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And those were the audited financials... or were they?
I don't know, Dag. No absolutes with the VLVT crew imo.
Has anyone written/faxed the transfer agent lately to get outstanding shares?
tia
Was I the only one here buying into the close? I don't think I had much competition because I fired off several large orders with 10 minutes to go and got fills in the low 02s.
These will make nice trading shares.
I hope the RB posters are not trading based upon what's being rumored over there. Good way to get cooked.
"If the company did want to do a buyback, which has been memtioned in several pr's, wouldn't it make sense to take a valid audit to a bank, borrow enough to purchase alot of cheap stock, and after that, enlighten the stockholders and investors? Pretty much like your four steps."
All that's missing from the above is maybe wrapping up number three and putting the finishing touches on number four?
I have no problem with waiting while additional weak hands and doubters sell more at these levels.
If you take management at their word regarding a buy back, and if you're willing to wait another few quarters, then you should hope management repurchases shares as low as possible.
"Anyone found a site for : Aaron Sherman & Associates, Inc. yet?"
Maybe Kingnazzi, our local ex-auditor can tell us this: Are audit firms allowed to advertise?
I've heard 'no'.
If not, then you shouldn't expect to find a web site.
Management: time to update shareholders. What's going on? eom
Management: time to update shareholders. What's going on? eom
Corporate update from various people:
1) The mill is running 24/7. It is closed for brief periods from time to time to give the staff a rest. Security is high to prevent pilferage.
2) The audit is being done by a firm with offices around the world. Maybe not one of the big three or four, but a major firm, nonetheless.
3) VLVT currently looking for a marketing-type to help develop and grow L A Cap.
4) Share repurchase plan not out of the question.
5) Roger, Javeed, Victoria all working long & hard to grow the business.
good luck to all!
Veltex rig spotted on West Coast
I saw it with my own eyes. So I'm sitting in rush hour traffic, stopped in the fast lane. I'm watching traffic creep by in the other direction and am in the habit of looking at the big rigs since I own 2 (DDN, VLVT). Along comes this big red tractor pulling a big white trailer.
Low and behold it says "VELTEX" on the side in white lettering that faded to blue at the end. The trailer was brand new looking and solid white with no lettering or markings.
The truck was traveling west-bound on I-80 (business looop) in Sacramento.
OTCLive = big liability imo EOM
shrotker, you might try searching for a UCC on the trailer purchases. I would, but for two things. Number one, this one pans out - it's solid - as far as I'm concerned. Number two, I'm lazy.
A UCC (uniform commercial code)is sometimes filed on large purchases in a state as a legal precaution to protect the seller in case of default. Someone might start by searching GA and CA and go from there.
good luck to all
Free Advise/Guru, thanks for that info!
It looks like the mill is providing an even-better ROI than we imagined! Looking forward to the audited results & hoping we might get a peek at the .01's again for one last shopping spree. Sounds like that one fellow has the same sort of problems as Itchyshorts H. Some literacy/comprehension issues at work there I'd guess.
Good luck to all!
Thanks for the offer shrotker, I thought that with the newer version of adobe acrobat reader there was a 'select all' or 'select text' option on the file or edit menu. Once 'selected', you should be able to copy/paste.
While we're O/T: Not enough talk about Bush's other war - - against the environment. I'm far from being an environmental activist, however as a frequent user of the environment (ocean, air, mountains, rivers) I'm totally sickened by Bush's disregard for environmental safeguards and preservation. Either directly, or indirectly, he'll eventually kill us all if left unchecked.
Where should I begin (here's about 1/2 of the list)...
3/01: Bush abandons pledge to reduce carbon dioxide emissions
3/01: rejects Kyoto Protocol on global warming
7/01: reduces funding for greenhouse-gas reductions in developing countries
9/01: uses terrorist attacks as excuse to weaken protection of wetlands
10/01: guts tough mining protections on federal lands;
issues weaker arsenic-in-drinking water standard
2/02: rolls back power plant pollution standards
2/02: Eric Schaeffler, a top EPA official, resigns in protest of Bush policies
4/02: allows mining in Everglades
7/02: opposes Senate-backed renewable energy requirement
8/02: only major leader not at U.N. Summit on Sustainable Development
11/02: repeals rules requiring older factories to cut pollution emissions
12/02: defers action on global warming
1/03: plans to weaken Clean Water Act wetlands protections
This & his Iraq stance are the work of a very selfish person, imo.
Hey Free Advise/Iffthekar Hassan,
Good luck in court and then all the best in the slammer! I think the bad news is in your court. At least someone finally responded to you. And I'll bet this is but only their first step/response. What say ye?
My vote is for using the profits from the mill and L A Cap to pay any remaining MM obligations. Bring the money to the U.S. from Bangladesh or Bank of India and take the tax hit. The damage will be less than what's being done here with the constant dilution.
And I have to assume it is dilution. We've seen nothing about an increase to the numerator of this equation yet.
I truly hope that I'm totally misunderstanding V. Duff and her reasoning for the number of O/S required. If not, I truly hope we're not paying her much. Listening (that implies a 1-way communication!) to her has not clarified anything for me.
thx Joe, didn't see yours before I posted EOM
If the audit brought this problem to light, then there may not be a huge delay in its completion as everyone could know what they're looking for in terms of misdirected/mis-used funds. I'm guessing the audit began in Dec. or Jan. and it sounds like Matin sent someone out to monitor the MM situation about a month or two ago. I hope to see a PR updating us on the situation soon.
Today's trades
May be missing the last few near the close:
Rec. Time Action Price Volume Exch.
3:41:27 PM Trade 0.024 25000 Other OTC
3:37:39 PM Trade 0.024 5000 Other OTC
3:37:25 PM Trade 0.024 5000 Other OTC
3:30:55 PM Trade 0.024 100 Other OTC
3:27:34 PM Trade 0.024 100000 Other OTC
3:27:23 PM Trade 0.025 100000 Other OTC
3:24:10 PM Trade 0.025 100000 Other OTC
3:23:33 PM Trade 0.024 10000 Other OTC
3:23:03 PM Trade 0.024 5000 Other OTC
3:17:31 PM Trade 0.025 10000 Other OTC
3:10:37 PM Trade 0.026 25000 Other OTC
3:09:45 PM Trade 0.027 74800 Other OTC
3:09:34 PM Trade 0.028 85000 Other OTC
3:08:56 PM Trade 0.027 15000 Other OTC
2:51:45 PM Trade 0.025 10000 Other OTC
2:51:32 PM Trade 0.025 5000 Other OTC
2:50:59 PM Trade 0.025 5000 Other OTC
2:49:41 PM Trade 0.026 10000 Other OTC
2:43:27 PM Trade 0.027 12500 Other OTC
2:43:24 PM Trade 0.026 25000 Other OTC
2:43:24 PM Trade 0.026 25000 Other OTC
2:42:45 PM Trade 0.026 50000 Other OTC
2:42:25 PM Trade 0.026 20000 Other OTC
2:41:45 PM Trade 0.026 20000 Other OTC
2:34:49 PM Trade 0.027 1000 Other OTC
2:34:45 PM Trade 0.026 60000 Other OTC
1:15:21 PM Trade 0.027 25000 Other OTC
1:15:10 PM Trade 0.027 25000 Other OTC
12:53:02 PM Trade 0.027 300 Other OTC
12:51:44 PM Trade 0.027 35000 Other OTC
12:50:40 PM Trade 0.026 5000 Other OTC
12:50:33 PM Trade 0.026 5000 Other OTC
12:49:23 PM Trade 0.027 10000 Other OTC
12:48:44 PM Trade 0.027 15000 Other OTC
10:32:30 AM Trade 0.027 5000 Other OTC
10:32:18 AM Trade 0.028 28000 Other OTC
10:11:32 AM Trade 0.028 4000 Other OTC
10:11:27 AM Trade 0.028 1000 Other OTC
10:09:53 AM Trade 0.028 20000 Other OTC
10:09:27 AM Trade 0.028 10000 Other OTC
10:09:27 AM Trade 0.028 10000 Other OTC
Trucking, while the most visible, is the lowest margin segment. The FedEx contract also was going to be 'low margin' for them, according to prior statements. So if there was pruning that had to be done, it's just as well with the lowest margin trucking segment in Memphis.
At least this isn't boring.
free advise/guru, here's a link to info related to your claim of truck loan default and reposessions:
http://ragingbull.lycos.com/mboard/boards.cgi?board=VLVT&read=12167
“Deferral” rules provide that a U.S. corporation that operates overseas through a foreign incorporated subsidiary will not be taxed on the foreign corporation’s income until it is distributed to the U.S. parent as a dividend. This approach also governs the taxation of individual shareholders in a U.S. corporation, who likewise are not taxed until those corporate profits are distributed as dividends.
--The bashers can't understand the above, or choose to ignore it. My guess is the former. But anyway, transfer the mill profits to the U.S. and reduce that amount by 40% right off the bat.-- Thanks for the link, King.
I'd say that's pretty certain. What if you wanted to sell a million or two of your shares tomorrow? You could put in a limit order and take your chances, or you could place it at the market and take something in the low to mid-2's most likely. Agreed, these are probably pre-arranged trades with the buyer(s) that have been taking the big blocks for the past couple months.
The agreement increases the average hourly wage of $19.90 by $2.25 over five years. Health-insurance coverage will be maintained with no cost to workers, who pay no premiums or copayments. The companies agreed to pay $3.10 per hour toward workers' health care and pensions.
Workers' wages also are protected if inflation rises above 3%. Hourly pay will increase one cent for every 0.2% that inflation rises. If inflation increases 1% , workers will get a raise of five cents per hour. Inflation last year was 2.4% .
what a deal for the teamsters!
Teamsters, 4 Trucking Companies Enter Tentative Pact
http://biz.yahoo.com/djus/030206/1805001073_1.html
Someone keeps buying them.
They keep printing them, but someone's buying.
2:16:28 PM Trade 0.033 500000 Other OTC
2:14:51 PM Trade 0.03 200000 Other OTC
2:14:27 PM Trade 0.033 50000 Other OTC
2:12:09 PM Trade 0.03 200000 Other OTC
2:10:14 PM Trade 0.03 135000 Other OTC
1:47:39 PM Trade 0.03 1100 Other OTC
1:42:32 PM Trade 0.031 9500 Other OTC
1:41:12 PM Trade 0.03 60000 Other OTC
1:41:05 PM Trade 0.031 60000 Other OTC
1:19:01 PM Trade 0.03 5000 Other OTC
1:15:37 PM Trade 0.03 50000 Other OTC
1:14:42 PM Trade 0.03 150000 Other OTC
1:10:34 PM Trade 0.03 57500 Other OTC
1:09:57 PM Trade 0.03 100000 Other OTC
1:08:23 PM Trade 0.03 10000 Other OTC
1:07:37 PM Trade 0.03 15000 Other OTC
1:05:42 PM Trade 0.031 10000 Other OTC
1:05:32 PM Trade 0.031 10000 Other OTC
1:04:48 PM Trade 0.033 45000 Other OTC
12:59:47 PM Trade 0.033 7500 Other OTC
10:22 ET Truckers rise after YELL and ROAD reach contract with Teamsters
Reuters reports that the Teamsters union said it reached a tentative labor contract covering 65,000 drivers and cargo handlers at YELL, ROAD, and other big U.S. truckers.
-briefing.com
MM is maxed out anyway.
$$$ in t-shirts & imprinted sportswear (think 'L A Cap')
Yes, L A Cap again comes to mind. You can skip the profile of Gilden and just read their eye-popping report after the profile. In short, they just doubled their EPS, are raising guidance and are ramping up capacity at their textile manufacturing facility:
Gildan Activewear Inc. manufactures and sells basic activewear principally for the wholesale imprinted sportswear market. These include 100% cotton T-shirts and 50% cotton/50% polyester T-shirts, placket collar golf shirts and sweatshirts in a variety of weights, sizes, colors and styles. Products are sold as blanks, which are ultimately decorated with designs and logos for sale to consumers. The Company's primary T-shirt offerings are the Famous T-shirt, the Gildan Activewear Heavyweight Cotton T-shirt, the Gildan Activewear Ultra-Blend T-shirt and the Gildan Activewear UltraCotton Heavyweight T-shirt. Primary sweatshirt offerings are the Gildan Activewear Heavyweight Cotton Sweatshirt and the Gildan Activewear UltraCotton Heavyweight Sweatshirt. Placket collar golf shirts include the Gildan Activewear UltraCotton Heavyweight Placket Collar Golf Shirt, the Gildan Activewear Ultra-Blend, the Gildan Activewear and the Gildan Activewear UltraCotton Heavyweight Placket Collar Golf Shirt.
* * * * * * * * *
Company Raises Guidance for Full Year and Ramps up Capacity for Further Growth in Fiscal 2004
MONTREAL, Feb. 5 /PRNewswire-FirstCall/ - Gildan Activewear Inc. (NYSE: GIL - News; TSX: GIL.A - News) today released its financial results for the first quarter of its 2003 fiscal year.
For the quarter ended December 29, 2002, the Company reported net earnings of $5.8 million, or $0.20 per diluted share, up respectively 107% and 100% from $2.8 million, or $0.10 per diluted share, in the first quarter of fiscal 2002. EPS for the first quarter of fiscal 2003 exceeded the consensus of analyst estimates for the quarter by approximately $0.04 per diluted share.
The higher net earnings compared to last year were due to a 24.2% increase in unit sales, a 240 basis point increase in gross margins and lower interest expense, reflecting the impact on net indebtedness of the significant free cash flow generated by the Company since the first quarter of fiscal 2002. The positive impact of these factors was partially offset by lower selling prices, together with increased selling, general and administrative expenses and higher depreciation as a result of the Company's recent major capital investment projects.
Sales for the first quarter were $102.3 million, up 15.9% from $88.3 million in the first quarter of last year. The higher sales were primarily due to the increased unit shipments, partially offset by lower unit selling prices. The higher unit sales reflected 8.1% growth in overall industry shipments of T-shirts in the U.S. wholesale distributor market combined with significant market share increases achieved by Gildan in all product categories, compared with the first quarter of last year. In particular, the Company continued to reinforce its market leadership position in the overall T- shirt category, where its share reached 31.4%, compared with 24.9% a year ago, and 28.0% in the fourth quarter of fiscal 2002. At the same time, inventories of Gildan T-shirts in the U.S distributor channel were reduced by 12.6% compared with the end of the first quarter of fiscal 2002. Gildan's share in sports shirts increased to 14.7%, versus 9.3% in the first quarter of last year, and the Company's share in fleece was 10.3%, up from 8.1% a year ago. All U.S. market and market share data is based on the S.T.A.R.S. Report produced by ACNielsen Market Decisions. Also, Gildan's unit sales in Europe increased by 54.5% compared with the first quarter of last year.
Gross margins were 29.4% in the first quarter, compared with 27.0% in the first quarter of fiscal 2002, due to lower raw material costs and continuing manufacturing efficiency improvements, including the impact of the Company's ongoing capital investment projects, partially offset by lower selling prices. Also, product-mix was more favourable than the first quarter of last year, mainly due to a higher proportion of coloured T-shirts compared to white.
Selling, general & administrative expenses for the first quarter were $15.9 million, or 15.5% of sales, compared with $13.1 million, or 14.8% of sales, in the first quarter of last year. For the full 2003 fiscal year, it is expected that selling, general & administrative expenses will be at a similar level to last year, as a percentage of sales. Selling, general & administrative expenses were 10.6% of sales in fiscal 2002.
Based on its results for the first quarter, and the current outlook for the balance of the fiscal year, Gildan now anticipates that diluted EPS for the full 2003 fiscal year will be in the range of $2.70 - $2.80 per share. The Company had previously forecast diluted EPS of $2.60 - $2.70 per share.
The first quarter is traditionally the lowest quarter in the Company's annual breakdown of sales and earnings. During the first quarter, the Company re-built inventories for the peak summer T-shirt selling season and continued to ramp up capacity at its new fully-integrated textile manufacturing facility located at Rio Nance, Honduras. The Company expects to have sufficient production capacity and inventory available to be able to satisfy demand for its products in fiscal 2003 and to support its projected further sales growth in fiscal 2004. The Company indicated that it continued to be extremely pleased with the progress of the Rio Nance ramp-up and with the manufacturing cost reductions being achieved at this facility.
http://biz.yahoo.com/prnews/030205/mo046_1.html
Opportunity knocking for MM?
Not that they have any additional capacity, but...
Trucker Roadway - labor talks may drag on cargoes
Wednesday February 5, 10:49 am ET
By Michael Connor
MIAMI, Feb 5 (Reuters) - Roadway Corp (NasdaqNM:ROAD - News) on Wednesday said it and other leading U.S. shared-loads truckers may soon begin losing cargoes to non-union rivals as bargaining resumes on a new Teamsters contract for 65,000 workers.
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"Going by history, I would expect that there will be freight diversion to some degree that will begin to start fairly shortly -- not of a significant nature," Roadway Chief Financial Officer Dawson Cunningham said.
Cunningham, in answering questions at a Goldman Sachs conference, said wholesalers, manufacturers and other shippers were likely to switch loads even more frequently during weeks before the March 31 expiration of a current pact.
"It would begin to pick up in the latter part of this month, certainly into March and then take one final bump in early April, even if the contract is settled, simply because some people will have committed to that," he said.
The Teamsters and an industry group representing unionized workers at Roadway, Yellow Corp (NasdaqNM:YELL - News), Arkansas Best (NasdaqNM:ABFS - News) and a unit of US Freightways (NasdaqNM:USFC - News) were scheduled to resume bargaining on Wednesday in Chicago after a two-week break.
Agreements on many secondary issues such as seniority rights were reported by both sides during bargaining that began in October but talks broke off in late January over wages and health care costs.
Both sides are eager for a deal ahead of March 31 in order to avoid a repeat of the last round of talks. Down-to-the-wire bargaining in 1997 cost unionized truckers lost cargoes and an estimated 5,000 jobs as shippers worried about a walkout shifted loads to nonunion carriers.
Cunningham expressed optimism about settling on a new contract at the New York conference and said any shifts to non-union truckers may be limited by the tightened capacity among all shared-loads, or less-than-truckload, carriers since the September closure of Consolidated Freightways (Other OTC:CFWEQ.PK - News).
The passing of Consolidated, with some 15,000 Teamsters workers and 15 percent of the LTL capacity, has lifted shipments at rivals and yielded a late 2002 surge in profits among many LTL truckers after two tough years.
http://biz.yahoo.com/rc/030205/transport_roadway_1.html
Another very nice report from the timeshare sector:
Another builder/developer reporting record sales & earnings. Beginning to wonder more about the potential of govacations.com.
Bluegreen Corporation Reports Fiscal 2002 Financial Results
Wednesday February 5, 11:25 am ET
Fiscal 2002 Timeshare Sales Increase 30%
Fiscal 2002 Q3 Timeshare Sales Up 41%
BOCA RATON, Fla.--(BUSINESS WIRE)--Feb. 5, 2003--Bluegreen Corporation (NYSE: BXG - News), a leading U.S. developer and marketer of drive-to timeshare resorts ("Bluegreen® Resorts") and planned residential and golf communities ("Bluegreen Communities"), today announced financial results for the three months ended December 31, 2002 ("FY 2002 Q3") and the nine months ended December 31, 2002 ("FY 2002").
As previously announced, Bluegreen's Board of Directors approved a change in the Company's fiscal year from a 52- or 53-week period ending on the Sunday nearest the last day of March in each year to the calendar year ending on December 31, effective for the period ended December 31, 2002. As such, Bluegreen will file a Transition Report on Form 10-KT for the nine months ended December 31, 2002 in accordance with applicable requirements.
ROBUST SALES AND OPERATING REVENUES
Bluegreen Resorts sales for FY 2002 Q3 increased 41% to a third quarter record $45.5 million from $32.3 million in the same period last year, due primarily to increased same-resort sales and, to a lesser extent, the opening of two new sales offices in December 2002. Bluegreen Communities sales remained stable at $22.7 million versus $23.0 million during the three month period ended December 30, 2001. Total operating revenues for FY 2002 Q3 rose 38% to $92.2 million from $66.9 million for the same period one year ago.
Bluegreen Resorts sales for FY 2002 rose 30% to $144.0 million from $110.8 million last year. Bluegreen Communities sales were up 6% to $78.6 million from $73.9 million in FY 2001. Total operating revenues for FY 2002 increased 24% to $272.0 million from $220.0 million for the same period last year.
George F. Donovan, President and Chief Executive Officer of Bluegreen, commented, "We experienced double-digit annual percentage sales growth at several of our Bluegreen Resorts, including Laurel Crest, Falls Village, Shore Crest, Christmas Mountain Village, Lodge Alley Inn and Harbour Lights. Sales at Big Cedar Wilderness Club were also strong, due in large part to a significant increase in prospective buyer-tours originating from our marketing agreement with Bass Pro Shops. We recently opened a new, 12,000 square-foot off-site sales office and preview center in Bloomington, MN, located within two miles of the Mall of America, as well as a new sales office at the Mountain Run resort at Boyne Mountain, MI. We are encouraged by the sales generated at these locations during their inaugural months of operations. Overall sales tours at Bluegreen Resorts properties by existing owners, as well as prospects referred to the Company by owners and others, increased to 20% of total sales tours taken during FY 2002 from 16% last year. The increase in these owner and referral tours, which we believe speaks to the high quality leisure experience that Bluegreen provides its owners, also have lower associated marketing costs than other tours and provide current owners with the potential to realize referral-based rewards."
He continued, "We are also pleased with the sales performance at Bluegreen Communities. We are proud to announce the availability of new Bluegreen Communities in North Carolina, Colorado and Texas. Sales at Yellowstone Ranch, near Pueblo, CO, commenced in FY 2002 Q3, while sales at the other two properties are expected to commence during the current first quarter ending March 31, 2003. Each of these properties was acquired by Bluegreen in 2002."
http://biz.yahoo.com/bw/030205/52343_1.html
BOYD - increased fuel costs mitigated by shift to O/O's
A return to profitability this Q.
I still like the sound of the 'long-term' (as in 3+ years) contracts that VLVT talks about having.
Boyd Bros. Transportation Reports Fourth Quarter Results, Returning to Profitable Operations for Full Year 2002
Tuesday February 4, 2:29 pm ET
CLAYTON, Ala.--(BUSINESS WIRE)--Feb. 4, 2003--Boyd Bros. Transportation Inc. (NASDAQ/SmallCap: BOYD) today reported financial results for the fourth quarter and year ended December 31, 2002. Highlights of the Company's report included higher operating revenues for the quarter and year, a reduction in its net loss for the final quarter of 2002 versus the same period in 2001, as well as an overall return to profitability during the year following net losses in 2001 and 2000.
http://biz.yahoo.com/bw/030204/42480_1.html
Funny you should mention LA Cap
-don't we make this kind of stuff?-
Ashworth Inc. Reports Strong Response to 2003 Lines At PGA Show and Market Week in New York
Tuesday February 4, 8:31 am ET
CARLSBAD, Calif.--(BUSINESS WIRE)--Feb. 4, 2003--Ashworth Inc. (NASDAQ:ASHW - News), a leading designer of sportswear and golf apparel, today announced the Fall and Holiday 2003 lines for Ashworth and Callaway Golf apparel received very favorable customer response at the recent PGA Show in Orlando, Fla. and New York Market Week.
ADVERTISEMENT
The strong customer reaction for the Ashworth and Callaway Golf apparel lines crosses all retail segments including green-grass pro shops, department stores, men's specialty stores, and corporate accounts. Customer traffic and excitement about the new lines was high at both industry events, which included major existing key accounts and numerous potential new customers in all retail categories.
Carol Donovan, director of retail, Prestonwood Country Club, Raleigh, N.C., commented, "The Ashworth line is the strongest we have seen in years. Colors are great, designs are clean and more traditional which our members prefer, the outerwear offering is excellent, and price points are better. We plan to use Ashworth apparel exclusively with all employees of our club this year. We are very excited about offering the Callaway Golf® apparel "Collection" line to our members this year for the first time. Initial reaction has been very positive."
yadda yadda yadda...
http://biz.yahoo.com/bw/030204/40082_1.html
Spiffy report from ILX (timeshares) this a.m.
- - not a direct comp, I know, but could it be that VLVT is in a couple of sweet spots right now w/trucking & timeshares?? - -
ILX Resorts Reports Record Fourth Quarter and Annual Results
Tuesday February 4, 8:30 am ET
Increases in Upgrades, Owner Conversions, and Solid Sales at Las Vegas and Sedona Sales Centers Accounts for Significant Increases in Timeshare Revenues and Earnings
PHOENIX--(BUSINESS WIRE)--Feb. 4, 2003-- ILX RESORTS INCORPORATED (AMEX: ILX - News), announced that its revenues for the fourth quarter 2002 of $15.5 million, were the highest for any fourth quarter in the company's history and 33.6% greater than the same period in 2001.
Revenues from the sale of vacation ownership interests increased by 56.8%. Net income for the fourth quarter 2002 of $477,906 reflects an increase of 29.9% more than the same period of the prior year. Earnings per share for the fourth quarter 2002 were $0.16, as compared to $0.12 for the comparable period in 2001.
Revenues for the year grew by 21.3% with net income growth of 51.8% compared to 2001. Fully diluted earnings per share increased to $1.01 in 2002 from $0.61 in the prior year, representing an increase of 65.6%.
"We are very pleased to report continued significant growth for the fourth quarter and year ended December 31, 2002. Despite a decrease in tourist travel, sales at our Las Vegas and Sedona Sales Centers were solid," said Joe Martori, Chairman and CEO. "In addition to generating sales to first-time buyers, we continue to see a positive trend in additional sales and upgrades to our existing owners. The potential of the Las Vegas Sales Center will be further realized as the development of Premiere Park continues in 2003 and beyond."
ILX Resorts acquires, develops, and operates premier timeshare resorts in the western United States that provide its owners with extraordinary vacation experiences. ILX's portfolio of world-class properties includes six resorts in Arizona, one in Indiana, one in Colorado, one in San Carlos, Mexico, land adjacent to an existing resort in northern Arizona, and 44 acres of land one mile from the Las Vegas Strip, both of which the Company holds development rights to. It also, through Premiere Vacation Club, has acquired, and continues to acquire, inventory at the Carriage House in Las Vegas. For more information, visit: www.ilxresorts.com.
http://biz.yahoo.com/bw/030204/42031_1.html
Question
What do you feel VLVT is worth under these 2 scenarios?
1) Clean audit w/numbers comparable to unaudited financials.
2) Clean audit w/numbers comparable to unaudited financials, but with Matin replaced as CEO.
Interesting short-seller lawsuit
Majority Shareholder of Sports Resorts International, Inc. Files Law Suit Against 'Short Sellers'
Monday February 3, 12:28 pm ET
OWOSSO, Mich., Feb. 3 /PRNewswire/ -- Donald J. Williamson, the largest shareholder of Sports Resorts International, Inc. (the "Company") (Nasdaq: SPRI - News), today announced he has filed a lawsuit in the United States District Court, State of Nevada, against various brokerage firms and market makers alleging they have engaged in unlawful "naked short sales" of shares of SPRI stock. The lawsuit alleges that "naked short sales" result in manipulation of the market price of the publicly-traded shares of SPRI and present false or misleading information concerning the price, actual trading activity and/or the number of free-trading shares of SPRI in the trading market.
Among the parties named as defendants in the lawsuit are Goldman, Sachs & Co.; Archipelago Holdings, LLC; Knight Securities, LP; M. H. Myerson & Co., Inc.; and Westminister Securities Corp.
A "short sale," which is legal, becomes "naked" and illegal when the seller does not own or control and is unable to borrow sufficient shares to cover the seller's "short" positions. This conduct has several very serious negative results on a public company's stock:
* it allows a potentially unlimited number of shares to be sold, without
regard for the number of free-trading shares issued and outstanding;
* it destroys the integrity of the trading market;
* it artificially dilutes shareholder interests; and
* it devalues the value of the shares.
In addition to violations of the federal securities laws, the lawsuit also alleges other claims based on civil fraud, racketeering and conspiracy, and various claims based on state law, and seeks damages in excess of $10,000,000 from each defendant.
http://biz.yahoo.com/prnews/030203/dcm025_1.html
Who are the 'friendly hands' holding what's rumored to be a large portion of the stock that's not in-float?
Do you think they are satisfied with recent events and the price action?
Do you think they are receptive to initiating a management change post-audit?
The audit will answer a lot of questions and add a ton of legitimacy to management's claims. But if what King is referring to by 'transparent management' means that there are still yet some issues that need to be addressed publicly, I'm in total agreement. Understanding management's behavior on the following will help any investor predict management's future behavior and actions:
1) Why the timing of the shares issued 'right before' the release of audited financials?
2) Why the timing of the presentation? Right before the issuance/selling of more shares.
3) What are the future needs for capital & how might they be met?
4) How about some clarification on some more of management's 'personal' issues that we as shareholders don't see as 'personal' because they affect investment decisions?
Hazing new investors
Kinda like getting your butt kicked when you join a frat. Let's hope there's a good party to follow!
Time & Sales most recent back next
VELTEX CORP - Other OTC: VLVT
Rec. Time Action Price Volume Exch.
2:52:38 PM Trade 0.031 30000 Other OTC
2:52:38 PM Trade 0.031 7900 Other OTC
2:52:35 PM Trade 0.031 40000 Other OTC
2:52:30 PM Trade 0.03 100000 Other OTC
2:52:08 PM Trade 0.032 250000 Other OTC
2:52:02 PM Trade 0.03 85000 Other OTC
2:48:21 PM Trade 0.03 100 Other OTC
1:50:56 PM Trade 0.033 15000 Other OTC
1:50:46 PM Trade 0.034 10000 Other OTC
1:16:12 PM Trade 0.033 20000 Other OTC
1:16:12 PM Trade 0.033 10000 Other OTC
1:06:42 PM Trade 0.034 25000 Other OTC
Speaking of selling to big discount chains...
Just came across this:
ALL K-MART AND WALMART STORES WILL BE CLOSED IN IRAQ.
THEY WILL BE REPLACED WITH TARGETS.
Here's the VLVT record that's in the database.
US DOT: 1039061 Docket Number: MC437116
Legal Name: VELTEX USA, INC.
Doing-Business-As Name:
Business Address Business
Telephone and Fax Mail Address Mail
Telephone and Fax Undeliverable
Mail
4200 CHINO HILLS PKWY STE# 375
CHINO HILLS CA 91709 (909) 597-0330 NO
Authority Type Authority Status Application Pending Revocation Pending
Common NONE NO NO
Contract NONE NO NO
Broker NONE NO NO
Property Passenger Household Goods
YES NO NO
Insurance Type Insurance Required Insurance on File
BIPD $750,000 $0
Cargo NO NO
Bond NO NO
BOC-3: YES
Blanket Company: ALL AMERICAN AGENTS OF PROCESS
--------------------------------------------------------------------------------
Shrotker, here's the FMCSA database that I used.
Remember that it's an insurance/license database & allows one to check the insurance coverage for carriers they might use. All Coast is the umbrella for MM/Veltex now. Veltex abandoned their application with the All Coast acquisition.
http://fmcsa-li.volpe.dot.gov/LIVIEW/pkg_menu.prc_menu