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hweb: ETEC
I'm surprised by the weakness, now down over 50% from the 52 week high. I continue to accumulate, picking up some more shares at 1.55 this morning. Fully taxed and diluted EPS of $0.21 through 9mos of the fiscal year (excl .04 charge). I think someone is dumping, perhaps unaware of the .04 charge last quarter that was buried in the 10Q. Solid balance sheet and prospects for a strong Q4 with an excellent y/y annual comparison. Stock could be 50% higher after Q4 results come out in June.
MSGI: GEOI
GEOI must have gotten some weekend press, since the earnings were released at 11am Friday and the stock was up 10% on huge volume of 2.5M already Friday afternoon. Now up another 20% in premarket.
ACSEF posts strong y/y earnings growth
Q4 pretty much on target with previous guidance. No forward guidance in this press release ... stock at 5.20 with trailing PE of under 8. Very cheap assuming growth continues in 2005.
MIGDAL HA'EMEK, Israel, March 7 /PRNewswire-FirstCall/ -- ACS-Tech80 Ltd., (Nasdaq: ACSEF - news), a developer of proprietary software and advanced electronics for the production of universal, fully digital motion control products, today reports 2004 fourth quarter and year end results.
For fiscal year 2004, revenues were $14,376,000, an increase of 56% from $9,205,000 in 2003. Net income in 2004 was $2,253,000, an increase of 174% from $822,000 in 2003.
For the fourth quarter of 2004, revenues were $3,584,000, an increase of 37% from $2,615,000 in the fourth quarter of 2003. Net income for the fourth quarter of 2004 was $376,000, an increase of 19% from $315,000 in the fourth quarter of 2003.
JustForFun7: BWLRF
Thanks for the info ... here's a copy of the PR you referenced ... the weak US Dollar may be another negative, though it has strenghened in recent weeks.
BREAKWATER UPDATES FORECAST OF SENSITIVITIES TO METAL PRICES AND EXCHANGE RATES
Toronto, Canada, September 22, 2004 – Breakwater Resources Ltd.’s (“Breakwater”) (TSX:BWR) earnings, cash flows and common share price are highly sensitive to the price of zinc in particular and commodity prices in general. Following the acquisition of the Myra Falls operation, management has calculated the sensitivity of Breakwater’s earnings and cash flow to changes in metal prices and in the US$/C$ exchange rate based on production estimates for 2005.
The following table illustrates these sensitivities.
Sensitivities as reported in the 2003 Annual Report for 2004
(Cdn$ thousands) Sensitivities for 2005
(Cdn$ thousands)
Zinc (US$0.01/pound) 3,010 3,202
Lead (US$0.01/pound) 315 284
Copper (US$0.01/pound) 72 311
Silver (US$0.10/ounce) 174 291
Gold (US$10.00/ounce) 436 725
Exchange rate (US$0.01/Cdn$)* 763 1,342
*When the Canadian dollar weakens against the US dollar earnings would increase.
The Company expects to produce 403 million pounds of zinc in concentrate this year, 360 million pounds in 2005 and 404 million pounds in 2006. The 2005 production estimate anticipates the closure of both the Bouchard-Hébert and Bougrine mines and the 2006 production estimate anticipates the start-up of Langlois.
TELT: windfall financing deal cancelled
No surprise here ... this was an obvious scam ...
International Media Network AG Unable to Fulfill Obligation to Teltronics
Friday March 4, 5:08 pm ET
SARASOTA, Fla., March 4 /PRNewswire-FirstCall/ -- Teltronics, Inc. (OTC Bulletin Board: TELT - News) announces that Teltronics has been advised by a representative of International Media Network AG ("IMN") that IMN expects to file for bankruptcy and liquidate, and as a result, IMN would be unable to close the purchase of up to 24,000,000 shares of Teltronics as agreed to in October, 2004 and as described in Teltronics' Form 8-K filed October 22, 2004.
wade: GFCI
It certainly was disappointing to have the stock zoom to $1 at the open only to close at $0.55, the low of the day on huge volume. Very suspicious, but I certainly knew it could be a scam yesterday, but took a small position on the hope that this is another NWAU. It could still work out, with more PR's to come in the weeks ahead. If we get lucky, the Company turns out to be for real, with SEC filings, a move to the OTCBB, and a much higher stock price. At least it could be a good trading stock, and I plan to double up if it hits $0.35, half my entry price. But it's highly speculative 'fun money' representing well under 1% of my portfolio, so I don't have much to worry about. Good luck, and I hope you only bought a few shares.
hweb: ACSEF
I like ACSEF and made some nice profits on this one last year. Seeing the big selloff from over $12 to the low $6's, along with support at $6, led me to take a new position in the low $6's. I contacted investor relations and they advised me that earnings will be out by the end of March, so a month later than last year. The later earnings report along with the breakdown under $6 has made me more cautious. But if it dips into the 4's, I may be tempted to pick up a few more shares. The stock sure looks undervalued based on their guidance for modest weakness in Q4, with resumed growth in subsequent quarters. Management guidance has been conservative and accurate in the past. I'm looking forward to the earnings report, but the stock's weakness is a concern ... hopefully not a harbinger of bad news. It could simply be a great buying opportunity.
hweb: EGAM
While they evidently have nothing pending now, the news would seem to indicate that they are planning to be more receptive to a takeover offers in the future. Maybe they've already received an overture ...
cleverrox: IPII
Earnings are due out by the end of the month. Q4 a bit of a wildcard given the aftermath of the hurricanes, but Q1 should be back on track. Q1 is already nearing a close, and those results are due out by mid May. Hopefully we'll also get an update on the Nasdaq listing application soon. It could happen at anytime, or Nasdaq may want to see the audited annual results before giving final approval. A Nasdaq listing should give a nice boost to the stock price.
sb: they've gotten a few 'courteous' replies, but nothing of great import. Check out the GFCI board on RB ...
http://ragingbull.lycos.com/mboard/boards.cgi?board=GFCI&startfrom=76
GFCI: posters on the Raging Bull message board are saying another announcement is due next week. At the very least, this stock could be a good one for trading. If it dips down too far, I'm going to double up on my small position.
GFCI: It sure has dropped like a rock since hitting $1 just after the open. Volume is huge too. Evidently a lot of stockholders are using the rally to jump ship. But NWAU also corrected before taking off. I bought it in the mid .40's in November, only to see it fall into the mid .20's in December, but now it's around $1.50, even without any SEC filings having yet been made. I'm still holding all my GFCI and will await developments in the coming weeks and months ... just fun money, of course.
otcbargains: I agree that NWAU's operations are probably legit, however I'm very skeptical about their huge profitability. I rather think they're 'cooking the books'. But maybe I'm being far too pessimistic. It will be interesting to see their SEC filings, when and if, they do ultimately file. It should be within a few weeks, but another postponement would come as no surprise to me. Looks like you were wise to flip your GFCI shares this morning for a quick 40% profit ... it's now back to even on the day. But the rollercoaster ride may go on for weeks to come ...
bones1420: GFCI
I won't be a bit surprised if GFCI turns out to be a scam, but at least it sounds more legit to me than NWAU.pk. Yet NWAU is the biggest winner on this board year to date. The only other two spectacular gainers ytd are ALMI and WGMGY ... who would have thought that a used car dealership without any SEC filings would gain 233% in 9 weeks ??? Probably NWAU is a scam, imho, yet it's made a lot of people on this board some nice profits. And it could still turn out to be the 'real deal'. But I only put 'fun money' into these types of stocks. But I sure wish I had put more serious money into NWAU !
________12/31_____3/3_____ytd gain
NWAU____.45______1.50______+233%
WGMGY__.62______1.74______+181%
ALMI_____.39______1.24______+218%
10 bagger: GFCI
Thanks for the info on key personnel ... it sounds legit ... here it is again ...
Management of new company....GFCI
Jim Dial - President
Jim Dial has a twenty year track record in the oil and gas exploration service industry, joining The Brandt Company in 1977, serving as Manager of Technical Services, Research and Development Manager, and Vice President Industrial Division. During his tenure, Dial participated in the acquisition of numerous companies both domestically and internationally. Since leaving Brandt, Dial has owned, operated and sold multiple private companies; presently, Dial is principal owner and operator of three business ventures.
Jerry Griffith - Director of Operations
Jerry M.Griffith was raised in an Oil Patch family, having served as a roustabout, roughneck and rig builder in his youth. After earning B.A. and graduate degrees, Griffith decided to return to the oil patch as a mud engineer for IMCO Services, a Halliburton company. IMCO was a springboard to a General Manager position in Lafayette, Louisiana with Hunt Oil Tool Company, where Griffith established Hunt as a worldwide distributor for shock tools and drilling jars. After 10 years with Hunt Oil Tool Company, Griffith started Grifco Inc. and Grifco International Inc. Griffith has designed several oil tools and received patents for use by coil tubing service companies. Grifco patents and trademark have an excellent reputation in the oil and gas industry. Griffith remains active in the day-to-day operations of Grifco, developing new tools and designs while maintaining a strong relationship with its worldwide clientele.
Mack Griffith—Mack has been with Grifco from inception, beginning as a shop hand and tool repairman, resulting in Mack’s involvement with tool design and manufacturing. With a complete knowledge tool inventory, Mack entered the field as a tool supervisor. Mack’s supervisor experience extended from the Gulf Coast of Mexico to Venezuela in operations at Grifco International de Venezuela, with frequent trips to Europe as a sales rep.
Doyle Eastep—Eastep has worked with Grifco in a sales and supervisory capacity for the past 12 years. Doyle headlined Grifco’s operation in Venezuela for 6 years prior to returning to the states as a sales rep. Eastep developed a vast knowledge of Grifco’s tool catalog while functioning as a supervisor and consultant. Doyle has some 22 years in the oilfield experience and is a graduate of Louisiana Tech University.
Wendell Taylor—Wendell Taylor has 26 years experience as a machinist. Wendell has manufactured tools for the drilling and production area of the oilfield. Since joining Grifco, Taylor has been responsible for all manufacturing and tool changes. Taylor’s is highly regarded by Grifco clients, and knowledge and commitment to quality is a great asset for Grifco International.
Bill Bellenger— Bill Bellenger spent 25 years with Halliburton Energy Services in a variety of management positions before joining Grifco International. Bellenger’s management skills and industry knowledge have been an integral part of formulating Grifco’s internal structure and company protocol.
nutsaboutgolf: ALDA
I've been in ALDA for a few months, now the second time around, with the feeling that the stock would come into play as golf season gets into full swing (when spring arrives for us Northeners). The earnings look good, as does the strong order rate through February. I think the stock has ways to run ...
lentinman: GFCI
Money is corrupt. Some people get paid 100x more for doing dignified work than others get for doing dirty work. GFCI could be a scam ... or maybe it's a genuinely undiscovered 'gem' that deserves a 10x higher valuation. Time will tell. But a slick PR job goes a long way. Heck, most of Wall Street seems convinced that certain companies that are chronically losing money, or others that have astronomic PE's, deserve huge valuations and market caps. That would seem to be just another type of delusion, or scam, depending on one's viewpoint. Scams and money go hand in hand. Maybe they are twins ?
IIIN, NWAU and VLXC were all pink sheet stocks boasting of huge EPS relative to share price. I had excellent profits in all 3, though I put by far the most money into IIIN, and my best percentage gainer was NWAU. VLXC I only held for about 2 days, but logged some good quick profits. IIIN turned out to be for real and now trades on the Nasdaq, NWAU is planning to file its SEC forms within the next few weeks, and VLXC seems to be a scam, though they're also promising to file audited results with the SEC. GFCI sounds too good to be true, but so did these 3 other pink sheet specials, but scam or no scam, they made me money ! I sure won't bet the ranch because thankfully I don't own one - I just rent a small apartment. GFCI could turn out to be for real, but even if it is a scam as some suggest, that doesn't preclude a big runnup on a lot of slick PR. I'm going along for the ride - time will tell whether that's up or down.
Knowledge: GFCI
Thanks for this one. They say they'll be fully reporting within a few months. This was a shell company acqusition/listing plan via LTBI to gain a quick listing. I like the gamble. I'm in. Here's the shell company acquisition announcement from November ...
LAFAYETTE, LA--(MARKET WIRE)--Nov 19, 2004 -- LitFiber, Inc. (Other OTC:LTBI.PK - News) (as of 11/19/04 symbol will be (OTC BB:GFCI.OB - News)) announces it has acquired Grifco International, Inc., a provider of oil and gas services equipment to the worldwide oil and gas industry.
Grifco International specializes in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industry throughout the US, China, Mexico and South America. Grifco is the leading purveyor of jarring tools for the oil field in the world; Grifco's clientele of Fortune 500 and 100 companies, national oil companies, and supermajors includes the most recognizable names in the oil and gas industry:
Exxon Mobil Kerr McGee
Hydra Rig Varco B.J. Services
Halliburton Energy Services Pemex
Pdvsa Venezuela Wireline Specialties
Progressive Oil Tools Canada Shell
Coiltech Coil Tubing Services
ABC Nitrogen Cudd Pressure Control
Superior Pro Coil
Dowell Schlumberger Steward Stevenson
CNPC (Chinese National Petroleum Co.) Enmax China
Weafri Well Services (Nigeria) J and J international
Sonal Pedcor
PT Wasita (Jarkarta) Maersk Oil (Denmark)
Baker Oil Tool (Worldwide) Weatherford (Worldwide)
Venline (Venezuela) Petro Tech Coil Tubing (Mexico)
TriCan (Canada) Coil tubing Company Blowout Tools
Cavins Fishing Tools San Antonio Services (Argentina)
ACT (Action Coil Tubing)
Terms of Litfiber's acquisition of Grifco include a name change to Grifco International, Inc. to incorporate the Grifco business plan, a new symbol assigned by Nasdaq, and a 20:1 reverse split. NASDAQ has received everything necessary to effect the name change and reverse split for Grifco International, Inc. Effective at the market open on 11/19/04, the new symbol for Grifco International, Inc. will be GFCI (OTC BB:GFCI.OB - News).
As part of the acquisition, John Jarvis has tendered his resignation as CEO of Litfiber. Grifco International CEO Jim Dial will assume the role of Chief Executive Officer and President of Grifco International, Inc. Please note, Grifco International retains all Litfiber assets, including but not limited to telephony equipment, accounts, accounts receivable, contracts, Letters of Intent, representations, and agreements. John Jarvis will remain as a consultant to the company on telephony related matters.
A private company for over fourteen years, Grifco has become public in order to reflect earnings and profit through public dissemination and filings. Grifco has crafted a plan to acquire mid sized companies and competitors in the oil services field and align them horizontally in the Grifco service offering to create an oil and gas services conglomerate. Grifco's target acquisitions combine to reflect more than $50 million in annual sales.
Twelve years ago, Grifco engineered and patented a 2N1 (two directions in one tool) jarring system still employed and sold throughout the world. This 2N1 system was the first in the industry which allowed the operator to jar in both directions, as may be required, forever putting Grifco on the oil industry map.
LitFiber is a full service, engineering based, Fixed Wireless, Web Development and Telecommunications Company. LTBI combines expertise in wireless business communication systems, system integration, computer telephony software deployment, IP telephony, data networking with unparalleled customer service. Grifco feels the Litfiber telephony platform offers potential synergy with the extensive International client base of Grifco International, Inc.
Grifco International Inc. is a leading provider of oil and gas services equipment, specializing in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industry throughout the US, China, Mexico and South America. Grifco's patented products are known and used throughout the world. In addition to our patented tools, Grifco designs and manufactures over 350 products for the Oil and Gas industry with a clientele boasting the biggest names in the business, including Halliburton, Exxon, and Schlumberger. Please visit www.grifco.org
patentlawmeister: SWTX
It certainly has come roaring back after the brief dip. The upcoming investor conference may be the reason, as well as the strong Q4. But I still think there's a good chance of a significant pullback ahead of the expected weak Q1 results. I'll be watching it for a potential re-entry point ...
CGIH has started trading on AMEX as THK
NEW YORK, March 3 /PRNewswire/ -- The American Stock Exchange® (Amex®) today listed the common stock of CGI Holding Corporation under the ticker symbol THK.
CGI Holding Corporation is a holding company for WebSourced, Inc., the worldwide leader in Internet-based marketing solutions for small businesses and large corporations. CGI, which is headquartered in Chicago, was incorporated in 1987, and was formerly known as North Star Petroleum, Inc.
"We are pleased to welcome CGI Holding Corporation to the American Stock Exchange," said John McGonegal, senior vice president of the Amex Equities Group. "We look forward to working with CGI Holding and providing them with the value-added resources a growing company needs to succeed in today's market."
"We greatly appreciate the professionalism and courtesy with which our listing application was handled by the American Stock Exchange officials and staff," said Gerard M. Jacobs, chief executive officer of CGI Holding. "This listing on the Amex will enable us to broaden our investor base and raise our profile among investors in the technology group."
PKZ reports strong results -
EPS of $1.49 for Q4 and $6.28 for the year, versus $1.09 and $3.90 the prior year - stock is around $43
Q4 EPS impacted negatively by about $0.42 due to temporary inventory build ups.
Reserves are large and growing with replacement of an impressive 180% of production for the year !
Company targeting 12% increased production in 2005. Share buyback continues along with increased dividend. It should be a banner year !
CALGARY, March 3 /PRNewswire-FirstCall/ - PetroKazakhstan Inc. ("PetroKazakhstan" or the "Company") announces its financial results for the three months and year ended December 31, 2004. All amounts are expressed in U.S. dollars unless otherwise indicated.
HIGHLIGHTS: - Record financial results; earnings up 58% over 2003 and cash flow up
40% over 2003
- Significant increases in oil reserves attributed to exploration
success and improved performance in the Kumkol and Akshabulak fields
- Reserve recognition of substantial Natural Gas Liquids and natural gas
- Exploration success in Kyzylkiya and Aryskum
- Increase of regular quarterly dividend to C$0.20 per quarter
- Shares begin trading on the Kazakhstan Stock Exchange
- Build up of oil and products inventories decreases fourth quarter
income FINANCIAL HIGHLIGHTS: -------------------------------------------------------------------------
(in thousands of US$
except per share amounts Three Months ended Year ended
and shares outstanding) December 31 December 31
-------------------------------------------------------------------------
2004 2003 2004 2003
-------------------------------------------------------------------------
Gross Revenue 405,131 310,648 1,642,427 1,117,324
-------------------------------------------------------------------------
Net income 114,937 88,808 500,668 316,940
-------------------------------------------------------------------------
Per share (basic) 1.51 1.14 6.40 4.06
-------------------------------------------------------------------------
Per share (diluted) 1.49 1.09 6.28 3.90
-------------------------------------------------------------------------
Cash flow 118,850 110,339 560,491 399,975
-------------------------------------------------------------------------
Per share (basic) 1.56 1.42 7.16 5.12
-------------------------------------------------------------------------
Per share (diluted) 1.55 1.36 7.03 4.92
-------------------------------------------------------------------------
Weight Average Shares
Outstanding
-------------------------------------------------------------------------
Basic 76,089,557 77,827,328 78,285,025 78,149,904
-------------------------------------------------------------------------
Diluted 76,922,009 81,110,704 79,708,905 81,292,206
-------------------------------------------------------------------------
Shares Outstanding at
End of Period 76,223,130 77,920,226 76,223,130 77,920,226
-------------------------------------------------------------------------
The Company announces fourth-quarter 2004 net income of $114.9 million ($1.51 per share) compared with $88.8 million ($1.14 per share) for the same period in 2003. Cash flow for the fourth quarter of 2004 was $118.9 million ($1.56 per share) versus $110.3 million ($1.42 per share) for the same period in 2003.
For the year ended December 31, 2004, net income was $500.7 million ($6.40 per share) compared with net income of $316.9 million ($4.06 per share) in 2003. Cash flow for the year was $560.5 million ($7.16 per share) compared to $400.0 million ($5.12 per share) for 2003.
The Company generated both record net income and cash flow in 2004. Improvements in the Company's transportation costs and higher prices contributed to these record results.
Fourth quarter earnings were affected by a build up of crude oil inventory and in transit volumes of 1.7 million barrels and an increase in refined product volumes of 630 thousand barrels as compared with inventory and in transit volumes at September 30, 2004. Our refinery turnaround, which began in the middle of October, was completed successfully, but with a build up of crude inventories. We also moved the sales point for crude oil on one of our export routes closer to the final destination. This build up of inventories led to a deferral of earnings and reduced our net income for the fourth quarter by an estimated $32.0 million compared to the third quarter of 2004, an impact of $0.42 per share.
There was also a build up of crude oil in transit and inventory levels when comparing with December 31, 2003. There was an increase of 1.08 million barrels with an estimated reduction in net income of $14.5 million.
SHARE REPURCHASES
The Company's substantial issuer bid share tender, which ended on July 19, 2004, resulted in the repurchase and cancellation of 3,999,975 shares at C$40.00 per share.
The Company's Normal Course Issuer Bid program was renewed on August 13, 2004 and will terminate on August 12, 2005. Under the terms of this share repurchase program, the Company is able to repurchase up to 7,091,429 Class A common shares through the facilities of the TSX. In the third quarter of 2004, the Company repurchased and cancelled 1,257,500 shares at an average price of C$40.00. No repurchases were made in the fourth quarter of 2004.
At the end of the fourth quarter, the Company had 76,223,130 common shares and 2,086,656 options and convertible securities outstanding.
Additional repurchases and cancellations of 459,100 shares at an average price of C$42.62 have been executed in January 2005.
LISTING ON THE KAZAKHSTAN STOCK EXCHANGE
On December 27, 2004 PetroKazakhstan's common shares began trading on the Kazakhstan Stock Exchange, being the first foreign company to be granted approval for listing. The Company believes that this will create an excellent opportunity for Kazakh investors to participate in the growth and success of its business operations in Kazakhstan.
UPSTREAM OPERATIONS REVIEW
-------------------------- PRODUCTION
As announced, for the fourth quarter 2004, production averaged 152,510 barrels of oil per day ("bopd") and for the year as a whole production averaged 151,102 bopd. Mechanical pump failures on some high rate wells as well as allocation of capacity at the Kumkol Central Processing Facility used by both PetroKazakhstan and the neighbouring field operator, Turgai Petroleum, and the delay in drilling of a number of Aryskum development wells negatively affected overall production. As these problems either have or are being addressed, and as the development program for the Kyzylkiya, Aryskum and Maibulak ("KAM"), Akshabulak and Kumkol North fields progresses, PetroKazakhstan's 2005 annual production target is 170,000 bopd. However, the company recognizes that this target can only be achieved with the timely receipt of various regulatory approvals and in the absence of unforeseen marketing constraints.
EXPLORATION AND APPRAISAL
During 2004, the Company's successful exploration and appraisal program resulted in the addition of some 25 mmbbls in the proved and probable category. The extension of the Kyzylkiya field to the north and into the new Kolzhan license is now an integral part of the field development as new wells will be brought on to production quickly. Similarly, the drilling of wells to locations below the Aryskum gas cap, resulted in the discovery of new reservoirs in high quality channels sands. Production rates of up to 1,600 bopd confirm the similarity to sands in the Akshabulak field. This opens up a whole new concept for development of channel sands in this geological trend in our licenses, which will be pursued with further seismic and appraisal wells in 2005. As in previous years, the Akshabulak field yields further reserves additions as channel sands and extensions to the existing reservoirs are found from successful appraisal drilling.
In 2005, the Company will drill at least 17 E&A wells, acquire a minimum of 400 kilometres ("kms") and 300 square kms of 2D and 3D seismic respectively.
The Company now has an exploration prospect inventory that includes 94 independent structures and over 1.1 billion barrels of unrisked reserves.
RESERVES
On February 23, 2005, PetroKazakhstan reported significant additions to its oil and gas reserves in 2004. As of January 1, 2005, Proved and Probable reserves totaled 549.8 million barrels oil equivalent ("mmboe"), compared to last year's total of 495.4 mmboe. This year's total comprises 502.9 million barrels of oil ("mmbo"), 32.1 mmboe of Natural Gas Liquids ("NGLs") and 88.4 billion cubic feet ("bcf") of natural gas representing a replacement of production of 197%.
Of the 549.8 mmboe reported, 71% (or 392.0 mmboe) is proven and 29% (or 157.8 mmboe) is probable. The proven reserves are further broken down into 229.7 mmboe of proved producing and 162.3 mmboe of proved undeveloped.
Oil reserves have increased from 490.0 mmbo to 502.9 mmbo, replacing production by 123%. Similarly, total oil and NGLs reserves have increased from 490.0 mmboe to 535.0 mmboe, replacing production by 180%.
NGLs and gas reserves additions have been a result of PetroKazakhstan programs for the full utilization of its gas resources: extraction of Liquefied Petroleum Gas ("LPG") at plants in the Akshabulak and KAM fields, efficient use of produced gas at the Kumkol Power Plant and conservation of dry gas by re-injection into reservoirs for future extraction and sale.
These reserve additions and the low associated capital cost translate into finding and development costs that are extremely low at $1.08/bbl and $1.53/bbl for the one and five year periods, respectively.
Finally, the independent reserves evaluator, McDaniels and Associates Consulting Ltd, has estimated that the Company's proved, probable and possible reserves are in excess of 800 mmboe.
DOWNSTREAM MARKETING, TRANSPORTATION AND REFINING
------------------------------------------------- CRUDE OIL PRICES AND TRADING
Throughout 2004 the international crude oil markets remained nervous about the lead up to the elections in Iraq, production interruptions, and the level of US inventories. At the same time strong demand from China and transportation capacity limits in Russia added further upward pressure to an already upward market. As a consequence of these issues, international crude oil prices remained at extremely high levels with an enormous level of volatility. The highest recorded daily mean for Brent dated in 2004 was $52.03/bbl with a low of $29.13/bbl producing a price spread over the year of $22.90/bbl.
In response to the supply concerns OPEC increased their output of heavier sour crudes. While this addressed the overall supply demand balance it caused a distortion of the heavy sour/light sweet differentials. Crude grades such as Urals saw their discount against Brent rise from around $1.60/bbl at the beginning of 2004 to a high of $7.50/bbl by October 2004. This generated a strong incentive for European refineries to buy the cheaper heavier grades and consequently the Mediterranean market became long on sweet crude and prices for sweet crudes began to slide against Brent in November 2004. Grades like CPC Blend and Siberian Light faired worst recording a discount to Brent of up to $4.50/bbl. While Kumkol performed better, the premium against Brent which typically was between $0.50 to $0.80/bbl slipped to a discount of between $0.10 and $2.00/bbl during the last 6 weeks of 2004. Kumkol closed the year at a discount to Brent of $0.12/bbl.
DIFFERENTIALS
Our export netback differential to Brent constitutes our largest single expenditure and the management of this cost is one of our primary objectives.
On a yearly basis, our average 2004 differential was $12.62/bbl, $1.49/bbl lower than the $14.11/bbl achieved in 2003. This was the result of the elimination of FCA contracts, the higher utilization of cheaper routes and our KAM pipeline and Dzhusaly terminal.
However, the fourth quarter of 2004 saw a deterioration of the differential (to $13.83) reflecting the changes in the crude oil markets above and the seasonal impact of night time shipping restrictions in the Bosphorous Straits, increased demurrage costs and shipping rates. This situation is expected to continue for the first quarter of 2005.
On a go forward basis, the Company anticipates the average differential to return to the $12.00/bbl range.
New pipeline infrastructure currently being built in or near Kazakhstan, namely the Baku-Tbilisi-Ceyhan ("BTC") pipeline to the Mediterranean and the pipeline from Atasu to Western China expected to be operational by mid-2006 are anticipated to have a positive impact on differentials.
REFINING AND REFINED PRODUCT SALES
----------------------------------
The ongoing continuous improvement program at our Shymkent refinery continues to yield significant value benefits. By measuring the change in product yield value on a fixed crude and product price basis (thus eliminating the variations of market prices) we obtain indications of a steady trend of improvements over the last two years which have generated efficiencies in excess of $2.00/bbl. This trend has shown an on going improvement as well as a significant reduction in volatility.
By the second quarter of 2004 the Vacuum Distillation Unit ("VDU") was operating at maximum capacity and regular sales were being made through the Baltic port of Tallinn. During 2005 we expect to be able to increase the yield and to develop additional outlets for our Vacuum Gasoil ("VGO").
Refinery unit costs showed an increase from $0.58/bbl in 2003 to $0.80/bbl which is line with the equivalent figures in 2002. The primary reasons for the increase was lower throughput reflecting partially the maintenance turnaround in 2004 and the additional operating costs associated with the start up of the VDU.
otcbargains: SWTX
I still think this stock will dip ahead of the 5/15 Q1 results, or afterwards, since they're going to be down sharply from Q4. But I'll pick up a few shares at the right price if the opportunity presents itself, but that may not be until May ...
TMXN +.44 to 2.14 on 1.7M shares
Huge reserves in Kazakhstan ... mentioned as a likely double or triple at 'The Street.com' ... and one likely to soon make a move to the AMEX. Only potential pitfall is that the Kazakhstan government is seeking a bigger bite of profits for new companies ... here's the text from 'the steet.com' ...
Still, Chernoff feels that Transmeridian has the most immediate upside left.
Transmeridian has long touted its rights to a major oil field in Kazakhstan. But the company now has the financial flexibility to make that field pay off. And it could attract a lot of new attention along the way.
"TMXN is likely to move from the OTC bulletin board to the American Stock Exchange very shortly," Chernoff explained. "This move will put TMXN and its huge exploration and production potential on the radar screens of oil and gas investors around the world."
The stock slid 1.8% to $1.68 on Tuesday. Looking ahead, however, Chernoff says the shares "could double or triple" on the basis of the value of the company's reserves.
2morrowsGains: PLUS will have plenty of cash to buyback shares with their $4 per share settlement award. That's one effective way of boosting the stock price and increasing EPS at the same time. Also, a buyback of shares below book value serves to further increase the book value on the remaining shares !
ETEC qualifies to bid on more NJ projects
This could mean significantly more business ... stock looks cheap at $1.80 with EPS of .21 through 9mos of their March fiscal year (excluding .04 charge in Q3). EPS is fully taxed and diluted. Easy comparison coming up in March versus .01 last year. Stock is down from a recent high of 3.15.
TRENTON, N.J., March 2, 2005 (PRIMEZONE) -- Emtec Inc. (OTC BB:ETEC.OB - News) announced today it has received the SCC Contractor pre-qualification for the telecommunications discipline from the New Jersey Schools Construction Corporation (SCC), a subsidiary of the New Jersey Economic Development Authority (EDA). The SCC is a public agency responsible for implementing an $8.6 billion overhaul of the educational infrastructure of hundreds of schools throughout New Jersey.
The SCC is entrusted with the responsibility for financing, designing and constructing all of the school facilities projects in Abbott districts - school districts that receive 55 percent or more in state funding for education. In addition they are also responsible for providing grants to fund the state share of facilities projects in non-Abbott districts.
This classification enables Emtec to participate in the bidding process on specialty construction contracts advertised by the SCC. The requirements for this qualification include having a current classification with the New Jersey Department of Treasury, Division of Property Management and Construction (DPMC).
``We are pleased to have received this designation with the SCC and we look forward to the opportunity to provide telecommunications solutions to the New Jersey school systems utilizing State funding through the SCC,' said John Howlett, Emtec CEO.
wade: DGIX
That was definitely one of the risks while I was accumulating ... plenty of days with zero volume. But there's no such thing as a perfect stock. There's always some negatives that can be found. And often my biggest winners have NOT been the one's that I expected to do the best. So sometimes in thinly traded issues, I've come to own the equivilant of several days of average volume. Back in September, DGIX was trading only an average of 500 shares a day for the month. At $0.50 per share, that's the equivilant of $250 bucks a day volume. This February it averaged over 116k daily volume, which is about $150,000 per day at current prices. Pretty damn good improvement, but I never would have guessed it could change that dramatically. A 600x increase in daily dollar volume in a mere 5 months is amazing! ETEC and TMFZ are other examples of very thinly trades issues that have gained a stronger following. Hopefully CGNW will also get 'discovered' after next quarter's results when the trailing PE drops the big loss of last year's March quarter, and the PE shows up as under 5 in all the stock screeners. It could make all the difference in a thinly traded stock like CGNW.
lentinman: ELN
That opening price would certainly seem to be more than a coincidence, though 1 year is a long time. It would be interesting to see the statistics on how often gaps get filled, how quickly, and whether the retracements really pertain to the gap, or could be attributable to normal volatility in share price. I suppose it depends to some extent on the investors who hold or watch the stock. If there are many technicians among them then the gap would have more relevance ... otherwise not.
hweb: LMIA
Thanks for LMIA, though I also got out a few weeks ago in the mid to upper 5's for about a 30% gain. But heck, that was in a few weeks time, and most money mangers are thrilled to see 30% in a year ! But over $7 I'd be concerned about this quarter's #'s given the possiblity of taxes, and the implied guidance for Q4 was not all that strong. But the CC and foward guidance will be key to where it goes from here.
DGIX has evidently be boosted by institutional investors. That's what I would attribute some of those large 100k block trades to. Hopefully they're thinking it deserves of PE of 15 and an AMEX listing. After all, it was once a Nasdaq stock, till they failed to meet the continued listing requirement of share price.
hweb2: ETEC
I've been accumulating. Someone seems to be unloading a lot of shares, perhaps not realizing that last quarter was .05, not .01 as reported, due to the charge. But I won't complain if it goes still lower. It means I'll be buying even cheaper shares !
otcbargains: you may want to consider opening a 2nd account at Waterhouse. I'm going to be paying closer attention to execution problems at Ameritrade on OTCBB stocks, however I have no complaints with them for listed and Nasdaq stocks. I remember trying to unload a bunch of DLGI when they reported weak earnings, and none of my orders got executed even though I kept entering below market orders as the stock dropped. Poor execution can cost a bundle !
linuspop: Ameritrade
I recommend you send them an email. It's especially frustrating to miss out on executions on stocks starting a quick upward move on an announcement like today's for CGIH. Were it not for my Waterhouse backup account, I would have missed out on adding to my CGIH holding. Depending on the size of the trade, it could mean $1000's. It's penny wise, but pound foolish to look at only commissions when choosing a broker. Large spreads and poor executions can hurt you far more, especially with larger trades.
Waterhouse tops Ameritrade yet again
Maybe that's why hweb2 trades at Waterhouse. At 3:54pm I look over my day's activity and see that my low-ball bid for BWLRF at .58 has not gotten filled. Bobwins has been pounding the table on this one and he's made a strong case that it's not just because it starts with his initials, 'BW'. I see the lowest ask on level2 is 8000 shares from GNET at .605 and 2500 shares from NITE at .605. I know Ameritrade works through NITE a lot, so I figure they'll quickly fill at least 2500 shares at that price. At 3:55 I enter my trade at Ameritrade to buy 5000 shares of BWLRF. 45 seconds pass, and nothing happens. I then enter the same trade at 3:56 at Waterhouse. Immediately 2500 shares execute at .605, and at 3:57 the remaining 2500 shares execute at .605. In the meanwhile I didn't even get a partial fill at Ameritrade and 4pm passes with the order still open. It appears that Waterhouse is the better broker for trading OTCBB stocks. Especially in a fast moving market, efficient and optimal order routing is critically important.
otcbargains: Ameritrade
I'll certainly be more alert to execution problems at Ameritrade and will shift more trading to Waterhouse as appropriate. It can make a big difference, especially in a fast moving market. That's one reason I like to have more than one brokerage account.
Waterhouse tops Ameritrade on Executions
It's happened before. This time I sent Ameritrade a note ...
Entered an order to buy 2000 CGIH at 4.90 at 10:17am. No execution even as 1000's of shares traded in subsequent minutes below my limit price. At 10:18am I enter the same order in my Waterhouse account and it executes immediately. At 10:23am I enter another order at Waterhouse to buy 2000 CGIH at 5.00. 500 shares execute immediately at 4.99 and the remaining 1500 at 4.98 at 10:25. In the meanwhile I entered another order at Ameritrade at 10:24 to buy 2000 at 5.00. No execution, yet 40000 shares trade at or below 5.00 over the next 3 minutes. This type of thing has happened before. What's going on ? Are you not routing the orders efficiently ? Are you favoring certain market makers over others ? Should I be trading at Waterhouse more often ?
nsomniyak: CGIH
Typically, in my experience, the move happens within a few days to 1 or 2 weeks at the most, after the announcement. It's been a long time in coming for CGIH, since they announced plans to apply for an AMEX listing late last summer. I'm very glad they finally made it, and it should given them better visibility and significantly broaden the stock ownership to include individuals and institutions that don't buy OTCBB stocks.
CGIH will benefit significantly with an AMEX listing. It's in the same internet search engine sector as GOOG and YHOO, and should command a much higher PE once listed, imho. CGIH continues to grow very rapidly both internally and through acquisitions. It has already gained .32 to 5.04 in the last 15 minutes since the announcement.
nuts: CLF has had a great run these past few weeks and last year. If you like the steel sector, ZEUS and MUSA look like the cheapest plays to me. It looks like the sector may have another strong year, in spite of concerns about too much new capacity coming online in China. The low PE's are discounting a lot of risk imho. Good luck.
bones1420: Taxes, Schd D
I use Quicken each day to enter my trades and track my portfolio performance over time. It's good to have a complete 20 year history of every trade I ever made. Quicken now allows you to import daily trades directly from your broker but I still do the entries manually because of the way my Quicken accounts are setup. At tax time Quicken is compatible with Turbo tax and you do a quick export of the year's trades and get a complete schedule D.
But I've been old fashioned, at least until this year, by manually aggregating trades where the sale occurred the same day but the purchases spanned different days. The IRS allows you to put 'VARIOUS' for the purchase date. So I do the 1040 entirely by hand, though Quicken does the preparatory work for me. I've always favored submitting a handwritten 1040 since I suspect it may reduce the chances of an audit (not that I have anything to hide, but nonetheless an audit would be a nuisance at the least). A typewritten copy can easily be scanned and analysed by computer, whereas a handwritten copy cannot be handled so efficiently. Of course, it's even possible that the reverse is true, and that an audit is more likely of a handwritten 10K, but it sure is easier for them to process the typewritten one's, so I think a greater percentage of those get audited.
Nonetheless with about 1600 trades in 2004, which aggregate to about 420 with 'VARIOUS' purchase dates, I don't relish the thought of spending perhaps 10 hours to handwrite 20+ pages of Sched 'D'. This year they may be getting a typewritten version from turbotax. However I did write a simple 'post processor' which reads the Quicken export file and aggregates the trades as I have done manually before importing them into turbotax, so I'll be reporting just 420 entries, rather than the full 1600. I figure, don't given them more information than they're asking for.
Anyway, how are you frequent traders handling your portfolio tracking and schedule D's ?
Knowledge: DGIX
I would usually take a favorable view of a shift in ownership like that. The seller is probably looking to lock in some profits, while the buyer is looking to ride the stock to higher levels. Basically a shift into 'stronger hands', and hopefully the new large stakeholder will also be buying shares on the open market to 'underscore' their interest and drive the stock higher.