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RX.V / BIOYF You called it!
http://finance.yahoo.com/news/biosyent-releases-second-quarter-results-212100431.html
It sounds like these products have unique charachteristics and some strong selling points.
Holy Moly! Am I mathmatically challenged or does that imply Q2 Pharma sales of $940K?
It's lonely being the only one positive on this.
Last year, I accumulated alot of stock, and I've noticed it doesn't trade much now. The 18c bid is mine. I figure it will fill if we see a bad Q or at the end of the year.
I wondered if that was you! Why did you pull it?
PCYN .21 is a very very cheap medical products company. It's wound dressing, Amerigel competes with other more expensive silver dressings and has gotton great reviews.
With gross margins in the high 70s, the zip code changing potential is definately there if they can ever get some momentum with the sales growth.
Thanks for that. The recent 10K mentioned something about a large one time order for the resqvac in the prior year. I wonder if that had someting to do with it. Hope to see a good first quarter!
Question here, is there seasonality to this business? If I recall, Q4 was good the year before and then first quarter came out lower. I wonder if people are expecting that again..
FREE MONEY
I didn't know where to post this on Ihub, so I'm doing it here since this is a free board. I know it's miscatagorized...
Basically JAKK is tendering for 4 million shares at a price of $20 per share. Holders of 99 shares or less get the full $20 - their shares don't get prorated. I think it closed today at $18.50.
http://www.whopperinvestments.com/jakk-special-situation-tender-offer
FREE MONEY
I didn't know where to post this on Ihub, so I'm doing it here since this is a free board.
Basically JAKK is tendering for 4 million shares at a price of $20 per share. Holders of 99 shares or less get the full $20 - their shares don't get prorated. I think it closed today at $18.50.
http://www.whopperinvestments.com/jakk-special-situation-tender-offer
That was a great report all around. The extension of Feramax certainly sounds promising. We already know how profitable it is....
They have done a great job controlling expenses. With new reps, advertising Cathejell and the move to the new offices, I thought first quarter earnings were going to take a hit. My two cents is that this company is run by top notch management that has demonstrated it can do alot with a little.
I ve got alot of shares and am in for the long haul. Not alot of macro risk worry here with this.
This is one company product I have no wish to try out myself!
Well the growth is slowing. That's all really. Do you have another view? I'd love to think theres some more growth left for it, but who knows, people have probably become pretty much aware of it by now.
It sounds like the insecticide business was off for natural reasons - bug infestations were low or something like that.
Still the results were a little disapointing to me. I would now guess Feramax levels off around 3mm in revenues. I had been optimistic it could be a 4mm product. Theres a big difference there when you ve got 80% gross margins.
It would have been nice to read more about the pipeline of new products. The new analgesic is supposed to start shipping in the first half so maybe we ll see some results from it this year.
Obviously the compnany is planning for some serious growth. Did you see they have just moved into a new facilty? I bet it's big, bump in rent expense is significant.
I'd say congrats to Zen, I think he saw it on the post by the guy on SI and introduced people who follow here to it. His DD really laid out the merits of the business clearly.
I don't know why you guys with from swing trade brought attention to this thing. I think it's a good enough story that you can keep quiet and add as the business develops. So what if we get a run from 50c to a dollar. Bigger growth is probably farther out next year or so. Why not increase awareness until then. This is a company we can get rich on IMO
THere I've said enough, and I'm pumping defeating my purpose.
I guess the cats out of the bag on this one. I was hoping to pick up a bit more around 40c before things started going.
I think the growth story with RX is really really good. I never heard of Max Fletcher before, but am going to listen to what he writes about in the future!
Well ghmm, it looks like I'm here to stay awhile... It looks like the growth trend of the past several years has been broken. I wonder if some customers were lost with the price increase last year.
Hopefully sales can be built back up again. Amerigel gets great reviews from people who use it, but there are alot of good dressings out there. I thinks it's probably pretty hard to compete when your product doesnt have any uniqe charachteristics.
With the 80% gross margins, it doesn't take a whole lot of new sales for the company to start bringing in barrelloads of cash. They are paying off the mortgage note early and I think thats a good sign. Maybe a step closer to starting paying dividends.
In addition, the results of the vote were in the Q. Quite a significant votes were placed against all directors. I wonder if that trust which owns 20% is upset with things.
I would guess it's more a long time holder selling. The thing has almost tripled over the past year. I bought some shares at 49c early last month and saw 250K shares on the ask at 50c.
Another solid quarter for Danier Leather, DL.TO / DLTOF.PK
http://finance.yahoo.com/news/Danier-Leather-Reports-Fiscal-ccn-3255764475.html?x=0
TORONTO, ONTARIO--(Marketwire -01/25/12)- Danier Leather Inc. (TSX: DL.TO - News) today announced its unaudited interim consolidated financial results for the 13 week and 26 week periods ended December 24, 2011.
FINANCIAL HIGHLIGHTS ($000s, except earnings per share (EPS), square footage and number of stores):
-------------------------------------------- For the 13 Weeks For the 26 Weeks Ended Ended---------------------------------------------------------------------------- Dec. 24, Dec. 25, Dec. 24, Dec. 25, 2011 2010 2011 2010----------------------------------------------------------------------------Sales $ 59,487 $ 61,442 $ 81,578 $ 84,869----------------------------------------------------------------------------EBITDA(1) 12,642 12,708 9,685 9,609----------------------------------------------------------------------------Net Earnings 8,466 8,170 5,698 5,298----------------------------------------------------------------------------EPS - Basic $ 1.83 $ 1.75 $ 1.23 $ 1.15----------------------------------------------------------------------------EPS - Diluted $ 1.77 $ 1.67 $ 1.19 $ 1.09----------------------------------------------------------------------------Number of Stores 91 91 91 91----------------------------------------------------------------------------Retail Square Footage 306,702 315,623 306,702 315,623----------------------------------------------------------------------------Net earnings during the second quarter of fiscal 2012 increased by 4% to $8.5 million ($1.77 per diluted share) compared with $8.2 million ($1.67 per diluted share) during the second quarter last year. For the year-to-date period, net earnings increased by 8% to $5.7 million ($1.19 per diluted share) compared with net earnings of $5.3 million ($1.09 per diluted share) for the same period last year.
During fiscal 2012, Danier has placed more emphasis on increasing sales generated from accessories. Although unseasonably warm weather contributed to a reduction in outerwear sales, accessory sales continued to perform well, increasing by 8% during the second quarter of fiscal 2012 and increasing by 9% for the year-to-date period, compared to the respective periods last year. The higher margin accessory category represented 30% of total sales during the second quarter of fiscal 2012 compared with 27% during the second quarter last year. For the 26 weeks ended December 24, 2011, accessories represented 32% of total sales compared with 29% during the corresponding period last year.
Mainly due to unseasonably warm weather, total company sales during the second quarter of fiscal 2012 decreased by 3% to $59.5 million compared with $61.4 million during the second quarter last year. Year-to-date sales decreased by 4% to $81.6 million compared with $84.9 million for the corresponding period last year. Comparable store sales(2) decreased by 3% during the second quarter of fiscal 2012 and decreased by 4% for the first half of fiscal 2012, compared to the respective periods last year.
Gross profit as a percentage of revenue during the second quarter of fiscal 2012 decreased by 280 basis points to 55.7% compared with 58.5% during the second quarter last year. Gross profit margin during the first half of fiscal 2012 decreased by 180 basis points to 55.0% compared with 56.8% during the first six months of last year.
Selling, general and administrative expenses during the second quarter of fiscal 2012 decreased by 12% to $21.4 million compared with $24.3 million during the second quarter last year. Year-to-date, selling, general and administrative expenses decreased by 9% to $37.0 million compared with $40.6 million during the corresponding period last year.
Danier continues to maintain a strong balance sheet with cash of $31.8 million compared with $25.4 million at the end of the second quarter last year. In addition, at the end of the second quarter of fiscal 2012, Danier had working capital of $50.5 million, no long-term debt and a book value of $14.49 per outstanding share.
For the 2012 fiscal year, Danier began reporting its financial results in accordance with International Financial Reporting Standards ("IFRS"), including comparative information. Previously reported financial results prepared in accordance with Canadian generally accepted accounting principles have been restated to conform to the new standards adopted. See Note 21 accompanying Danier's second quarter 2012 unaudited interim condensed consolidated financial statements for further information on the transition to IFRS and its impact on Danier's financial position, financial performance and cash flows.
Non-IFRS Financial Measures
The Company prepares its consolidated financial statements in accordance with IFRS. In order to provide additional insight into the business, the Company has also provided non-IFRS data, including EBITDA and comparable store sales as defined below. Non-IFRS measures such as EBITDA and comparable store sales are not recognized measures for financial presentation under IFRS. These non-IFRS measures do not have a standardized meaning prescribed by IFRS and, therefore, may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS.
(1) EBITDA is defined as net earnings before interest expense, interest income, income taxes, impairment loss on property and equipment and amortization. EBITDA is a financial metric used by management and some investors to compare companies on the basis of ongoing operating results before taxes, interest expense, interest income, impairment loss on property and equipment and amortization and its ability to incur and service debt. EBITDA is also used by management to measure performance against internal targets and prior period results. EBITDA is calculated as outlined in the following table: For the 13 Weeks For the 26 Weeks Ended Ended ---------------------------------------- Dec 24, Dec 25, Dec 24, Dec 25, 2011 2010 2011 2010 ------------------- ------------------- ($000) ($000) ($000) ($000)Net earnings $ 8,466 $ 8,170 $ 5,698 $ 5,298Add (deduct) impact of the following: Income tax 3,299 3,472 2,206 2,233 Interest expense 11 23 33 69 Interest income (19) (8) (57) (26) Impairment loss on property and equipment 21 35 21 35 Amortization 864 1,016 1,784 2,000 ------------------- -------------------EBITDA $ 12,642 $ 12,708 $ 9,685 $ 9,609 ------------------- ------------------- ------------------- -------------------(2) Comparable store sales are defined as sales generated by stores that have been open during the full current fiscal year as well as the full prior fiscal year. Comparable store sales is a key indicator used by the Company to measure performance against internal targets and prior period results and excludes sales fluctuations due to new stores, store closings and certain permanent store relocations. This measure is also commonly used by financial analysts and investors to compare Danier to other retailers.Forward-Looking Statements
This press release may contain forward-looking information and forward-looking statements which reflect the current view of Danier with respect to the Company's objectives, plans, goals, strategies, future growth, results of operations, financial and operating performance and business prospects and opportunities. Wherever used, the words "may", "will", "anticipate", "intend", "expect", "estimate", "plan", "believe" and similar expressions identify forward-looking statements and forward-looking information. Forward-looking statements and forward-looking information should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the times at which, such events, performance or results will be achieved. All of the statements in this press release containing forward-looking statements or forward-looking information, if any, are qualified by these cautionary statements.
Forward-looking statements and forward-looking information are based on information available at the time they are made, underlying estimates, opinions and assumptions made by management and management's good faith belief with respect to future events, performance and results and are subject to inherent risks and uncertainties surrounding future expectations generally. For additional information with respect to Danier's inherent risks and uncertainties, reference should be made to Danier's continuous disclosure materials filed from time to time with the Canadian Securities Regulatory Authorities, including the Company's annual information form, quarterly and annual reports and financial statements and notes thereto, and supplementary information, which are available on SEDAR at www.sedar.com and in the Investor Relations section of the Company's website at www.danier.com. Additional risks and uncertainties not presently known to the Company or that Danier currently believes to be less significant may also adversely affect the Company.
Danier cautions readers that such factors and uncertainties are not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions prove incorrect, actual events, performance and results may vary significantly from those expected. There can be no assurance that the actual results, performance, events or activities anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. Potential investors and other readers are urged to consider these factors carefully in evaluating forward-looking information and forward-looking statements and are cautioned not to place undue reliance on any forward-looking information or forward-looking statements. Danier disclaims any intention or obligation to update or revise any forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
About Danier
Danier Leather Inc. is a leading integrated designer, manufacturer, distributor and retailer of high-quality fashion-oriented leather apparel and accessories. The Company's merchandise is marketed exclusively under the well-known Danier brand name and is available at its 91 shopping mall, street-front and power centre stores. Corporations and other organizations can obtain Danier products for use as incentives and premiums for employees, suppliers and customers through Canada Sportswear Corp. For more information about the Company and our products, see www.danier.com.
----------------------------------------------------------------------------Investors and analysts are invited to participate in a conference call todayat 4:00 PM Eastern Time to discuss the results. Please dial 416-340-2216 inthe Toronto area or 1-866-226-1792 (rest of Canada and the U.S.) and quotethe Danier Leather Inc. conference call with Chairperson Jeffrey Wortsman atleast five minutes prior to the call. The call will also be webcast at http://www.danier.com/ or at http://www.marketwire.com/.----------------------------------------------------------------------------DANIER LEATHER INC.CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE EARNINGS(thousands of Canadian dollars, except per share amounts and number of shares) - unaudited------------------------------------------------------------------------------------------------------------------------------------------------------ For the 13 Weeks For the 26 Weeks Ended Ended --------------------------------------------- December December December December 24, 25, 24, 25, 2011 2010 2011 2010 --------------------- ---------------------Revenue $ 59,487 $ 61,442 $ 81,578 $ 84,869Cost of sales (Note 13) 26,328 25,500 36,729 36,666 --------------------- ---------------------Gross profit 33,159 35,942 44,849 48,203 Selling, general and administrative expenses (Note 13) 21,402 24,285 36,969 40,629 Interest income (19) (8) (57) (26) Interest expense 11 23 33 69 --------------------- ---------------------Earnings before income taxes 11,765 11,642 7,904 7,531Provision for income taxes 3,299 3,472 2,206 2,233 --------------------- ---------------------Net earnings and comprehensive earnings $ 8,466 $ 8,170 $ 5,698 $ 5,298 --------------------- --------------------- --------------------- ---------------------Net earnings per share: Basic $ 1.83 $ 1.75 $ 1.23 $ 1.15 Diluted $ 1.77 $ 1.67 $ 1.19 $ 1.09Weighted average number of shares outstanding: Basic 4,629,878 4,656,321 4,643,017 4,614,433 Diluted 4,777,651 4,894,548 4,796,672 4,856,890Number of shares outstanding at period end 4,631,835 4,702,068 4,631,835 4,702,068DANIER LEATHER INC.CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(thousands of Canadian dollars) - unaudited-------------------------------------------------------------------------------------------------------------------------------------------------------- Dec 24, Dec 25, June 25, 2011 2010 2011 --------- --------- ---------ASSETSCurrent Assets Cash and cash equivalents (Note 5) $ 31,803 $ 25,406 $ 28,698 Accounts receivable 1,686 391 385 Inventories (Note 6) 36,789 41,163 28,964 Prepaid expenses 426 381 901 --------- --------- --------- 70,704 67,341 58,948Non-current Assets Property and equipment (Note 7) 15,315 15,808 14,404 Computer software (Note 8) 891 1,166 1,054 Deferred income tax asset (Note 14) 1,786 1,777 1,678 --------- --------- --------- $ 88,696 $ 86,092 $ 76,084 --------- --------- --------- --------- --------- ---------LIABILITIESCurrent Liabilities Payables and accruals (Note 10) $ 16,010 $ 19,650 $ 11,024 Deferred revenue 2,135 2,353 1,489 Sales return provision (Note 11) 1,451 1,306 47 Income taxes payable 583 1,097 278 --------- --------- --------- 20,179 24,406 12,838Non-current LiabilitiesDeferred lease inducements and rent liability 1,392 1,414 1,318 --------- --------- --------- 21,571 25,820 14,156 --------- --------- ---------SHAREHOLDERS' EQUITY Share capital (Note 12) 14,959 15,001 15,160 Contributed surplus 945 1,136 934 Retained earnings 51,221 44,135 45,834 --------- --------- --------- 67,125 60,272 61,928 --------- --------- --------- $ 88,696 $ 86,092 $ 76,084 --------- --------- --------- --------- --------- ---------Commitments and Contingencies (Notes 16 and 17)Approved by the BoardJanuary 25, 2012See accompanying notes to the consolidated financial statementsDANIER LEATHER INC.CONSOLIDATED STATEMENTS OF CASH FLOW(thousands of Canadian dollars) - unaudited------------------------------------------------------------------------------------------------------------------------------------------------------ For the 13 Weeks Ended For the 26 Weeks Ended ---------------------- ---------------------- December December December December 24, 2011 25, 2010 24, 2011 25, 2010 ---------------------- ----------------------Cash provided by (used in)OPERATING ACTIVITIES Net earnings $ 8,466 $ 8,170 $ 5,698 $ 5,298 Adjustments for: Amortization of property and equipment 774 840 1,605 1,700 Amortization of computer software 90 176 179 300 Impairment loss on property and equipment 21 35 21 35 Amortization of deferred lease inducements (36) (46) (76) (99) Proceeds from deferred lease inducement 128 155 128 155 Straight line rent expense 17 6 22 13 Stock-based compensation 2 20 17 60 Interest income (19) (8) (57) (26) Interest expense 11 23 33 69 Provision for income taxes 3,299 3,472 2,206 2,233 Changes in working capital (Note 15) 9,388 4,548 (1,649) (4,444) Interest paid - - (12) (100) Interest received 12 3 69 21 Income taxes paid (934) (1,041) (2,008) (5,091) ---------------------- ----------------------Net cash generated from operating activities 21,219 16,353 6,176 124 ---------------------- ----------------------FINANCING ACTIVITIES Subordinate voting shares issued 12 607 12 649 Subordinate voting shares repurchased - - (530) - ---------------------- ----------------------Net cash (used in) generated from financing activities 12 607 (518) 649 ---------------------- ----------------------INVESTING ACTIVITIES Acquisition of property and equipment (1,502) (874) (2,537) (1,881) Acquisition of computer software (16) (10) (16) (49) ---------------------- ----------------------Net cash used in investing activities (1,518) (884) (2,553) (1,930) ---------------------- ----------------------Increase (decrease) in cash and cash equivalents 19,713 16,076 3,105 (1,157)Cash and cash equivalents, beginning of period 12,090 9,330 28,698 26,563 ---------------------- ----------------------Cash and cash equivalents, end of period $ 31,803 $ 25,406 $ 31,803 $ 25,406 ---------------------- ---------------------- ---------------------- ----------------------See accompanying notes to the consolidated financial statementsDANIER LEATHER INC.CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY(thousands of Canadian dollars) - unaudited-------------------------------------------------------------------------------------------------------------------- Accumulated Other Share Contributed Comprehensive Retained Capital Surplus Income Earnings Total ------------------------------------------------------------Balance - June 25, 2011 $ 15,160 $ 934 $ - $ 45,834 $ 61,928 Net earnings - - - 5,698 5,698 Stock-based compensation related to stock options - 17 - - 17 Exercise of stock options 18 (6) - - 12 Share repurchases (219) - - (311) (530) ------------------------------------------------------------Balance - December 24, 2011 $ 14,959 $ 945 $ - $ 51,221 $ 67,125 ------------------------------------------------------------ Accumulated Other Share Contributed Comprehensive Retained Capital Surplus Income Earnings Total ----------------------------------------------------------Balance - June 27, 2010 $ 14,176 $ 1,252 $ - $ 38,837 $ 54,265 Net earnings - - - 5,298 5,298 Stock-based compensation related to stock options - 60 - - 60 Exercise of stock options 825 (176) - - 649 Share repurchases - - - - - ----------------------------------------------------------Balance - December 25, 2010 $ 15,001 $ 1,136 $ - $ 44,135 $ 60,272 ----------------------------------------------------------See accompanying notes to the consolidated financial statementsDANIER LEATHER INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTSFor the 13 week and 26 week periods ended December 24, 2011 and December 25,2010(unless otherwise stated, all amounts are in thousands of Canadian dollars)- unaudited1. General Information:Danier Leather Inc. and its subsidiaries ("Danier" or the "Company") comprise a vertically integrated designer, manufacturer, distributor and retailer of leather apparel and accessories. Danier Leather Inc. is a corporation existing under the Business Corporations Act (Ontario) and is domiciled in Canada. The Company's Subordinate Voting Shares are listed on the Toronto Stock Exchange (TSX: DL.TO - News). The address of its registered head office is 2650 St. Clair Avenue West, Toronto, Ontario, M6N 1M2, Canada.
2. Significant Accounting Policies:(a) Statement of Compliance
These unaudited condensed interim consolidated financial statements ("interim consolidated financial statements") have been prepared in accordance with International Financial Reporting Standards ("IFRS") applicable to the preparation of interim financial statements, including International Accounting Standard ("IAS") 34, Interim Financial Reporting and by IFRS 1, First-time Adoption of IFRS ("IFRS 1"), as issued by the International Accounting Standards Board ("IASB").
The policies applied in these interim consolidated financial statements are based on IFRS standards issued and outstanding as of January 25, 2012, the date the interim consolidated financial statements were approved and authorized for issuance by the Company's Board of Directors. Any subsequent changes to IFRS that are given effect in the Company's annual consolidated financial statements for the financial year ending June 30, 2012 could result in restatement of these interim consolidated financial statements, including transition adjustments recognized on change-over to IFRS.
The interim consolidated financial statements should be read in conjunction with the Company's annual financial statements for the year ended June 25, 2011 prepared in accordance with Canadian generally accepted accounting principles ("Canadian GAAP"). In addition, for supplemental annual disclosures, see note 21 and note 22 of the Company's 2012 first quarter unaudited condensed interim consolidated financial statements and notes ("Q1 2012 interim consolidated financial statements"). An explanation of how the transition from Canadian GAAP to IFRS as at June 27, 2010 ("transition date") has affected the reported financial position, financial performance and cash flows of the Company, including mandatory exceptions and optional exemptions under IFRS 1 is provided in the Q1 2012 interim consolidated financial statements.
(b) Basis of Presentation
These interim consolidated financial statements have been prepared on a historical cost basis except for the following items which are measured at fair value:
-- Financial instruments at fair value through profit and loss; and-- Liabilities for cash-settled share-based payment plans.The significant accounting policies as disclosed in note 3 of the Company's Q1 2012 interim consolidated financial statements have been applied consistently in the preparation of these interim consolidated financial statements.
(c) Functional and presentation currency
These interim consolidated financial statements are presented in Canadian dollars ("C$"), the Company's functional currency. All financial information is presented in thousands, except per share amounts which are presented in whole dollars and number of shares, which are presented as whole numbers.
(d) Use of Estimates and Judgments
The preparation of these interim consolidated financial statements in accordance with IFRS requires management to make certain judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the interim consolidated financial statements, and the reported amounts of revenues and expenses during the period.
Judgment is commonly used in determining whether a balance or transaction should be recognized in the interim consolidated financial statements, and estimates and assumptions are more commonly used in determining the measurement of recognized transactions and balances. However, judgments and estimates are often interrelated.
Management has applied its judgment in its assessment of the classification of leases and financial instruments, the recognition of tax provisions, determining the tax rates used for measuring deferred taxes, and identifying the indicators of impairment of property and equipment and computer software.
Estimates are used when estimating the useful lives of property and equipment and computer software for the purposes of depreciation and amortization, when accounting for or measuring items such as inventory provisions, gift card breakage, assumptions underlying income taxes, sales and use taxes and sales return provisions, certain fair value measures including those related to the valuation of share-based payments and financial instruments and when testing assets for impairment. These estimations depend upon subjective and complex judgments about matters that may be uncertain, and changes in those estimates could materially impact the interim consolidated financial statements. Illiquid credit markets, volatile equity, foreign currency and energy markets and declines in consumer spending have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results may differ significantly from such estimates and assumptions.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
3. Future Accounting Standards:A number of new standards, amendments to standards and interpretations have been issued but are not yet effective for the financial year ending June 30, 2012, and accordingly, have not been applied in preparing these interim consolidated financial statements:
(a) IFRS 7: Financial Instruments - Disclosures
The IASB has issued an amendment to IFRS 7, "Financial Instruments: Disclosures", requiring incremental disclosures regarding transfers of financial assets. This amendment is effective for annual periods beginning on or after July 1, 2011. The Company will apply the amendment for its fiscal year beginning July 1, 2012 and does not expect the implementation to have a significant impact on the Company's disclosures.
The IASB has issued two further amendments to IFRS 7 related to enhanced disclosure requirements for offsetting of financial assets and liabilities and additional disclosures on transition from IAS 39 to IFRS 9. The amendment related to offsetting of financial assets and liabilities is effective for annual periods beginning on or after January 1, 2013 and the amendment related to additional disclosures on transition from IAS 39 to IFRS 9 is effective for annual periods beginning on or after January 1, 2015. The Company has yet to assess the impact of these further amendments on its consolidated financial statements.
(b) IFRS 9: Financial Instruments
The IASB has issued a new standard, IFRS 9, "Financial Instruments" ("IFRS 9"), which will ultimately replace IAS 39, "Financial Instruments: Recognition and Measurement" ("IAS 39"). The replacement of IAS 39 is a multi-phase project with the objective of improving and simplifying the reporting for financial instruments and the issuance of IFRS 9 is a part of the first phase. This standard originally was to become effective on January 1, 2013 but the mandatory effective date has been amended to January 1, 2015. The Company has yet to assess the impact of the new standard on its statements of financial position, earnings and disclosures.
(c) IFRS 13: Fair Value Measurement
The IASB has issued a new standard, IFRS 13, "Fair Value Measurement" ("IFRS 13"), which is a comprehensive standard for fair value measurement and disclosure requirements for use across all IFRS standards. The new standard is effective for annual periods beginning on or after January 1, 2013 and clarifies that fair value is the price that would be received to sell an asset, or paid to transfer a liability in an orderly transaction between market participants, at the measurement date. It also establishes disclosures about fair value measurement. Under existing IFRS, guidance on measuring and disclosing fair value is dispersed among the specific standards requiring fair value measurements and, in many cases, does not reflect a clear measurement basis or consistent disclosures. The Company does not believe that this new standard will have a material impact on its consolidated financial statements.
(d) IAS 32: Financial Instruments - Presentation
The IASB has issued an amendment to standard IAS 32, "Financial Instruments - Presentation" ("IAS 32"). The amendment is effective for annual periods beginning on or after January 1, 2014 and clarifies the requirements for offsetting financial assets and financial liabilities. The Company has yet to assess the impact of this amendment on its consolidated financial statements.
(e) Other Standards
On May 12, 2011, the IASB issued a package of five new standards, all of which are effective for annual periods beginning on or after January 1, 2013. Early adoption is permitted but IFRS 10, IFRS 11 and IFRS 12 (all discussed below) must all be adopted at the same time. The Company has yet to fully assess the impact of the new standards and amendments on its consolidated financial statements. The following is a list of these new standards and amendments.
-- IFRS 10, "Consolidated Financial Statements" ("IFRS 10") - This standard replaces the portions of IAS 27, "Consolidated and Separate Financial Statements" that pertain to consolidated reporting and also SIC-12, "Consolidation - Special Purpose Entities". This new standard establishes standards for the presentation and preparation of consolidated financial statements when an entity controls one or more entities. IFRS 10 establishes a single control model that applies to all entities.-- IFRS 11, "Joint Arrangement" ("IFRS 11") - This standard replaces IAS 31, "Interests in Joint Ventures" and SIC-13, "Jointly-controlled Entities - Non-Monetary Contributions by Venturers", and requires that a party in a joint arrangement assess its rights and obligations to determine the type of joint arrangement and account for those rights and obligations accordingly. IFRS 11 removes the option to account for jointly controlled entities using proportionate consolidation. Instead, jointly controlled entities that meet the definition of a joint venture must be accounted for using the equity method.-- IFRS 12, "Disclosure of Interests in Other Entities" ("IFRS 12") - This standard supplements existing disclosure requirements about interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities. It focuses on the nature of, and risk associated with, such interests in other entities and the effects of such interests on its statements of financial position, earnings (loss) and cash flows.3. Future Accounting Standards (continued):-- IAS 27, "Separate Financial Statements" and IAS 28 "Investments in Associates and Joint Venturers" are both being amended as a direct consequence of the above new standards and deal with accounting in separate, or unconsolidated, financial statements, as well as the mechanics of equity accounting for joint ventures.4. Seasonality of retail operations:Due to the seasonal nature of the retail business and the Company's product lines, the results of operation for any interim period are not necessarily indicative of the results of operations to be expected for the fiscal year. Generally, a significant portion of the Company's sales and earnings are typically generated during the second fiscal quarter, which includes the holiday selling season. Sales are usually lowest and losses are typically experienced during the period from April to September.
5. Cash and cash equivalents:The components of cash and cash equivalents are as follows:
December 24, 2011 December 25, 2010 June 25, 2011 ------------------- ------------------- ---------------Cash $ 3,333 $ 6,432 $ 4,625Bankers acceptances 28,470 18,974 24,073 ------------------- ------------------- ---------------Cash and cash equivalents $ 31,803 $ 25,406 $ 28,698 ------------------- ------------------- --------------- ------------------- ------------------- ---------------6. Inventories: ------------------------------------------------------- December 24, 2011 December 25, 2010 June 25, 2011 ------------------- ------------------- ---------------Raw materials $ 1,817 $ 3,188 $ 2,655Work-in-process 175 180 265Finished goods 34,797 37,795 26,044 ------------------- ------------------- --------------- $ 36,789 $ 41,163 $ 28,964 ------------------- ------------------- --------------- ------------------- ------------------- --------------- 13 Weeks Ended 26 Weeks Ended ----------------------- ----------------------- December December December December 24, 2011 25, 2010 24, 2011 25, 2010 ----------- ----------- ----------- -----------Cost of inventory recognized as an expense $ 26,070 $ 25,188 $ 36,352 $ 36,214Write-downs of inventory due to net realizable value being lower than cost $ 443 $ 330 $ 588 $ 439Write-downs recognized in previous periods that were reversed - - $ 3 $ 217. Property and Equipment: ------------------------------------------------- ------------------------------------------------- 26 Weeks Ended December 24, 2011 ------------------------------------------------- ------------------------------------------------- Land Building Roof HVAC -------------------------------------------------CostAt June 25, 2011 $ 1,000 $ 6,063 $ 308 $ 753Additions - - - 40Disposals - - - - -------------------------------------------------At December 24, 2011 $ 1,000 $ 6,063 $ 308 $ 793 ------------------------------------------------- -------------------------------------------------Accumulated amortization and impairment lossesAt June 25, 2011 - $ 2,198 $ 184 $ 531Amortization for the period - 77 9 23Impairment losses - - - -Disposals - - - - -------------------------------------------------At December 24, 2011 - $ 2,275 $ 193 $ 554 ------------------------------------------------- -------------------------------------------------Net carrying valueAt December 24, 2011 $ 1,000 $ 3,788 $ 115 $ 239At June 25, 2011 $ 1,000 $ 3,865 $ 124 $ 222Capital work in progress included aboveAt December 24, 2011 - - - - -------------------------------------------------- -------------------------------------------------- 26 Weeks Ended December 24, 2011 -------------------------------------------------- -------------------------------------------------- Leasehold Furniture & Computer Improvements Equipment Hardware Total --------------------------------------------------CostAt June 25, 2011 $ 23,453 $ 8,985 $ 3,180 $ 43,742Additions 1,762 638 97 2,537Disposals (1,470) (346) - (1,816) --------------------------------------------------At December 24, 2011 $ 23,745 $ 9,277 $ 3,277 $ 44,463 -------------------------------------------------- --------------------------------------------------Accumulated amortization and impairment lossesAt June 25, 2011 $ 17,968 $ 6,232 $ 2,225 $ 29,338Amortization for the period 845 483 168 1,605Impairment losses 21 - - 21Disposals (1,470) (346) - (1,816) --------------------------------------------------At December 24, 2011 $ 17,364 $ 6,369 $ 2,393 $ 29,148 -------------------------------------------------- --------------------------------------------------Net carrying valueAt December 24, 2011 $ 6,381 $ 2,908 $ 884 $ 15,315At June 25, 2011 $ 5,485 $ 2,753 $ 955 $ 14,404Capital work in progress included aboveAt December 24, 2011 $ 270 $ 59 - $ 329 ------------------------------------------------- ------------------------------------------------- 26 Weeks Ended Dec
Ah that works, I was forgetting the hyphen.
Hey Mike do you have a link to the SEDAR filings for INX. They are hard to find searching the database, I had it bookmarked on my old laptop but that didnt last too long.
Thanks!
I dont follow the company too closely, but the report seemed really good to me. Really surprised the stock sold off. Of course the bottom line numbers are going to lag the top line. Didnt they just open a new office in NC? I'm sure there alot of expense folded into that as well as for growing the new business.
Any thoughts as to where gross margins are headed? I was under the impression the new mobile data capture business has better margins than some of the legacy stuff.
At any rate that lame research report from the summer is no longer up to date. 2012 revenues were projected to be 8MM.
Quarterly earnings out. Revenue was a schocker, I wasnt expecting the drop at all. Puzzling. I thought we had a great high-margin growth story unfolding. Management attributes the decline to timing of orders from large distributors. Maybe it's just bad timing...
Thanks for sharing your find Zenlunatic! Im on board and believe in management and their growth stratagy. Today's earnings were good, but this is seasonally the best quarter for the legacy biz. Not that I'm complaining.
Along with expectations of continued revenue growth in existing markets, theres some talk in the K about them going after gov contracts and international markets. I dont remember past fillings being so bullish.
I think we have very good opportunity here. The amerigel business has been consistently grownign for the past ten or so years.
The guy who writes the whopperinvestments blog nailed in in a write up in Feb:
http://www.whopperinvestments.com/?s=pcyn
You shouldnt be so quick to judge. This is the guy who found spin.
DL.TO, DLTOF.PK Danier Leather is one cheap Canadian retailer
http://finance.yahoo.com/news/Danier-Leather-Reports-Fiscal-ccn-1856831668.html?x=0&.v=1
Most of their business is done in the Fall quarter though.
hi 10 Bagger, great to see Unilens getting some attention on these boards!
INXSF, Thats a very welcome piece of news! The forecasts used in the research report could probably stand to be revised. My feeling was that report was a dud, not really offering any new insight or discussion of opportunity to grow the business. It looked like it was prepared by a student working out of a textbook.
'Happy with the status quo' was probably not a good choice of words, but I think they re on the right track. The Amerigel business continues to grow.
The point I was making regarding dividends is that they will surely pay off the debt first and that leaves cash of 600K or so. Before common sharholders can get anything almost 300K has to be paid to prefered. Im sure the comapany management wants to keep a signifigant cash balance on hand so chance of a dividend at this time is low.
I dont think we see a dividend anytime soon. I would expect the bank of america loan, which regina anderson has personally guaranteed, to be paid off. Then of course almost 300K in dividends would go to holders of that pesky preferred before we see anything.
In last quarters filings it looks like they made a pretty substantial 50K principle payment on the loan.
I dont think the re going to sell the company either. At least not soon. It's the anderson's family business and they arent close to retirement age at all.
Im happy with the status quo. Revenue growth should be more apparent I think.
Thanks 10 Bagger for selling the shares! I dont't want to bid it up into the 20c range. I guess now we wait around for the ocasional 'tired' holder who wants to sell out.
NOOF, The possibilities for Wiener jokes are endless.
The quarter wasn't really that bad. Cash flows diverge from net income substantially with this co. Results from the film production segment cause revenues to jump around a bit.
The company makes money a ton of money. Its just worrisome cause this is about as discretionary type of biz as they come. If the economy goes downhill it's gonna hurt NOOF.
But it's nice to see $18 million socked away.
NOOF, Been buying New Frontier Media.
It's trading close to 52 week lows and really cheap. Adam Sues at www.valueuncovered.com has some good write ups on it.
Fourth quarter earnings will be released Friday. Hopefully they will put out a good numbers.
ELST $.59 Annonced it's first quarter earnings today:
KENNEWICK, Wash.--(BUSINESS WIRE)-- Electronic Systems Technology Inc. (EST) (OTCQB: ELST), dba ESTeem Wireless Modems, the manufacturer of the ESTeem product line of wireless modems, today announced sales and results of operations for the three month period ending March 31, 2011.
EST reported sales for the first quarter 2011 of $533,220 compared to $555,029 for the same quarter in 2010. Gross revenues for the first quarter of 2011 decreased to $540,101, compared with gross revenues of $558,576 in the first quarter of 2010. The Company recorded net income for the first quarter of 2011 of $489, or $0.00 per share, compared with net income of $35,372 or $0.01 per share for the first quarter of 2010.
Selected Statement of Operations Information
(Unaudited)
Three Months Ended
March 31, March 31,
2011 2010
Sales $ 533,220 $ 555,029
Other Revenues 6,881 3,547
Gross Revenues $ 540,101 $ 558,576
Net Income (loss) before tax 8,289 40,072
Net Income (loss) 489 35,372
Weighted average common shares outstanding 5,158,667 5,158,667
Basic Earnings (Loss)per Share $ 0.00 $ 0.01
Diluted Earnings (Loss) per Share 0.00 0.01
Selected Balance Sheet Information
(Unaudited)
March 31, December 31,
2011 2010
Cash and cash equivalents $ 1,326,212 $ 1,133,720
Total current assets 3,149,112 3,180,771
Property & equipment (net) 39,338 44,255
Total assets 3,259,725 3,278,730
Total current liabilities 153,279 172,128
Long-term debt -0- -0-
Stockholders' equity 3,094,946 3,093,602
Contact:
Electronic Systems Technology, Inc.Jon Correio, 509-735-9092Fax: 509-783-5475www.esteem.com
PSD.TO /PLSDF.PK Reports first qtr earnings:
CALGARY, ALBERTA--(Marketwire - May 5, 2011) - Douglas Cutts, President and Chief Executive Officer of Pulse Seismic Inc. (TSX:PSD - News; "Pulse" or "the Company"), reports the financial and operating results of Pulse for the three months ended March 31, 2011. The unaudited condensed consolidated interim financial statements, accompanying notes and MD&A are will be filed on SEDAR. These documents will also be available on Pulse's website www.pulseseismic.com. The Company is now reporting under International Financial Reporting Standards (IFRS).
HIGHLIGHTS
-- Record first-quarter seismic data library sales totalled $11.3 million for the period ended March 31, 2011 compared to $5.1 million for the same period in 2010. -- Total seismic revenue (including revenue from participation surveys) for the three months ended March 31, 2011 was $14.1 million compared to $5.1 million for the three months ended March 31, 2010. -- Record first-quarter cash EBITDA(b) of $9.1 million ($0.14 per share basic and diluted) for the three months ended March 31, 2011 compared to $3.5 million ($0.07 per share basic and diluted) for the same period in 2010. -- Net earnings for the three months ended March 31, 2011 were $1.3 million ($0.02 per share basic and diluted) compared to a net loss of $1.5 million ($0.03 per share basic and diluted) for the three months ended March 31, 2010. -- Pulse's working capital position at March 31, 2011 was $10.4 million (including cash of $16.2 million and current portion of long term debt of $13.0 million) compared to $18.1 million (including cash of $20.0 million and current portion of long term debt of $7.0 million) at March 31, 2010 and $7.9 million (including cash of $17.0 million and current portion of long term debt of $13.0 million) at December 31, 2010. -- Pulse completed one 3D seismic survey totalling 90 net square kilometres located in the Deep Basin area of west central Alberta. A second participation survey located in the Farrell Creek area of northeast British Columbia totalling 71 net square kilometres is scheduled for delivery in May 2011. The total cost for both surveys is expected to be approximately $7.8 million. Pulse also purchased an 88 net square kilometre 3D dataset located in the Edson area of northwest Alberta. This dataset is adjacent to participation surveys recently completed by Pulse. FINANCIAL HIGHLIGHTS Selected Financial and Operating Information ($000s except per share data and number of shares) 3 months 3 months ended ended March 31, March 31, Year ended 2011 2010 December 31 (unaudited) (unaudited) 2010 Revenue: Data library sales $ 11,331 $ 5,116 $ 30,264 Participation surveys 2,751 - 2,770 ---------------------------------------------------------------------------Total revenue $ 14,082 $ 5,116 $ 33,034 Amortization of seismic data library $ 9,005 $ 4,896 $ 22,771 Net earnings (loss) from continued operations(a) $ 1,309 $ (1,565) $ (745)Net earnings (loss) from continued operations per share(a): Basic and diluted $ 0.02 $ (0.03) $ (0.01)Net earnings (loss)(a) $ 1,309 $ (1,496) $ (1,251)Net earnings (loss) per share (a): Basic and diluted $ 0.02 $ (0.03) $ (0.02)Funds from operations(a)(b) $ 10,952 $ 3,036 $ 22,670 Funds from operations per share(a)(b): Basic and diluted $ 0.16 $ 0.06 $ 0.40 Cash EBITDA(b) $ 9,121 $ 3,460 $ 21,687 Cash EBITDA per share(b): Basic and diluted $ 0.14 $ 0.07 $ 0.38 Capital expenditures: Participation surveys (cost reduction) $ 3,698 $ (276) $ 2,245 Changes to work in progress 531 - 2,400 Seismic data purchases 600 - 75,575 Property & equipment additions 52 - 205 ---------------------------------------------------------------------------Total capital expenditures $ 4,881 $ (276) $ 80,425 Seismic library: 2D in net kilometres 339,991 257,994 339,991 3D in net square kilometres 26,624 12,913 26,446 Weighted average shares outstanding: Basic and diluted 67,147,331 53,071,383 56,662,196 Shares outstanding at period end 67,067,671 53,071,383 67,201,671 Financial Position and Ratios ($000s except ratio and percentage calculations) Working capital $ 10,358 $ 18,091 $ 7,878 Working capital ratio 1.59 2.85 1.38 Total assets $ 149,472 $ 90,865 $ 154,438 Long-term debt(c) $ 58,194 $ 22,932 $ 61,386 TTM Cash EBITDA(d) $ 27,348 $ 19,163 $ 21,687 Shareholders' equity $ 82,869 $ 61,883 $ 81,827 Long-term debt to equity ratio 0.70 0.37 0.75 Long-term debt to TTM cash EBITDA ratio 2.13 1.20 2.83
a) 2010 figures adjusted to conform to the current year's financial statements presentation and to IFRS.
b) The Company's continuous disclosure documents provide discussion and analysis of "cash EBITDA", "cash EBITDA per share", "funds from operations" and "funds from operations per share". These financial measures do not have standard definitions prescribed by IFRS (new Canadian GAAP) and, therefore, may not be comparable to similar measures disclosed by other companies. The Company has included these non-GAAP financial measures because management, investors, analysts and others use them as measures of the Company's financial performance. The Company's definition of cash EBITDA is cash available for interest payments, cash taxes if applicable, debt servicing, discretionary capital expenditures and the payment of dividends, and is calculated as earnings (loss) from continued operations before interest, taxes, depreciation and amortization less participation survey revenue, plus any non-cash and non-recurring SG&A expenses. Cash EBITDA excludes participation survey revenue as these funds are directly used to fund specific participation surveys and this revenue is not available for discretionary capital expenditures. The Company believes cash EBITDA assists investors in comparing Pulse's results on a consistent basis without regard to participation survey revenue and non-cash items, such as depreciation and amortization, which can vary significantly depending on accounting methods or non-operating factors such as historical cost. Cash EBITDA per share is defined as cash EBITDA divided by the weighted average number of shares outstanding for the period. The Company's definition of funds from operations is cash provided by continued operations as prescribed by IFRS, excluding the impact of changes in non-cash working capital. Funds from operations represent the cash that was generated during the period, regardless of the timing of collection of receivables and payment of payables. Funds from operations per share is defined as funds from operations divided by the weighted average number of shares outstanding for the period.
c) Long-term debt is defined as total long-term debt, including current portion, net of debt finance cost.
d) TTM cash EBITDA is defined as the sum of the trailing 12 month's cash EBITDA and is used to provide a comparable annualized measure.
OUTLOOK
Pulse's results in the first quarter bore out the Company's outlook in its 2010 Annual Report, which indicated reasons for optimism offset by weakness in the natural gas price as well as overall economic uncertainty. The quarter's results were a strong outcome given overall conditions, with record first-quarter seismic data sales and cash EBITDA building on the increased seismic data library following the significant seismic acquisition in September, 2010 and the momentum experienced in the latter part of 2010.
The industry drivers that, entering 2011, suggested greater sales and revenue for Pulse have strengthened slightly during the first four months of the year, generating optimism that Pulse's 2011 results could exceed those of 2010. The principal driver suggesting continued weakness, natural gas prices, also remains.
Indicators of strengthening business conditions:
Crude oil prices - Crude oil prices topping $100 per barrel W.T.I., along with rising 2011 average price forecasts, are clearly high enough to drive profitable development of western Canada's numerous unconventional shale, sandstone and other oil plays. Some, including the Cardium and Viking sandstones, lie within Pulse's Edson-Fort St. John multi-zone corridor. Expansion through new land acquisition and increased drilling is being observed. In addition the industry is applying the proven combination of horizontal wells completed with multiple hydraulic fractures to new and existing reservoirs, some of which lie within areas of Pulse's coverage. Although geopolitical instability suggests greater crude oil pricing volatility, the volatility appears to be within a band that is well above the break-even price for most of these unconventional plays;
Crown mineral lease auctions - "Land sales" as they are popularly known are a leading indicator of future exploration activity and of the need for seismic data. Alberta generated all-time record sales by dollar value in 2010, and land sales to mid-April were $820 million compared to $622 million in the same period last year, with a number of purchases in Pulse's focus areas. In the first three months of 2011 land sale acreage and revenue in Alberta were the highest since 2006. Land sales in Saskatchewan and Manitoba have also been up year-over-year, although at lower absolute levels than Alberta, while sales in northeast British Columbia, which is mainly focused on natural gas, are down. One industry expert was publicly quoted saying Alberta is on-track to set an all-time record in mineral lease auctions in 2011;
Drilling rig utilization - Following low rates in 2009, utilization began to recover in 2010 and strengthened further during the first four months of 2011. According to the Canadian Association of Oilwell Drilling Contractors, an average 502 rigs were drilling in March, with overall fleet utilization of 64 percent, compared to 350 rigs and 44 percent utilization in March 2010. January and February utilization was also up year-over- year. Well completions totalled 4,278 in the first three months of the year, an increase of 37 percent from 3,133 in the first quarter of 2011;
Forecast rates of new well drilling - Publicly available well drilling forecasts suggest continued moderate growth over the strong recovery experienced in 2010. In late April the Petroleum Services Association of Canada's (PSAC) second update to its 2011 forecast increased the number of wells expected to be drilled across Canada by 200 to 12,950, an increase of 800 wells over 2010. Forecasts for the total number of rig- drilling-days and of horizontal wells as a proportion of all wells drilled remain strong. Each horizontal well penetrates the reservoir drainage area of several typical vertical wells, thereby requiring several times the land area and seismic coverage data of a vertical well. The growth of horizontal drilling is therefore considered an indirect indicator of continued land acquisitions and seismic requirements; and
Improved royalty regime - Changes to the Alberta royalty regime that became effective entering 2011 reduce crude oil and natural gas royalties and retain certain deep drilling incentives. The changes are especially favourable to medium-depth horizontal wells, which are increasing as a percentage of total wells drilled.
Indicator of weaker business conditions:
Natural gas prices - With the main AECO-C natural gas benchmark remaining around or below $4.00 per mcf throughout the first four months of 2011, the natural gas price clearly provides reason for caution. Continued weakness in the 12-month forward strip, which was $4.00 per mcf on April 27 (compared to $4.58 one year earlier), makes it difficult for natural gas producers to hedge their sales prices effectively, resulting in caution among natural gas producers concerning capital spending in the year ahead. In the United States, the primary driver of North American natural gas prices, storage levels remain above the five-year average. The U.S. Energy Information Administration's Short-term Energy Outlook, published in April, forecasts a decline of about 7 percent in average 2011 U.S. benchmark natural gas prices, to US$4.10 per million British thermal units, amid slight year-over-year growth in domestic natural gas production and consumption, mainly in the industrial sector.
Several unconventional liquids-rich natural gas plays in western Canada, however, including the Montney and Deep Basin, reportedly remain profitable and continue to receive significant reported capital investment. In the Deep Basin, producers are targeting at least six reservoirs for horizontal development. One of these, the Wilrich, was first drilled horizontally just over two years ago. By April 2011 there were approximately 45 known horizontal wells on-stream, with combined production estimated at well over 100 million cubic feet per day, and producers were reporting plans to drill numerous additional such wells. This activity in the most economic liquids-rich natural gas plays in western Canada is suggestive of increased demand for associated seismic data.
Pulse experienced first-quarter 2011 cash EBITDA of $9.1 million which was up by 164 percent year-over- year. At present, Pulse is optimistic that there will be continued growth throughout 2011 in its seismic data library sales, levered by the Company's much larger coverage over active play areas of northeast British Columbia resulting from the significant seismic acquisition in 2010. The Company is also experiencing continued interest to initiate further new participation surveys in 2011. In addition, Pulse will remain vigilant for acquisition opportunities that meet the Company's three key criteria: seismic data that covers prospective areas with industry activity, 2D and 3D data that is high in quality, and a favourable purchase valuation. The sustained weakness in natural gas prices provides reason for caution and continued conservative management of the Company's financial position. Continued growth in revenue and cash EBITDA are Pulse's key objectives for 2011.
CORPORATE PROFILE
Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the second-largest licensable seismic data library in Canada, currently consisting of approximately 26,600 net square kilometres of 3D seismic and 340,000 net kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada's oil and natural gas exploration and development occur.
Please visit our website at www.pulseseismic.com.
Forward Looking Information
This news release contains information that constitutes "forward looking information" or "forward looking statements" (collectively, "forward looking information") within the meaning of applicable securities legislation. This forward looking information includes, among other things, statements regarding:
-- general economic and industry outlook; -- industry activity levels and capital spending; -- forecast commodity prices; -- forecast oil and gas drilling activity; -- forecast oil and gas company capital budgets; -- forecast horizontal drilling activity in unconventional oil and gas plays; -- estimated future demand for seismic data; -- estimated future seismic data sales; -- estimated future demand for participation surveys; -- expected completion and delivery dates for participation
Ive picked up a position as well. The growth potential is very compelling.
There are already alot of shares outstanding, and to make the kinda gains Im hoping for, this would grow into a pretty big company. The CEO used a shell company for the tax loss, but the price never went all that low, I dont understand.
Theres also litigation to cancel two million shares owned by a guy who used to run the corporation five years back. If they win that, the reduction in shares out will be nice.
Big Datron World order for radios for Afghanistan. This should be good for the stock.
http://www.militaryindustrialcomplex.com/contract-search.asp?search=datron&submit=Submit+Search+Query
Dont know, kinda doubt it. MEADS has been on the chopping block for awhile. So it probably is built into the 2.15 price.
I sold my remaning stock today anyways.