then one of the sons sued the company for $millions for wrongful termination and WON, thus shifting more value from the long-suffering shareholders to the Trb family. Doubt that was a family plot but damn brilliant if it was. Insurance did cover much of that judgement, if I recall correctly.

KTCC(6.98) Why the big drop today?

STLY (.92) Throws In The Towel

HIGH POINT, N.C., Nov. 20, 2017 (GLOBE NEWSWIRE) -- Stanley Furniture Company, Inc. (STLY) announced today that it has entered into an agreement to sell substantially all of its assets to Churchill Downs LLC (“Buyer”) for $11.5 million in cash, a $4.6 million subordinated secured promissory note of Buyer, a 5% equity interest in Buyer’s post-closing parent company and the assumption of substantially all the Company’s liabilities. The Company will retain certain assets, including cash in an amount up to $1.5 million, net operating loss carryforwards and any remaining payments under the Continued Dumping and Subsidy Offset Act. Buyer is a Delaware limited liability company formed by Walter Blocker, Chairman of Vietnam Trade Alliance in Ho Chi Minh City, to acquire the Stanley assets.

The closing of the asset sale, which is subject to approval by the Company’s stockholders, Buyer obtaining financing pursuant to existing financing proposals from North Mill Capital LLC and Endurance Capital Group, and other customary closing conditions, is expected to occur in the first quarter of 2018.

Upon the signing of the agreement, Buyer delivered into escrow a $750,000 deposit towards the $11.5 million cash consideration for the sale. If Buyer is unable to obtain financing or the agreement is terminated for certain other reasons, the Company is entitled to receive the deposit as a termination fee.

The Company does not intend to liquidate following the closing of the transaction. The Company’s board of directors will evaluate alternatives for use of the $11.5 million cash consideration, which are expected to include using a portion of the cash to either repurchase Company common stock or pay a special dividend to stockholders, and also using a portion of the cash to acquire non-furniture related assets that will allow the Company to potentially derive a benefit from its substantial net operating loss carryforwards. The Company anticipates transaction costs including professional fees and change in control payments to be approximately $2.5 million.

Walter Blocker, Chairman of Vietnam Trade Alliance in Ho Chi Minh City, stated that “Stanley is an iconic company in the furniture industry dating to 1924 with a history of excellence. We are proud to have entered into an agreement to acquire the Stanley business and look forward to building on the Company’s great past following the transaction closing.”

AMS: I hear you, HWEB

Management credibility is an issue here, for sure. Also the cost of headquartering in San Francisco, where management needs to pay themselves plenty to just hang out. Incentive for them to stretch the truth to extend their tenure?

Being a deep value guy, it's so hard to find a profitable (barely in this case) company with potential and trading well under book that I think I've been searching for anything that might qualify as a decent investment for a couple years now.

Maybe we should all buy Tesla, a company that increasingly immolates cash and gets away with it because Elon Musk is apparently a shaman. Nah, just can't do it.

In the current miasma of choices, I still find it better than most.

Beigledog: Ah, those delistings were the days

I was all over the delisting arbs back in the day as well.

Not much happening these days.

I got burned once with street-name holders excluded so I've always looked carefully at that ever since.

The other risk is when so many folks play the arb that the company can't afford to buy out all those small shareholders - I've been burned by that one, too. Just once, luckily.

Overall, it's been a good strategy.

I think BDVB might have gone down today because holders of broker shares fear they won't get the reverse split price and instead are faced with holding the same old crap but now in a company going dark - a devaluing event.

I have no position here and hope I'm wrong because some here do. Luckily, the $$ is insignificant so hey....let 'em roll.

AMS: I agree the risk-reward looks good

I waited until after the call to decide to buy so I got 2.80.

Good move (hopefully) in getting cheaper shares.

Disagree. let me know how it works out.

Under current SEC rules, any reporting company with fewer than 300 shareholders can voluntarily deregister itself as a public company. This is accomplished through a simple filing known as a Form 15. A "Shareholder of Record" is one that actually holds a physical stock certificate. Many shareholders hold their shares in street name which means they own shares through an electronic entry at their broker. All such street name shareholders count together as one shareholder. Thus, many public companies, some fairly large, have fewer than 300 shareholders of record.

BDVB: Not sure it works for broker-held shares

I didn't see the usual "Shares held in street name will be treated equally...." clause.

Instead, there's this:

If a person or entity holds shares of Common Stock in “street name,” then its broker, bank or other nominee (the “Record Owner”) is considered the owner of record with respect to those shares of Common Stock and not such person or entity.

OT: The last useful offering from Yahoo just died

That company has no reason to exist.

After ruining their finance page, the only thing I still used was the API that allowed quote retrieval from Excel.

They just murdered that.

So stupid...I would gladly pay annually for the old Finance site and the API.

APWC: You nailed it exactly, Worthylion.

A dividend but not a big one. Ten cents.

https://finance.yahoo.com/news/asia-pacific-wire-cable-declares-120000778.html