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EDAC 10K released yesterday. Shareholders letter included some bullish comments about order activity continuing to be strong across all product lines, with backlog rising from $18.3M at the beginning of January to $20.2M at the end of February. Could have done without the sausage quote, though. LOL
To Our Shareholders:
“Profits, like sausages.....are esteemed most by those who know least about what goes into them”.
Alvin Toffler
Our primary objective for 2004 was to build on the prior year’s achievements and start delivering profits to our shareholders. This proved to be a more elusive goal than anticipated. While our order backlog and sales increased during the first two quarters, our operating profits did not grow proportionately. However.....we continued to change and by the fourth quarter we felt that we had finally transitioned EDAC into a better balanced and profitable business.
The result is that with the increased sales in 2004 compared to 2003, our operating profit improved by $1,559,000, from a loss of ($143,000) in 2003, to income of $1,416,000 in 2004. During the year we significantly improved our cash flow position, established a new banking relationship and in January 2005, refinanced substantially all our debt, including the addition of a $1.5 million equipment line of credit that will provide for our continued growth. Similarly our balance sheet has also shown a dramatic improvement — net working capital increased by approximately $6.4 million, the ratio of current assets to current liabilities almost doubled from 0.92 to 1.83 and net worth increased by 90% to $5.2 million.
Order activity continues to remain strong in all of our product lines. Sales backlog has increased from $18.3 million at January 1, 2005 to $20.2 million at the end of February 2005.
In a little over two years, EDAC has risen from the ashes... changed to ensure survival, we continue to refine our recipe, to ensure that we remain positioned for growth and for delivering profits to our shareholders. The entire team at EDAC remains committed to maximizing the value of our Company for you, our shareholders.
Sincerely yours,
/s/ Dominick A. Pagano
Dominick A. Pagano
President and Chief Executive Officer
shmolton, re USOO
There is an interview with the CEO from January that is still available on CEOcast:
http://www.ceocast.com/company.cfm?cid=3906
Nothing too exciting, but gives a brief overview of what the company does. They provide services to small trucking companies and are paid as a percentage of revenues. With the price of oil continuing to climb, a lot of trucking companies are seeing increased revenues due to huge fuel surcharges. Should bode well for USOO.
larry, re USOO
If the lawsuit settlement never happened and the company had just reported Q4 earnings of .07/share, the stock would probably be pushing $2. Oh well. They should have a very favorable Q1 comp coming up. Hopefully when those numbers are reported in May, the sub-$1 prices we saw this week will be regarded as a terrific buying opportunity.
Backing up the truck on USOO. Looks like Q4 revenues of $39.6M with earnings of .05+/share without 1-time legal charge.
TNSB.OB news. Maybe I'm reading too much into this...but a significant (for them I guess) increase in their line of credit to meet the company's current growth objectives...sounds like business is still going strong. Don't think they'll repeat the .10/share earned in Q4, but if Q1 earnings come in at .03+, this stock could see a nice pop. They've got some easy comps coming up at least. I've been trying to pick up some shares near the bid this week, without any luck.
Transbotics Corporation Announces Its Availability under the Bank Line of Credit is Increased Significantly
Wednesday March 23, 4:00 pm ET
CHARLOTTE, N.C.--(BUSINESS WIRE)--March 23, 2005--Transbotics Corporation (OTCBB: TNSB - News) www.transbotics.com announced that it has entered into a new revolving line of credit with Wachovia Bank, NA as successor by merger to South Trust Bank, the company's previous lender. The principal terms of the Promissory Note are as follows:
1. The available loan amount is $400,000
2. The line is secured by assets of the Corporation
3. The interest rate is prime
4. The loan is a demand note which is reviewed annually
Management is pleased with the agreement terms, which are adequate for the Company's current financing needs. Claude Imbleau, the company's president said, "This increase is a good match for the Company's current growth objectives and liquidity needs. Wachovia has increased our credit limits by $250,000 while lowering our interest rate. We look forward to a continued, positive relationship with Wachovia."
For over 20 years Transbotics Corporation has specialized in the design, development, support and installation of automation solutions with an emphasis on Automatic Guided Vehicles (AGVs). The Company is a North American Automation Solutions Integrator that manufactures, installs and supports various automation technologies including: AGVs, robotics, batteries, chargers, motors and other related products.
Transbotics provides unique automation solutions to a variety of industries, including automotive (tier one supplier), aerospace and defense, food and beverage, paper and allied products, newsprint and publishing, entertainment, microelectronics, plastics and primary metals. Transbotics' current customers include Fortune 500 companies as well as small manufacturing companies.
This release (including information incorporated by reference herein) may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operation, plans, objectives, future performance and business of the Company. These forward-looking statements involve certain risk, including, without limitation, the uncertainties detailed in Transbotics Corporation Securities and Exchange Commission filings.
--------------------------------------------------------------------------------
Contact:
Transbotics Corporation
Claude Imbleau, 704-362-1115
--------------------------------------------------------------------------------
Source: Transbotics Corporation
GMAI down in the $9.50's. Unbelievable after positive news on Monday. Basically re-affirmed good numbers coming up in seasonally strong Q3 and Q4. Looking for a fully-taxed .30-.35/share in Q3 earnings. Stock could rebound 20-30% when those numbers are released next month.
Quote from 3/21 PR:
Greg Manning, First Vice Chairman, CEO and President, commented, "Our fiscal third and fourth quarter activity is, as anticipated, extremely robust in both of our core competencies, coins and stamps, reflecting the strength of our overall business as well as the global marketplace. In addition to our live auctions, Internet-based coin auctions at Teletrade have continued their successful schedule of three auctions per week, with up to 1,000 lots per auction. Based on our recent and upcoming events, Greg Manning Auctions is well positioned for strong future growth. Our challenge today, which we are meeting successfully, is not selling material, but rather finding enough to satisfy the unprecedented demand for quality individual coins and stamps, as well as collections."
gilead, re HTVL
The stock's persistent decline over the last few months looks suspicious. Used to own this one with Bob. He uncovered something fishy, but can't remember what it was.
The numbers look great. Although there will be quite a bit of dilution from the financing in November. Not sure why they needed so much money with the balance sheet in decent shape?
From 10Q:
"On November 11, 2004, the Company completed a $5,298,500 million Convertible Debt capital raise. The convertible debt is for 2 years with a 7% coupon. The full amount of the interest was prepaid. The debt may be converted at any time at the 5-day average closing stock price of the Company times 80% with the maximum price set at $2.25. There was a 7% fee along with 25,000 warrants per $1,000,000 raised that is due to the lead investment banker. The total number of warrants to be issued by the Company is 1,291,439 at an exercise price of $2.40. The warrants may be exercised at any time within a five year period ending November 11, 2009. The funds raised were used to pay in full the note due November 19, 2004."
I'll put this one back on my watchlist. Thanks!
Wow! ACSEF at $6.70? I was happy to sell on that low float pump. Q4 numbers were decent, but they didn't offer any guidance for the first time in many quarters. I think Q1 will show a sequential decline.
Now watch the stock close at $8!
MasterPicker, re SIMC earnings
They're due by 3/31. Based on the comments in the last earnings PR, I would guess Q4 earnings will be similar (or perhaps a little below) the fully-taxed earnings of .08/share in Q3. With the stock running from $3 to $4.80 in the past week, expectations are going to be VERY high. Usually in that situation, even a good quarter can be viewed as disappointing. Often takes a set of blowout results for the stock to continue its advance.
p.s. Hope you held on to ELTK longer than I did. Currently trading at an annualized P/E over 20. Crazy! Maybe for an internet stock, but ELTK is in the troubled PCB sector. I don't understand it, but ELTK's gravity-defying run is sparking interest in other low floaters. Should offer some nice trading opportunites next week as the flood of 10K's are released.
Great call on SIMC, whyme. Seems to be getting a boost from ELTK mania. Stock is up over 50% the last few days. Seems extremely dangerous to hold into earnings after such a huge run IMO.
Len et al, re ELTK
I'm surprised it went up so much today. I bought a few pre-market in the $2.30's and then it seemed to falter just before the open. Bought more in the $2.20's. Could have gotten all I wanted at that price as the stock hung around that range for awhile. For whatever reason (Israeli company, potential 1-quarter wonder, weak PCB sector, etc.), it didn't look like the stock was going to move much more today. In my post this morning, I thought it would climb to $3 in the weeks ahead. Closed at $4.21 in AH! LOL
This is a strange market. On the one hand, you have some good microcaps that are getting beat up on no news. I guess that's not too unusual with the weakness in the broader markets in recent weeks. But then you have some of the low float momo plays like BOOM and FORD that are as frothy as I've ever seen. Why will ELTK soar tomorrow? Because that's what BOOM did!
10bagger, re GFCI
I didn't question HOW they could lie...I see that on an almost daily basis in the penny stock world. I'm wondering WHY they would. Your comparison to Enron and Worldcom further illustrates this point...those companies had to cook the books to keep Wall Street happy and their market caps in the billions...so insiders could cash out at obscenely high valuations.
But what's in it for GFCI? An empty shell that embarked on an acquisition strategy in the energy services sector would probably trade higher than .34. So why even bother with the phony financials? They're certainly doing nothing to benefit the stock price. So why risk jail time if there is no reward in fabricating the numbers? I guess that's what I don't understand.
bigpike, re TPPP
That would certainly be a reason for the stock not to trade at $2, but .55? I'm going to keep accumulating as I think this will at least see a pop to the .70's in the coming months, and possibly a sustained move to $1+ if Q1 numbers are good.
TPPP down to .52. Has to be the cheapest stock on the Nasdaq. Earned $.05/share last quarter. HUGE sequential improvement over Q3, yet the stock is trading in the same range it's been for the last few months?
researcher and stock peeker, re GFCI
I'm tempted in the .30's. One of the strangest situations I've seen lately. Nobody beleives the numbers, but the stock has some wild swings. Who would sell at .33 when they could have sold in the .60's on Friday afternoon? And who was buying there (I saw some decent-sized blocks going through) when they could buy today at almost half the price?
Also don't understand why the company would lie about the financials. They're in a red hot sector. Even with minimal revenues and an intent to acquire other tiny companies in the energy services sector...the stock would probably trade at least where it is now. And if you're going to lie about the numbers...why only meet expectations for the first half of the year?
I'll be interested to see how this one plays out. Not looking too good at this point. But that jump from .40 to .65 late last week at least shows that the stock can go up. Should see some kind of pop when the company releases what I'm sure will be a monster Q3 earnings report in a few weeks. Although I hope it's not from .10 to .15!
masterpicker, re ELTK
Tough to say. I certainly wouldn't be chasing it. I noticed some people on Yahoo ignoring the tax benefit in Q4.
Company seems to be doing well in a tough PCB sector. If the numbers continue to improve, the stock could keep climbing. But after today's 70% gain, I'd say the easy money has already been made.
Re-bought some OFI. This stock flew all the way to $3 earlier this month. Now back around $2. Impressive Q1 turnaround announced last month. Without a 1-time charge to cost of sales, they would have earned a fully taxed .064/share in the quarter.
From 10Q:
"During the quarter ended January 2, 2005, the Company revised its method to
apply reserve estimation percentages to aging categories. The effect of this
change in estimate resulted in one-time higher cost of sales and lower gross
profit of approximately $650,000 and lowered net income by approximately
$370,000 for the three months ended January 2, 2005."
Balance sheet is ugly. But if they can repeat (or hopefully improve) those earnings in Q2, the stock should get a pop back to the mid-high $2's. They've got an easy comp at least. A director bought 5,000 shares recently at $2.26.
Wow! ELTK over $3! Looks like the low float traders found this one. Yeehaw! Think it's fairly valued now, but who knows how high they'll push it. I'm taking profits while they're buying.
XTND down again despite good news this morning. Novell is licensing their software. Still can't believe this stock is at $3.60 when they're going to announce Q3 earnings of .11-.16/share next month. Probably at the high end after today's news.
Extended Systems Licenses Enhanced Mobile Data Synchronization Capabilities for Use With Novell GroupWise
Tuesday March 22, 8:05 am ET
XTNDConnect PC Incorporated into Novell's GroupWise PDA Connect
BOISE, Idaho--(BUSINESS WIRE)--March 22, 2005-- Extended Systems (Nasdaq:XTND - News), a leading provider of mobile software solutions, announced today that Novell has licensed Extended Systems' XTNDConnect PC desktop synchronization software. XTNDConnect PC has been incorporated into Novell's GroupWise PDA Connect product, giving Novell GroupWise users the ability to synchronize PIM data between a desktop and their Palm or Pocket PC device.
Extended Systems' XTNDConnect PC desktop synchronization software provides simple, one-click synchronization of contacts, calendar, tasks, e-mail, and notes between mobile devices and popular PC applications such as Microsoft Outlook, Lotus Notes and now Novell GroupWise. Novell joins a growing list of companies who have licensed the technology to provide PIM synchronization capabilities to their customers.
"Extended Systems' experience and track record make them a valuable partner in the synchronization industry," said Ed Anderson, VP of product marketing for Novell's Platform Services group. "Making Extended Systems' XTNDConnect PC technologies available through our GroupWise PDA Connect product will provide our customers a seamless PC-to-mobile device synchronization solution that is fast, flexible and easy to use."
"Extended Systems' XTNDConnect PC, delivered as part of GroupWise, gives Novell customers the ability to simply and easily synchronize their desktop information with their mobile devices," said Charles Jepson, president and CEO of Extended Systems. "Our relationship with Novell will bring the leading mobile device synchronization solution to millions of GroupWise users who rely on Novell for the most up-to-date information management systems of desktop information."
Pricing and Availability
GroupWise PDA Connect is now available for GroupWise customers. For additional information, including how to download the product, see www.novell.com/groupwise.
About Extended Systems' Mobile Device Solutions
Extended Systems' mobile device to PC synchronization software and software development kits (SDKs) for OMA Data Synchronization, OMA Device Management, Bluetooth® wireless technology and IrDA (including infrared financial messaging) help manufacturers integrate wireless connectivity and synchronization into devices such as mobile phones, PDAs, printers and medical devices. With over nine years experience working in wireless networking protocols and hundreds of design wins, Extended Systems has amassed extensive expertise in providing easy-to-use mobile device solutions.
About Extended Systems
Extended Systems provides the expertise, strategy and solutions to help enterprise organizations streamline their business processes through mobile technology. The Company's OneBridge mobile solutions suite enables companies to mobilize critical enterprise applications such as e-mail, field service, sales force automation (SFA), enterprise resource planning (ERP) and customer relationship management (CRM). Extended Systems has more than 2,500 enterprise customers worldwide and key alliance relationships.
Founded in 1984, Extended Systems has offices and subsidiaries in the United States and worldwide. For more information, visit www.extendedsystems.com.
This press release contains forward-looking statements, including statements regarding the success of XTNDConnect PC and the Company's ongoing relationship with Novell. These statements are subject to risks and uncertainties. These risks and uncertainties include the overall economic conditions and the level of information technology purchasing by existing and potential customers, the success of key business relationships, continued growth in the markets for our products, the perceived and realized benefits of mobile devices, the timely development and acceptance of new products and technologies, the risks associated with development of new products and product enhancements, the impact of competitive products and pricing, and other risks as detailed from time to time in Extended Systems' SEC filings, including its 2004 Annual Report on Form 10-K filed September 29, 2004, and its 2005 Quarterly Reports on Form 10-Q.
The Bluetooth word mark and logos are owned by the Bluetooth SIG, Inc. and any use of such marks by Extended Systems is under license. Other trademarks and trade names are those of their respective owners.
--------------------------------------------------------------------------------
Contact:
Extended Systems, Boise
Amy Childress, 208-287-6083
amy.childress@extendedsystems.com
--------------------------------------------------------------------------------
Source: Extended Systems
ELTK looks pretty good. Big Q4 turnaround with earnings of .07/share before tax benefit. Could move up to $3 in the weeks ahead.
Eltek Returns to Profitability in the Fourth Quarter on Continued Revenue Growth
Monday March 21, 4:52 pm ET
Fourth Quarter 2004 Net Income of $446,000 vs. Net Loss of $850,000 in Fourth Quarter 2003
Quarterly Revenues Rise 27% Year over Year and 8% Sequentially to $8.1 million
PETACH-TIKVA, Israel--(BUSINESS WIRE)--March 21, 2005-- Eltek Ltd. (Nasdaq:ELTK - News), the leading Israeli manufacturer of advanced circuitry solutions, today announced financial results for the fourth quarter and fiscal year ended December 31, 2004.
Fourth Quarter 2004 Financial Highlights:
Transition to profitability: quarterly net income of, $446,000 or $ 0.11 per NIS 1 par value of shares
Increased revenue, both sequentially and year-over-year
Second consecutive quarter of revenues growth
Continued gross margin expansion
Further reduction in bank debt
Increased sales of flex-rigid printed circuits boards pursuant to long-term projects
Eltek reported revenues for the three months ended December 31, 2004 of NIS 35 million ($8.1 million) compared with NIS 27.6 million ($6.4 million) during the fourth quarter of 2003.
Net income for the fourth quarter totaled NIS 1.9 million ($446,000), or NIS 0.47 per NIS 1 par value of shares ($0.11) compared with a net loss of NIS 3.7 million ($850,000), or NIS (0.84) per NIS 1 par value of shares ($0.19) for the same quarter in 2003. Net income for the fourth quarter, includes income of NIS 542 thousand ($126,000) attributable to the Company's portion of a recoverable tax asset, which arose from the loss incurred by Kubatronik.
Revenues for the year ended December 31, 2004, were NIS 125 million ($29.0 million) compared with revenues of NIS 108.3 million ($25.1 million) in 2003.
Net loss for the year ended December 31, 2004 was NIS 5.9 million ($1.4 million), or NIS (1.36) per NIS 1 par value of shares ($ 0.32) compared with a net loss of NIS 13.0 million ($3.0 million) or NIS (3.61) per NIS 1 par value of shares ($ 0.84) in 2003.
"The results for the fourth quarter of 2004 signify an important achievement for Eltek," said Arieh Reichart, President and Chief Executive Officer of Eltek. "First, we reached profitability, and second, this is a second consecutive quarter with top and bottom line improvements. We have displayed substantial operating leverage, expanded our gross and operating margins, and further diversified our customer base." Mr. Reichart continued, "We credit our profitability and continued revenue growth to a relentless focus on executing our strategy of shifting the Company's product mix towards higher margin flex-rigid boards which require high end technology along with increasing our international operations."
Mr. Reichart concluded, "We enter 2005 as a profitable company. We have built an encouraging foundation for our next phase of growth and profitability, and intend to continue to leverage on our leading position in the flex-rigid boards industry."
Amnon Shemer, CFO of Eltek commented, "We can now see that our efforts in implementing the Company's strategy of focusing on this lucrative niche of flex-rigid boards have finally paid off. This quarter is the first quarter after a long difficult period that has generated net income".
"Our 2004 growth benefited from the increase in contribution of flex-rigid printed circuits boards pursuant to long-term projects. International sourced revenues in 2004 accounted for 46% of our revenue, compared to 33% in 2003. Purchase orders pursuant to long term projects tend to be supplied on a weekly basis over some period of time, contributing to our production efficiency as well as to our overall corporate productivity. The Company's improved operating results allowed it to reduce its bank debt by repaying $1.6 million of debt during 2004," he added.
About the Company
Eltek is Israel's leading manufacturers of printed circuit boards, the core circuitry of most electronic devices. It specializes in the complex high-end of PCB manufacturing, i.e., HDI, multi-layered and flex-rigid boards. Eltek's technologically advanced circuitry solutions are used in today's increasingly sophisticated and compact electronic products. The Company has invested heavily in upgrading its production facilities over the past five years.
For more information, visit Eltek's World Wide Web site at www.eltekglobal.com
Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to statements regarding expected results in future quarters, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company's filings with the United States Securities and Exchange Commission.
ELTEK LTD.
Consolidated Statements of Operations
(In thousands, except per share data)
Convenience
translation
-----------
Year ended
December 31,
------------------------------------
2003 2004 2004
NIS NIS U.S. $
(Unaudited) (Unaudited) (Unaudited)
------------ ----------- -----------
Adjusted Reported
amounts(b) amounts(a)
------------ ----------- -----------
Revenues 108,303 125,002 29,015
Costs of revenues (102,643) (109,998) (25,533)
------------ ----------- -----------
Gross profit 5,660 15,004 3,482
Research and development, net 18 - -
Selling, general and
administrative expenses (14,996) (18,265) (4,240)
Amortization of goodwill (584) (593) (138)
------------ ----------- -----------
Operating income (loss) (9,902) (3,854) (896)
Financial expenses, net (2,989) (2,948) (684)
------------ ----------- -----------
Income (loss) before other income
(expenses), net (12,891) (6,802) (1,580)
Other income (expenses), net (20) 52 12
------------ ----------- -----------
Income (loss) before taxes on
income (12,911) (6,750) (1,568)
Taxes on income (194) 713 166
------------ ----------- -----------
Net income (loss) after taxes on
income (13,105) (6,037) (1,402)
Minority share in subsidiary's
net results 118 182 42
------------ ----------- -----------
Net income (loss) for the period (12,987) (5,855) (1,360)
============ =========== ===========
Basic and diluted loss per NIS 1
par value of the share
capital(c) (3.61) (1.36) (0.32)
============ =========== ===========
Total par value of shares used to
compute basic and diluted net
loss per NIS 1 par value of
share 3,569 4,131 4,131
============ =========== ===========
Convenience
Translation
-----------
Three months ended
December 31,
------------------------------------
2003 2004 2004
NIS NIS U.S. $
(Unaudited) (Unaudited) (Unaudited)
------------ ----------- -----------
Adjusted Reported
amounts(b) amounts(a)
------------ ----------- -----------
Revenues 27,646 35,017 8,127
Costs of revenues (26,318) (28,238) (6,554)
------------ ----------- -----------
Gross profit 1,328 6,779 1,573
Research and development, net - - -
Selling, general and
administrative expenses (3,575) (5,046) (1,171)
Amortization of goodwill (177) (152) (35)
------------ ----------- -----------
Operating income (loss) (2,424) 1,581 367
Financial expenses, net (1,115) (458) (106)
------------ ----------- -----------
Income (loss) before other income
(expenses), net (3,539) 1,123 261
Other income (expenses), net (183) 13 3
------------ ----------- -----------
Income (loss) before taxes on
income (3,722) 1,136 264
Taxes on income (93) 713 166
------------ ----------- -----------
Net income (loss) after taxes on
income (3,815) 1,849 430
Minority share in subsidiary's
net results 155 70 16
------------ ----------- -----------
Net income (loss) for the period (3,660) 1,919 446
============ =========== ===========
Basic and diluted loss per NIS 1
par value of the share
capital(c) (0.84) 0.47 0.11
============ =========== ===========
Total par value of shares used to
compute basic and diluted net
loss per NIS 1 par value of
share 4,281 4,131 4,131
============ =========== ===========
(a) With respect to discontinuance of adjustment for the effect of
inflation as from CPI of December 2003.
(b) Amounts adjusted to the effect of inflation in terms of NIS of
December 2003.
(c) Ordinary shares of a par value of NIS 0.6 each.
Eltek Ltd.
Consolidated Condensed Balance Sheets
(In thousands)
Convenience
Translation
------------
December 31, December 31,
------------------------- ------------
2003 2004 2004
Unaudited Unaudited Unaudited
NIS NIS U.S. $
------------ ------------ ------------
Adjusted Reported
amounts(b) amounts(a)
------------ ------------ ------------
Assets
Current assets
Cash and cash equivalents 4,371 4,274 992
Receivables: Trade 19,787 23,835 5,533
Other 2,262 1,158 269
Inventories 13,158 13,633 3,164
Prepaid expenses 693 563 131
------------ ------------ ------------
Total current assets 40,271 43,463 10,089
------------ ------------ ------------
Deferred Taxes 753 175
--------------------------------------
Property and equipment, net 43,381 31,569 7,328
------------ ------------ ------------
Goodwill 4,972 4,656 1,081
------------ ------------ ------------
Total assets 88,624 80,441 18,673
============ ============ ============
Liabilities and Shareholder's equity
Current liabilities
Short-term credit and current
maturities of long-term debts 19,461 19,589 4,547
Trade payables 22,314 23,577 5,473
Other liabilities and accrued
expenses 8,555 11,083 2,572
------------ ------------ ------------
Total current liabilities 50,330 54,249 12,592
------------ ------------ ------------
Long-term liabilities
Long term debt, excluding
current maturities 13,692 6,687 1,552
Employee severance benefits, net 940 1,048 243
------------ ------------ ------------
Total long-term liabilities 14,632 7,735 1,795
------------ ------------ ------------
Minority interests 1,970 1,900 441
------------ ------------ ------------
Convertible note 2,295 1,566 364
------------ ------------ ------------
Shareholder's equity
Ordinary shares, NIS 0.6 par
value. Authorized 50,000,000
shares, issued and outstanding
5,491,711 shares as of December
31, 2004 (4,885,651 shares as
of December 31, 2003) 29,334 29,698 6,894
Additional paid in capital 51,985 52,500 12,187
Capital reserves related to
loans from controlling
shareholders 10,010 10,010 2,324
Cumulative foreign currency
translation adjustments 2,004 2,574 597
Capital reserve 6,685 6,685 1,552
Accumulated deficit (80,621) (86,476) (20,073)
------------ ------------ ------------
Total shareholder's equity 19,397 14,991 3,481
------------ ------------ ------------
Total liabilities and
shareholders' equity 88,624 80,441 18,673
============ ============ ============
(a) With respect to discontinuance of adjustment for the effect of
inflation as from CPI of December 2003.
(b) Amounts adjusted to the effect of inflation in terms of NIS of
December 2003.
--------------------------------------------------------------------------------
Contact:
ELTEK Ltd.
Amnon Shemer, CFO, +972-3-9395023
amnons@eltek.co.il
--------------------------------------------------------------------------------
Source: ELTEK Ltd.
otc, re DTRX
I missed it as well. Judging by the volume, I don't think many people got in. Congrats to Knowledge!
Could have used a 300% gainer to offset USOO drubbing. Surprised that a pink sheet is flying like that (albeit on small volume). I thought MHCO had a great report on Friday afternoon...and it hasn't even traded today.
TPPP back to .55. If you convert the Q4 net income of 1,162,000 from Euros to US Dollars...they earned .05/share last quarter. Doesn't look that good vs. last year, but a huge improvement on a sequential basis. If Q1 earnings come in at .03+/share, the stock could more than double from here.
researcher, re GMAI
Hard to believe the stock can't hold $10 on the good news this morning. Even after the recent weakness and this bullish commentary from the CEO:
Greg Manning, First Vice Chairman, CEO and President, commented, "Our fiscal third and fourth quarter activity is, as anticipated, extremely robust in both of our core competencies, coins and stamps, reflecting the strength of our overall business as well as the global marketplace. In addition to our live auctions, Internet-based coin auctions at Teletrade have continued their successful schedule of three auctions per week, with up to 1,000 lots per auction. Based on our recent and upcoming events, Greg Manning Auctions is well positioned for strong future growth. Our challenge today, which we are meeting successfully, is not selling material, but rather finding enough to satisfy the unprecedented demand for quality individual coins and stamps, as well as collections."
I bought some more on the news and will continue to add below $10. Seems like a very good chance now that fiscal Q3 earnings will come in at .30-.35/share. Tough market...
gilead, re USOO
I'm angry as well. Not sure why there was mention of other lawsuits in the 10K, but not this one? Nevertheless, I'm buying more as the stock has really taken a hit...and I still think earnings this month will be strong.
MHCO.PK looks interesting. Company delisted in late 2003. Announced today fully-taxed Q4 earnings of .16/share vs. a loss last year. And this looks to be their seasonally weakest quarter!
It's their 4th big earnings quarter in a row. If not for a 1-time charge in Q3, they would have earned a fully-taxed .78/share for the year. Tangible book value appears to be $8.23. Stock currently at $3.50! I guess there are some real gems hiding on the pinks.
GFCI flying now. Delayed reaction to the PR or did a newsletter pick this one up?
New iPod listing on WIRX website. Might be the reason for the increased buying last 2 days. If the company would play up the iPod angle, this stock could really catch fire. If FORD can go to $10, I think WIRX can see the $4's when it gets on the Amex.
http://www.wirexgroup.com/download/comingsoon/2005_03_17_iPod_Display.pdf
Sheesh...anyone get UFPT? They had a nice turnaround with Q4 earnings of .08/share. But it wasn't all that cheap and they warned of significant costs for the next 2 quarters. Stock is still up 46%! The power of the low floater I guess...
bayoubucks, re ASPN
Actually they earned .07/share last quarter and .10/share for the 6 months...so .40-.60/share for the year seems pretty optimistic.
linuspop, looks like MFIC had a tax benefit of $450K in Q4. Pre-tax earnings more like .02/share in Q4.
whyme, re SIMC
Thanks for the reminder on this one. Have owned it a few times in the past. Bought back in this morning and will continue to add on weakness. Earnings can fluctutate wildly on this one...so I'm not sure what to expect in Q4. They earned a fully-taxed .08/share in Q3. Think Q4 could be anywhere from breakeven to earnings of .12/share. Even if Q4 disappoints, the facility recently opened in Mexico could provide a nice boost to the Q1 numbers.
SVLF is interesting. They've had several good quarters...but the stock never seems to do much. Not sure if it's because of the industry, the minimal revenue growth, or the various items on the financial statement. For example, without the $1.3M gain from sale of notes receivable, earnings would have been .07/share in Q4 instead of .11/share. Still a big number, though.
Picked up some more RTC in the $1.20's. Popped to the $1.60's a couple weeks ago after announcing a sharp increase in Q2 orders. CEO said quoting activity was still strong as they entered Q3 and they were bullish on orders for the second half of the fiscal year.
Q2 probably around breakeven, but top and bottom lines could show some nice sequential increases in the coming quarters. Think the stock will be back in the $2-$3 range by yearend.
valueinvestor, re XTND
I've also been adding around $4. The stock jumped to the mid-$5's when they pre-announced Q3 earnings of .11-.16/share a few weeks ago. And that was when they had the "E"! Looking for another pop when they report next month...especially if they hit the high end of their estimate. Would like to see them close another sizable deal in the weeks ahead so they can give a bullish outlook on Q4.
stan, re DAOU
I used to own this one, too. Q4 was close to breakeven, but they had some 1-time benefits.
"The fourth quarter 2004 net loss of $44,000 compares to a net loss of $1,764,000 reported for the third quarter of 2004; however, the fourth quarter was favorably impacted by certain accrual adjustments made in the period. The Company reduced employee bonus and commission expenses by approximately $400,000 and Company 401(k) discretionary match accruals by approximately $225,000 as a result of lower than expected revenue and gross margin performance, and made a $257,000 adjustment to the provision for bad debt as the result of collecting overdue accounts."
Not sure exactly how much those things helped the bottom line, but there was still a big improvement from the net loss from Q3. With .50/share in cash on the balance sheet and the stock at .16, there could be some nice upside here if they return to profitability in the coming quarters.
JMIH news! $2.4M in orders from Miami boat show. Reception to new 38' model is exceeding their projections. Combined with the quarterly earnings of .013/share (before 1-time charge) announced earlier this week, I think this stock should be trading in the .50-.60 range.
Jupiter Marine Receives Orders Resulting from Appearance at the Miami International Boat Show
Thursday March 17, 12:06 pm ET
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 17, 2005--Jupiter Marine International Holdings, Inc. (OTCBB: JMIH - News), a leading manufacturer of high quality, semi-custom center console boats under the Jupiter(TM) brand name, today announced that it received orders for twelve vessels with an estimated retail value of $2.4 million during, and in the weeks subsequent to, its appearance at the 64th Annual Miami International Boat Show.
The Company introduced its new Jupiter 38' Forward Seating model at the Miami International Boat Show, which was held from February 17-21, 2005. This new model was well received by Jupiter Marine's dealer organization and customers, resulting in orders for five Jupiter 38' boats at the show. The Jupiter 38' is a completely new design, conceived by Jupiter staff and designed with the assistance of renowned naval architect Donald Blount. Available in either twin-or-triple engine configurations, the versatile Jupiter 38' caters to both fishing enthusiasts or the casual family cruiser. The model displayed at the Miami International Boat Show was powered by three of the new Yamaha F-250 outboard engines.
Carl Herndon, Jupiter Marine's President, commented, "We are very pleased with the number of orders resulting from our appearance at the Miami show, which we expect to fill over the next six months. The reception and sales of our new Jupiter 38' have also exceeded our projections. The Jupiter 38', along with our 31' and 27' models, continue to be popular with both domestic and international attendees, and we anticipate similar strong sales from our participation at future boat shows."
About Jupiter Marine International Holdings, Inc.
Jupiter Marine designs, manufactures and markets high quality sportfishing boats designed to run at high speeds in offshore sea conditions while providing passengers with a smooth, comfortable, dry ride. The center console product line includes the 31' Open, 31' Forward Seating, 31' Cuddy, 27' Open and the 27' Forward Seating models in addition to the all new Jupiter 38' Forward Seating model.
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The matters discussed in this press release include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to the future operating performance of the Company. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors.
--------------------------------------------------------------------------------
Contact:
Jupiter Marine International Holdings, Inc.
Lawrence S. Tierney
Vice President & Chief Financial Officer
(954) 523-8985
or
JMIH Investor Relations Counsel:
The Equity Group Inc.
Adam Prior (212) 836-9606
Devin Sullivan (212) 836-9608
--------------------------------------------------------------------------------
Source: Jupiter Marine International Holdings, Inc.
TPPP looks like a big rebound in Q4 earnings. Down from last year, but a sharp improvement over the last few quarters. Converting to US Dollars, looks like they earned .05/share in the quarter. Could see a nice bounce from .50.
Triple P Reports Preliminary Results of Operations for Fourth Quarter and Fiscal Year 2004
Thursday March 17, 9:25 am ET
VIANEN, Netherlands--(BUSINESS WIRE)--March 17, 2005--Triple P N.V. (Nasdaq:TPPP - News) announced that it closed the fourth quarter of 2004 with net revenues of EUR 26.1 million and a net profit of EUR 1.2 million.
Fourth quarter 2004
In the fourth quarter of 2004, Triple P earned income before taxation of EUR 1.4 million, a decrease of approximately 2.1% compared to the same period of 2003.
The Company reported net revenues of EUR 26.1 million for the fourth quarter of 2004, an increase of 10.8% compared to the same period of 2003. Systems revenues were up 26.6% compared to the prior year, and services revenues were down 22.1% due primarily to the restructuring that was implemented last September and weak market conditions. As a result, gross margin dropped from 17.7% to 13.4%.
Key figures for the fourth quarter Q4 2003 Q4 2004 Diff.
(amounts in thousands of euros unless EUR EUR
otherwise indicated) %
-------------------------------------------------- ----------- -------
(unaudited) (unaudited)
Net revenues 23,556 26,107 10.8 %
Gross margin 17.7% 13.4% (24.0)%
Operating expense 2,659 2,104 (20.9)%
Income before taxation 1,403 1,374 (2.1)%
Net income 1,403 1,162 (17.2)%
Restructuring
In the third quarter of 2004, the Company adopted a restructuring plan designed to implement its strategic plan of focusing on higher margin activities, such as Mission Critical and IP & Wireless solutions, Managed Services and Procurement Services. The Company has completed most of the reductions in headcount and the strategic focus areas are imbedded in the organization. The Company incurred a restructuring charge of EUR 1.75 million in the third quarter of 2004 related to the anticipated costs of the restructuring plan. In addition, the Company incurred an additional EUR 0.96 million in expenses related to a revision of the 2003 restructuring, resulting in total non-operational expenses in 2004 of EUR 2.7 million.
Fiscal Year 2004
Net revenues for fiscal year 2004 were EUR 74.3 million, a decrease of 7.6% compared to last year. Gross margin decreased from 17.6% to 15.4%. Operating expenses decreased by 2.8%, as savings from the Company's restructurings were offset in large part by the above mentioned EUR 2.7 million of restructuring expense.
The Company sustained a net loss of EUR 2.0 million. At December 31, 2004 Triple P had a total cash position of EUR 6.5 million, an increase of 5% compared to December 31, 2003.
Key figures for the fiscal year 2003 2004 Diff.
(amounts in thousands of euros unless EUR EUR
otherwise indicated) %
-------------------------------------------------- ----------- -------
(unaudited)
Net revenues 80,371 74,265 (7.6)%
Gross margin 17.6% 15.4% (12.5)%
Operating expenses 13,485 13,102 (2.8)%
Income (loss) before taxation 442 (1,835) na
Net income (loss) 442 (2,047) na
Liquidity
As previously disclosed, the Company is considering various alternatives to meet its funding needs, including actions designed to increase stockholders' equity. The Company expects to complete this review and implement a financing plan in the first half of 2005.
About Triple P
Triple P (Nasdaq:TPPP - News) designs, supplies, builds and manages ICT-solutions that in an efficient way contribute to your company's results. The three p's - people performance and partnership - are the basis for long-lasting and successful relationships with our customers.
This release contains a number of forward-looking statements based on current expectations, including potential financing plans and the impact of restructuring plans. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify forward-looking statements. Actual results may differ materially due to a number of factors which include, but are not limited to: overall ICT- spending and demand for ICT services in the Netherlands; the timing of significant orders; the ability to hire, train and retain qualified personnel; the total amount of severance and other costs needed to complete the Company's restructuring plans and fierce competition. For a more thorough discussion of these risks and uncertainties, see the Company's filings with the Securities and Exchange Commission, particularly its most recent annual report on Form 20-F.
TRIPLE P N.V.
CONSOLIDATED BALANCE SHEETS
(in thousands except per share amounts)
December December
31, 31,
2003 2004
-------- -----------
EUR EUR
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 5,732 6,495
Restricted cash 462 12
Accounts receivable 10,182 9,706
Inventories 1,255 1,948
Prepaid expenses and other current assets 2,186 2,317
-------- -----------
Total current assets 19,817 20,478
NON-CURRENT ASSETS:
Property and equipment, at cost 2,564 2,329
Less: accumulated depreciation and amortization 1,265 1,448
-------- -----------
Net property and equipment 1,299 881
-------- -----------
Total non-current assets 1,299 881
-------- -----------
Total assets 21,116 21,359
======== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term part of long-term liabilities 322 119
Accounts payable 7,470 8,105
Accrued liabilities 5,436 6,446
Customer deposits 622 1,154
Deferred revenue 3,767 3,034
Restructuring reserve 205 964
-------- -----------
Total current liabilities 17,822 19,822
LONG-TERM LIABILITIES:
Pension obligations 424 434
Other long-term liabilities 143 461
-------- -----------
Total long-term liabilities 567 895
-------- -----------
Total liabilities 18,389 20,717
SHAREHOLDERS' EQUITY:
Common Shares, EUR 0.04 par value per share
Authorised - 43,750,000 shares
Outstanding - 30,469,345 shares 1,219 1,219
Additional paid-in capital 53,293 53,293
Accumulated deficit (51,556) (53,603)
Accumulated other comprehensive loss (229) (267)
-------- -----------
Total shareholders' equity 2,727 642
-------- -----------
Total liabilities and shareholders' equity 21,116 21,359
======== ===========
TRIPLE P N.V.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three months ended
December 31
2003 2004
EUR EUR
(unaudited) (unaudited)
Net revenues 23,556 26,107
Cost of revenues 19,392 22,600
----------- -----------
Gross profit 4,164 3,507
Sales and marketing expense 2,002 1,760
General and administrative expense 657 344
Restructuring charge --
----------- -----------
Total operating expenses 2,659 2,104
Operating income (loss) 1,505 1,403
Interest income (expense) (21) 8
Other, net (81) (37)
----------- -----------
Total other income (expense), net (102) (29)
Income (loss) before taxation 1,403 1,374
Income tax - (212)
----------- -----------
Net income (loss) 1,403 1,162
=========== ===========
Net Income per share (1):
Basic 0.05 0.04
Diluted 0.05 0.04
Weighted average shares outstanding
Basic 30,469 30,469
Diluted 30,479 30,469
Twelve months ended
December 31
2003 2004
EUR EUR
(unaudited)
Net revenues 80,371 74,265
Cost of revenues 66,261 62,858
------- -----------
Gross profit 14,110 11,407
Sales and marketing expense 8,550 7,215
General and administrative expense 3,654 4,137
Restructuring charge 1,281 1,750
------- -----------
Total operating expenses 13,485 13,102
Operating income (loss) 625 (1,695)
Interest income (expense) (69) 5
Other, net (114) (145)
------- -----------
Total other income (expense), net (183) (140)
Income (loss) before taxation 442 (1,835)
Income tax - (212)
------- -----------
Net income (loss) 442 (2,047)
======= ===========
Net Income per share (1):
Basic 0.01 (0.07)
Diluted 0.01 (0.07)
Weighted average shares outstanding
Basic 30,469 30,469
Diluted 30,469 30,469
(1) The calculation of the number of ordinary shares used in computing diluted net income per ordinary share in 2004 does not assume the effect of the exercise of options issued under Triple P Stock Option Plans as such conversions and exercises would have an anti-dilutive effect.
--------------------------------------------------------------------------------
Contact:
Triple P NV
Phone: + 31 347 353650
Fax: + 31 347 353666
e-Mail: info@triple-p.nl
www.triple-p.nl
--------------------------------------------------------------------------------
Source: Triple P N.V.
gilead, re TGIS
That insider buying is impressive. When the stock dropped today, I was glad I took some profits earlier in the week. But when a director who already has a huge position buys another 55,000 shares at $1.99...tells me we should see a strong Q1 report next month.
researcher, re ETEC
The lack of buyers is puzzling. Almost a 50% gain if the stock bounces to $2 on Q4 earnings...and I think there is a good chance of that happening.
Nice catch on the inventory writedown. I think I noticed that, but thought only the $16K charged to the cost of revenues actually reduced net income. I thought companies set up an inventory reserve for just such an occasion...so the $143K charge shouldn't have affected the bottom line? Accounting not my strong suit, so I could be way off.
Rough day. When GFCI is your big winner, you know you're in trouble! LOL
larry, re CXTI
I did the same thing this morning. Saw the stock was up, so I sold a few at 1.07-1.09. Someone knew the PR was coming. Sold more on the pop after the news. Was trying to sell them all near 1.20, but they didn't fill. So I've still got a small position. Sorry longs.
:)