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I agree that a sale is the most likely scenario now. Even DMRJ got fed up with the pied piper bloviator Buldoc once the pps and liquidity dried up. Morpho and Smiths would love to take out this thorny company which has waltzed into their turf and took their main business from them and they both have the money to do it.
What's in it for them when they can continue buying at 8 cents and selling at $1, ad infinitum?
How many years/decades do you think that will take at 100-200K volume every day also considering that they are having to fork over $5m cash every quarter ? I agree with buffalop51 that a quick sale at say 1.50 (to Morpho probably) is more likely now and with all their convertible debt converted in the sale DMRJ would walk away with $80-100m instant profit as that is how much they have sucked shareholder value out of this stock due to Buldoc's extravagance..
I also recollect Bolduc other execs and the board getting options at $1.40. Am I wrong?
Change "Select Time period:" from '2 years' to 'All Data' and click Go.
http://www.secform4.com/filings/1068874/000146486112000005.htm
I seriously doubt options for a price he failed to maintain i.e. the 5.4m at $1.40 (total value - $7.6m ) will be honored as they are essentially out of the money and worthless even though IMSC took the GAAP hit at the time although his options at a lower price than the pps may be ...
Buldoc had about 7m o/s options which means that there should be about a $10m !! GAAP benefit to IMSC when these are cancelled in this quarter which all but guarantees IMSC's first profitable quarter being announced when FY2015Q3 (CY2015Q1) is reported on in May. Seriously how greedy was this guy to award himself so many options from a penny stock company with 60m+ debt ?!
http://www.secform4.com/insider-trading/1078320.htm
(Select Time period: All Data)
Buldoc's many millions of 1.40 options now null and void, future dilution immediately reduced and it's only been the first day .
For those looking for Buldoc's resignation speech just review his crass uncaring remarks to shareholders at the last CC with respect to increasing shareholder value. I think the Board/DMRJ must have been aghast at this shameless indifference and then realized they had gone as far as possible with this particular non-functional pied piper and that they needed a serious competent CEO now.
Now you have a chance to become a properly run company rather than a debt creating machine.
Smart move as Buldoc provided no value and a consistent inability to control expenses and McGann is obviously the real deal in ETDs who sold his first ETD company for $190m so knows about creating shareholder value rather than wasting it like Buldoc. Now only one question remains, was this done at the behest of DMRJ or did the Board grow some balls and do this as a first step to get rid of DMRJ thru new financing ? Hope for the latter boys but even with the former McGann should run the company better than Buldoc i.e. more profitably even with the DMRJ dilution.
and INTC too and ex- for AMD so I know all about the real gulf of difference between Andy Grove and Glenn Buldoc.
Firstly the Itemiser DX was never on any grandfather list on any ACSTL listing and the TSA explicitly differentiated part nos for the Ionscan 500 that was on the grandfather list in one of the ACSTL versions so it was pretty obvious all along that the 2 items that were on the qualified list on every single ACSTL version listing would not suddenly disappear on 1/1/14. Smiths also brought out a PR at the time confirming that not only was the current Ionscan 500 qualified but they also could bring old versions up to qualified status with a software update.
you were not lied to. TSA changed the grandfather list.
They did not. The Ionscan 500 (later versions) and Itemiser DX were always going to be retained as qualified ACSTL products as I kept telling everyone for years despite all the fantasies peddled to the contrary at the time. Of course investors were misled by the fantasy huge cargo pipeline that never existed.
The ethnic minority astronauts NASA chose in the end all proved competent in Space, one of them, Bolden, is now the NASA Administrator and has done a pretty good job arbitrating between the competing space visions of the President (commercial) and Congress (big rocket) for 6 years often crossing both in the process but still ensuring budget compromises and strategy are agreed every year. Maybe they are not Armstrong but very few of any shade are and they provide good role models for youth.
Remember that there are two gpu versions of cherry trail/view, this looks like the 8EU version not the 16EU one.
when DMRJ first appeared pps was around .10 cents.
Incorrect. The original DMRJ loan was on Dec 16th 2008 and the initial conversion rate was 26c when the stock price was 27c.
http://sec.edgar-online.com/implant-sciences-corp/8-k-current-report-filing/2008/12/16/section22.aspx
http://finance.yahoo.com/q/hp?s=IMSC&a=11&b=16&c=2008&d=11&e=16&f=2008&g=d
Buldoc then became CEO in Jan 2009 and the company then defaulted on its original DMRJ loan on Dec 23rd 2009 under Buldoc's watch and the pps hit 4c.
http://www.businesswire.com/news/home/20091223005216/en/Implant-Sciences-Update-Senior-Secured-Convertible-Promissory
http://biz.yahoo.com/e/091223/imsc.pk8-k.html
http://finance.yahoo.com/q/hp?s=IMSC&a=11&b=23&c=2009&d=11&e=23&f=2009&g=d
Also under Buldoc's watch on April 11th 2011 these 26c options were repriced to 8c even though the stock price had risen to 58c then.
http://biz.yahoo.com/e/111013/imsc10-k.html
http://finance.yahoo.com/q/hp?s=IMSC&a=03&b=7&c=2011&d=03&e=7&f=2011&g=d
Given this sequence of events one seriously has to ask, who is Buldoc really working for, IMSC or DMRJ ?
Lenovo Introduces New High-Performance Smartphones and Mobile Accessories
Ultra-fast P90 smartphone with latest Intel™ 64- bit processor and Intel LTE-Advanced modem
http://news.lenovo.com/article_display.cfm?article_id=1880
First smartphone powered by Intel® Atom™ 64-bit processor and Intel LTE Advanced Modem.
The Lenovo P90 is the first smartphone to utilize the combination of the newest 64-bit Intel® Atom™ Z3560 processor with Intel’s 5-mode XMM™ 7262 modem. These powerful components allow the P90 to provide incredible processing speeds in addition to supporting LTE-Advanced FDD & TDD for high-speed connectivity in global markets.
The Lenovo P90 smartphone is designed to provide the power and performance to let consumers go fast and get things done. Featuring a huge 4000mAh battery, the P90 is equipped to meet the pace and demand of today’s lifestyle from morning until night. The P90’s vibrant 5.5-inch FHD display, at an impressive 400ppi, lets mobile users enjoy content and relive their best moments with vivid colors and high-quality resolution.
In addition, the P90 sports an advanced 13MP rear camera with state-of-the-art stacking sensor and optical image stabilization for brilliant shots, even in low-light. The 5MP front camera is equipped with beautification features and gesture controls, while 4G LTE data speeds are ideal for streaming video and music, or gaming on the go. The P90 will be offered in Pearl White, Onyx Black and Lava Red.
Only the gpu looks 'super' for an ARM chip as the A57-A53 Octa cpu is pretty standard fare at 20nm now. Will be interesting to see how close to Core-M's gpu it gets.
Well I'd imagine we need roughly $21M to build the product. The other 21M would come on delivery.
That is an explanation I could well believe. My experience with Astrotech showed me that the government always took into account that the company operated on a very tight cash-flow, like this company, and in the two large construction contracts it had over the years ($35m and $16m) the govt always gave it the revenue of the contract that related to the cost part of the contract upfront and then the balance on successful completion and handover. Hope it turns out that way for you guys too !
The government can give some revenue upfront if a company does not have the initial money to build product, this will show up on the income sheet as deferred revenue.
Important to note that the "IDV Active Until: 10 November 2015" refers to the last date on which an order can be placed
For now. If the TSA still prefer your product after that date they will just keep extending the 'last' date for order. An initial IDIQ is just a starting point not the end point as for example I have seen NASA many times extend and enlarge Astrotech's previous IDIQs when they wanted to place more business with it over the initial order period.
Army just gave Astrotech a $0.8m-$9.8m development NGCD contract with its partner Battelle and the NGCD production contracts from 2017 are in the $100m+ range. The current $5m buyback also dwarfs any Institutional buying recently so wrong again about any potential Institutional stock reversal effect. The stock price will be stable for years to come until revenue ramps than it will explode on the then lower 17-18m shareholder base created by the buyback.
https://www.fpds.gov/ezsearch/fpdsportal?s=FPDSNG.COM&q=+msid+ngcd+PIID%3A%22W911SR14C0043%22&indexName=awardfull&y=13&x=18&templateName=1.4.4
Buldoc has been misleading investors here for years. See the PR* announcing the $6m India order which reiterated 'The company’s current pipeline of activity suggests that we are in position to achieve our FY2010 revenue projection of $19 million.' This company would never have made $19m in FY2010 even if 'The Company expects to ship the entire order within the current fiscal year ending June 30, 2010.' Where would the other $13m had come from ? The company also took a late delivery charge for delivering that India order years later than promised.
Also what about the bursting air cargo pipeline that was awaiting ACSTL ? The reason the company/CEO is not sued for such misleading nonsense is that it lives broke in penny stock land with no money to be gained from suing but these are not the utterances of a serious professional CEO.
The only number that had been ascribed to the recent TSA order has been 1170 by both the company in a PR and the initial FPDS contract although I could well believe it is 560 as the initial 1170 number has been removed now in amendments but still you must proceed from known facts rather than assume they are automatically wrong. The most important thing about the IDIQ is getting the full $162m value from it before the competition arrives rather than any grandstanding about unit prices.
* http://google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHtmlSection1?SectionID=7000376-12113-21646&SessionID=mvmBFSrD8APzUG7
Buldoc has always reminded me of fictional characters like the Pied Piper/Wizard of Oz rather than guys he admires like Andy Grove. Go back years and check all his remarks and sales forecasts, they have all been so wildly out as to be laughable and can only viewed as an ongoing multi-year comedy where the constant theme is deception. He lives in an expensive fantasy world of his own creation fueled by the shareholder->dmrj->imsc gravy train. He needs a reality check on how Andy Grove created value rather than consume it with greed.
As to the 21m contract well that proves that you really can't go making up your own sales numbers when the govt sites give exact figures, however that is not so bad if the TSA order the other 140m before either the non-radioactive competition get qpl'd or the TSA ignore them anyway even if they do. Maybe even at under 20K the B220 is profitable if the factory lines are working at full capacity and it might mean that other non-TSA orders can be bid for at a lower price if the production capacity is at maximum bringing more non-TSA sales.
Despite all the warm fuzzy words at CCs I don't expect any change to the current debt structure in March, just an extension, as Buldoc and DMRJ are too closely entwined now leaving this as a flipper stock going forward rather than a serious predictable investment. I hope for your sakes Buldoc proves me wrong in the new year and shows you he is really closer to Grove than Piper/Oz but I really am not holding my breath in that respect.
You have enough trouble with vulture creditors without having vulture shorts adding to your pain. Glad you got a PR to bruise them a little today.
Considering how busy the pompano gang are over at Yahoo atm I would say you are under Short attack too probably preying on end of year tax-selling and uncertainty caused by the Morpho protest to add to your discomfort. I still believe a stable price for this stock is in the 1.09-1.18 range that covers DMRJ's highest price options. Obviously if Morpho wins their protest all bets are off on that stability ...
No idea but this is what it looks like when it is formed ...
http://www.sec.gov/Archives/edgar/data/1001907/000095012309021594/g19726sc13d.htm
' Item 4. Purpose of Transaction .
Each of the Reporting Persons holds shares of Common Stock described herein for investment purposes. Each of the Reporting Persons have formed a group for the purpose of effecting a change in the present Board of Directors and certain senior management of the Issuer, in an effort to enhance shareholder value. One or more of them may contact other shareholders of the Issuer and/or other relevant parties to discuss any of the above.
Pursuant to an Investors’ Agreement Dated July 10, 2009 among the Reporting Persons (the “Investors’ Agreement”), each of the Reporting Persons has agreed to vote all of their shares of the Issuer owned or over which such person has voting control as follows:
a) to elect such persons as shall be mutually determined by and acceptable to the Investors to the Board of the Directors including in possible opposition to certain of the current directors; and
b) to effectuate a change in certain senior members of management in order to align the business direction of the Issuer with the objectives of the Investors, as shareholders of the Issuer.
This description of the Investors’ Agreement is not necessarily complete, and reference is made to the copy of the Investors’ Agreement, which is attached as Exhibit 7.2 hereto. '
http://www.sec.gov/Archives/edgar/data/1001907/000095012309021594/g19726exv7w2.htm
http://www.sec.gov/Archives/edgar/data/1001907/000095012309021594/g19726exv7w1.htm
If Buldoc does not restructure the debt in March to remove those 60m+ 8c options you should all band together, create a big shareholder block and then remove him as he would be clearly not working in your interests. There is no excuse now with a 162m IDIQ not to say goodbye to this highly dilutive vulture toxic debt now. On the CC he was in his own Andy Grove fantasy world regarding the debt/dilution/share price reminding me of Marie Antoinette telling the starving french peasants to eat cake ! He is technically not needed for this company, his job should be financing and share price appreciation both of which he has failed miserably at considering the company has met its technical targets. Time for him to step up to the plate and show how much like Grove he really is who did not shy away from difficult decisions.
Your company value has increased because of dilution not because of share price appreciation which is the only thing you should be concerned about especially as the dilution is still only about half done. FWIW when ASTC has had a stock price over 4 (a few times between 2009 and 2014) it has had a greater market cap than IMSC currently does. This stock has not breached $2 while ASTC has not been below that for years and they both were under a dollar a few years back at the same time so IMSC shareholders have obviously fared worse due to this management's debt mishandling over that time.
Obviously the company thinks that it will have more than $320K revenue per quarter in the future long before the cash ever runs out . Let's see which stock price appreciates more from today over the coming years, IMSC shareholders took false delight in the past from telling me IMSC pps was greater than ASTC's, those days are long long gone and are never coming back. Share buyback to reduce an already low float make perfect sense for those used to looking at solvent well run companies, I can understand how looking at this basket-case would make you think otherwise.
that will decrease the cash position which will decrease the share price
Not at all as the company will get rid of all the weak hands before revenue starts ramping up over the coming years which is a very smart move. The company could buy ALL the retail float for only about $30m and if the price dropped it would need less money. This is a no-lose scenario unlike the no-win situation you guys appear to be in with respect to stock price.
This company needs revenue well north of $30m annually to be cash flow positive.
He can't openly lie about that on a CC.
Who is going to sue a company with no money ? How truthful in hindsight have any of his forecasts been over the years ?
It is gonna be great to make 301k at least.
back in the real world it has had more revenue than IMSC in every year of IMSC's existence and well before then. Where do you think it found the money to buy ASO for only $19m in 1997 in the first place ?
unlike you my sober DD has been a lot more accurate in predicting the share price of this stock these past three years. Sober longs have always appreciated my DD unfortunately for them usually after the event.
Revenue last quarter was 320K actually and came from a development contract worth $9.8m with options. That's 5 times what IMSC was paid for its development contract. ASTC have had IDIQs for $30-50m many times in the past long before this company ever did.
It is just a matter of time until the Itemiser 4DX and Ionscan 600 get the same exact qualifications of the QS-B220. To pretend otherwise is just self-delusion. These companies also have a lot more money than IMSC to win any price war so you best hope that TSA spends all of the 162m IDIQ with only you pretty fast and does not introduce rival IDIQs once the 4DX and 600 get QPL.
I did post earlier Power8 was the only serious server competition (i.e. not the paper tiger ARMy) that Intel faced and so it is proving.
Rackspace has been testing server computers based on IBM Power chip designs since February 2012 and has found “exceptional efficiency and performance benefits” for applications, said Aaron Sullivan, senior director for infrastructure strategy. The company intends to use thousands of server computers powered by IBM chip designs in the future, he said. Sullivan said the company has been surprised by how easy it has been to make Rackspace’s software work with the IBM-designed chips. He added that Rackspace chose to develop chips based on IBM’s Power rather than designs from U.K. semiconductor firm ARM Holdings Plc (ARM) because those chips didn’t do well in tests. ARM chips have traditionally been seen as the main alternative to Intel processors.
LOL, only in stupid ANALyst wet dreams. Back in the real world of IT and real software systems it has been Power and Sparc for decades now.
ASTC has enough cash to buyback ALL ITS RETAIL FLOAT STOCK and still have $15M change left over so your fears are unwarranted.
p.s. This has never been an OTC stock, it has been on Nasdaq continuously for decades from SPAB to ASTC and it has bought back shares in the past and I am not just talking about the recent director sales.
Astrotech Board Authorizes Repurchase of up to $5Million of the Company's Outstanding Common Stock
Astrotech Corporation (ASTC) a company that specializes in the commercialization of valuable space and defense technologies for uses in industrial process control, explosives detection, research and healthcare markets, today announced that its Board of Directors has approved a share repurchase program authorizing the company to repurchase up to $5.0 million of its common stock through December 31, 2015.
“Astrotech is committed to delivering shareholder returns,” said Thomas B. Pickens III, Chairman and CEO. “Our Board of Directors and our Management Team believe repurchasing stock at recent trading levels represents compelling value,” Pickens added.
Repurchases under the share repurchase program may be made from time to time through open market transactions, privately negotiated transactions or otherwise, as determined by the company’s management depending on market conditions and business needs, in compliance with federal securities laws. The share repurchase program does not obligate the Company to purchase any particular amount of common shares, and it may be suspended, discontinued or modified at any time at the Company’s discretion and without prior notice.
Astrotech had approximately 19,697,627 shares of common stock outstanding as of November 7, 2014.