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Oops, I'm so used to AM that I read it wrong. Thanks!
GLMB: Didn't work for me
Registered but no company presentation option appeared when I logged on.
Anyone on the call?
EDAC having trouble getting shares tendered
Of the 34% they got so far, 18% were from management.
Greenbriar Equity Group LLC (“Greenbriar”) announced today that GB Aero Engine Merger Sub Inc., a wholly owned subsidiary of GB Aero Engine LLC and an affiliate of Greenbriar, has extended the tender offer for all outstanding shares of common stock of EDAC Technologies Corporation (“EDAC”) to 5:00 pm, New York City time, on Tuesday, April 30, 2013, unless further extended.
The tender offer was previously scheduled to expire at midnight, New York City time, on April 23, 2013. All other terms and conditions of the tender offer remain unchanged. The depositary for the tender offer has advised Greenbriar that, as of 4:30 pm, New York City Time, on April 22, 2013, stockholders of EDAC validly tendered approximately 1,831,269 shares of EDAC common stock (not counting as validly tendered, shares that were tendered through notice of guaranteed delivery and not actually delivered) representing approximately 34% of the EDAC shares outstanding.
The tender offer is being made in accordance with the previously announced Agreement and Plan of Merger, dated March 17, 2013, by and among GB Aero Engine LLC, GB Aero Engine Merger Sub Inc. and EDAC (the “Merger Agreement”). As previously announced, pursuant to the Merger Agreement, the tender offer was commenced on March 26, 2013 to acquire all of the outstanding shares of common stock of EDAC for $17.75 per share, net to the seller in cash without interest and less any required withholding taxes.
ALCS($7.01): $30+ tangible book and profitable
Very low P/B and just posted .61 vs. .23 for Q4. Now the flip side: Low return on assets - made .36 for the year. Book value is mostly inventory so not as good as cash or receivables.
ABILENE, Kan., April 18, 2013 (GLOBE NEWSWIRE) -- ALCO Stores, Inc. (ALCS), which specializes in providing a superior selection of essential products for everyday life in small-town America, today announced operating results for its fourth quarter and fiscal year ended February 3, 2013.
Net sales from continuing operations during the fourth quarter of fiscal 2013 (14 weeks) increased 8.5% to $146.8 million, compared to $135.3 million in the fourth quarter of fiscal 2012 (13 weeks). Excluding the 14th week of the fiscal 2013 quarter, net sales from continuing operations increased 3.6% to $140.2 million. Same-store sales, excluding fuel centers, increased 4.2% to $138.7 million during the fourth quarter of fiscal 2013. Excluding the 14th week of the fiscal 2013 quarter, same-store sales, excluding fuel centers, decreased 0.5% to $132.5 million.
Net earnings for the fourth quarter of fiscal 2013 were $2.0 million, or $0.61 per diluted share, compared to $0.8 million, or $0.21 per diluted share, for the fourth quarter of fiscal 2012. Earnings from continuing operations, net of tax, for the fourth quarter of fiscal 2013 were $2.0 million, or $0.61 per diluted share, compared to $0.9 million, or $0.23 per diluted share, for the fourth quarter of fiscal 2012.
Net sales from continuing operations during the 53 weeks of fiscal year 2013 increased 3.5% to $492.6 million, compared to net sales during the 52 weeks of fiscal year 2012 of $476.0 million. Excluding the 53rd week of fiscal year 2013, net sales from continuing operations increased 2.1% to $486.1 million. Same-store sales, excluding fuel centers, during the 53 weeks of fiscal year 2013 increased 0.3% to $469.4 million. Excluding the 53rd week of fiscal year 2013, same-store sales, excluding fuel centers, decreased 1.0% to $463.2 million.
Net earnings for fiscal 2013 were $1.3 million, or $0.36 per diluted share, compared to net earnings of $1.7 million, or $0.43 per diluted share, for fiscal 2012. Included within the fiscal 2012 results are the following two events: 1) $1.4 million benefit (net of tax), or $0.37 per diluted share, related to an insurance settlement received, and 2) $0.3 million of expense (net of tax), or $0.09 per diluted share, related to the accelerated amortization of financing fees on the Company's previous credit facility. The impact of these two events on prior year earnings is a net benefit of $1.1 million, or $0.28 cents per diluted share. Excluding these two events, net earnings for fiscal 2013 were $1.3 million, or $0.36 per diluted share, compared to adjusted net earnings of $0.6 million, or $0.15 cents per diluted share, for fiscal 2012. Earnings from continuing operations, net of tax, for fiscal 2013 were $1.7 million, or $0.48 per diluted share, compared to adjusted net earnings from continuing operations of $0.8 million, or $0.21 per diluted share, for fiscal 2012.
Richard Wilson, President and CEO, commented, "In spite of a difficult economic landscape and lingering weather issues in late fiscal 2013, ALCO achieved respectable net earnings of 61 cents per share in the fourth quarter as a result of several company-wide initiatives. These actions include expanding product offerings in food and frozen categories, improving merchandise assortments in apparel and sporting goods, implementing buying efficiencies and competitive price opportunities, and delivering better customer service and a clean, easy-to-shop store environment. In addition, new stores opened in the past year are performing very well. We are encouraged by the positive impact these actions had on earnings and are equally excited about the potential benefit of price optimization initiatives we are rolling out in fiscal 2014."
Investor Conference Call
The Company will host an investor conference call at 10:00 a.m. Central Time on Friday, April 19, 2013, to discuss operating results for the fourth quarter and fiscal year ended February 3, 2013. The dial-in number for the conference call is 888-240-9373 (international/local participants dial 913-312-0376), and the Conference Code is 8688745. Parties interested in participating in the conference call should dial in approximately five minutes prior to 10:00 a.m. Central Time. A replay of the call will be available after 1:00 p.m. Central Time April 19, 2013 through April 24, 2013, by dialing 888-203-1112 (international/local participants dial 719-457-0820), and the Replay Code is 8688745. A replay of the call will also be available four hours after completion of the call by visiting the Investors page on the Company's website, www.ALCOstores.com.
Supplemental Data
The Company has included certain tables in this press release that are set forth fully in the Company's 10-K.
Certain Non-GAAP Financial Measures
The Company has included Adjusted EBITDA, non-GAAP performance measures, as part of its disclosure as a means to enhance its communications with stockholders. Certain stockholders have specifically requested this information to assist them in comparing the Company to other retailers that disclose similar non-GAAP performance measures. Further, management utilizes these measures in internal evaluation; review of performance and in comparing the Company's financial measures to those of its peers. Adjusted EBITDA differs from the most comparable GAAP financial measure (earnings [loss] from continuing operations) in that it does not include certain items. These items are excluded by management to better evaluate normalized operational cash flow and expenses excluding unusual, inconsistent and non-cash charges. To compensate for the limitations of evaluating the Company's performance using Adjusted EBITDA, management also utilizes GAAP performance measures such as gross margin return on investment, return on equity and cash flow from operating activities. As a result, Adjusted EBITDA may not reflect important aspects of the results of the Company's operations.
ALCO Stores, Inc.
ALCO Stores, Inc. is a broad-line retailer, primarily located in small underserved communities across 23 states. The Company has 217 ALCO stores that offer both name brand and private label products of exceptional quality at reasonable prices. We are proud to have continually provided friendly, personal service to our customers for the past 112 years. To learn more about the Company visit www.ALCOstores.com.
GLMB to actually host a CC
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=86940685
GLMB to host a conference call next Wed
SPOKANE, Wash., April 17, 2013 (GLOBE NEWSWIRE) -- Global MobileTech, Inc. (GLMB), a leading Web and mobile communications service provider in Asia, announced today that it will hold a conference call and webcast on Wednesday, April 24, 2013 at 9:00 p.m. Eastern Time to discuss the Company's earnings guidance for fiscal year ending June 30, 2013 with the Company's management.
The conference call will be webcast live over the Internet using GLMB's proprietary Cliq2Talk real-time multimedia communication service. Investors can submit questions online during the conference call or email their questions to valerie.looi@globalmobiletech.com 24 hours before the live conference call if they are unable to participate in the call.
For instructions on how to participate in the conference call, please go to https://cliq2talk.com/webcast
The recorded webcast will be available online through the investor relations section of GLMB's website at www.globalmobiletech.com approximately four hours after the live conference call.
GLMB(.13) Gives Positive Guidance
SPOKANE, Wash., April 9, 2013 (GLOBE NEWSWIRE) -- Global MobileTech, Inc. (GLMB), a leading Web and mobile communications service provider in Asia, announced today that its earnings per share for the quarter ended March 31, 2013 is expected to be in the range of $0.04 to $0.05 based on 8,661,991 shares of common stock outstanding as of March 31, 2013.
The Company anticipates its earnings per share for the full fiscal year ending June 30, 2013 to be between $0.16 and $0.18. This guidance is based on the results the Company had achieved for the first six months of fiscal 2013, the preliminary third quarter results and the expected revenue of approximately $17.5 million compared to $15.4 million in 2012.
Global MobileTech's revenues and earnings are expected to further increase for fiscal 2014 following the commercial roll out of Cliq2Talk, a real-time multimedia communication service anticipated during June 2013. The service brings together the most advanced multimedia communication features that include the ability to record video calls, broadcast pre-recorded or live events, play online games and shop at Cliq2Talk online store.
INX.V I bought some at .255
It was indeed a bad quarter but they do predict improving margins and there's this:
As of the first week of April 2013 the
Company has already achieved bookings that exceed 2012 revenues.
CLRO: Run-up explained
An article showed up on the Value Investors Club on 3/26 which was very highly rated.
Same as what happened with RELM a month or so ago.
Looks like whoever reads that site has some buying power.
Again, I'm just a guest there so can't see thae actual text until 45 days after members see it.
CNRD: Intriguing Tidbit in the Annual Report
If they got all their claims, that would be nearly $4/share pretax.
BP Claim – In December 2012 and February 2013, the Company submitted claims to the BP Settlement Fund in accordance with the Deepwater Horizon Court-Supervised Settlement Program, which was approved by the court on December 21, 2012, totaling $22.6 million. Certain of our businesses are located within the economic zones included in the class settlement and we believe that the damage calculations have been made in accordance with the guidelines established for the BP Settlement Fund; however, the claims are subject to review by the professionals responsible for processing the claims and determining the amount to be awarded for each claim. Accordingly, the amounts awarded to us may be less than the amounts we submitted and some or all of our claims may be rejected. Any award we receive will be subject to income taxes. Based on the current pace of the review process, the Company anticipates a response in the second or third quarter of 2013. No amounts related to the claims have been recorded in our financial statements at December 31, 2012.
CNRD(24.77) Excellent earnings and backlog
MORGAN CITY, La., March 28, 2013 /PRNewswire/ -- Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) today announced its fourth quarter and twelve months 2012 results and the addition of new business during the first quarter of 2013 totaling $51.4 million.
For the quarter ended December 31, 2012, Conrad had net income of $8.0 million and earnings per diluted share of $1.33 compared to net income of $6.8 million and earnings per diluted share of $1.09 during the fourth quarter of 2011. The Company had net income of $20.8 million and earnings per diluted share of $3.46 for the twelve months ended December 31, 2012 compared to net income of $19.2 million and earnings per diluted share of $3.01 for the twelve months ended December 31, 2011. The diluted shares for the quarter and twelve months ended December 31, 2012 are 6.0 million, and 6.2 million and 6.4 million for the quarter and twelve months ended December 31, 2011, respectively. The Company's financial reports are available at www.otcmarkets.com.
New business added during the first quarter of 2013 includes the signing of new contracts and sales of stock barges which brings estimated current backlog to approximately $122.5 million, compared to $120.7 million at December 31, 2012, $70.8 million at March 31, 2012, and $47.1 million at December 31, 2011.
EDAC: New suitor offers .50 more
NEW YORK (AP) -- Private equity firm MidOcean Partners has offered to buy aerospace and industrial manufacturer EDAC Technologies Corp. for about $97 million, topping a bid from another private equity firm, Greenbriar.
MidOcean said Thursday that it made the bid with a partner, a North American pension plan investment manager that it didn't name.
MidOcean and its unidentified partner are offering $18.25 per share for EDAC. Last week, EDAC agreed to be acquired by Greenbriar Equity Group LLC for $17.75 per share. Greenbriar said Tuesday that its tender offer had begun.
Executives and board members who together own about 18 percent of the Farmington, Conn., company's stock had agreed to sell their shares to Greenbriar.
A message left requesting comment from EDAC was not immediately returned.
EDAC stock closed Wednesday at $17.72 per share, up 7.8 percent from the last trading day before Greenbriar's bid was announced.
EDAC has about 5.3 million shares outstanding, according to FactSet
EDAC They had tipped their hand at the end of the last CC
After closing remarks, one of the presenters (Pagano, I think) said "Well, that's probably the last one of those" in the background.
I listened to the replay to confirm but that comment was cut off so I couldn't be sure of what I had heard. Darn!
IBAL Weak Report .02 vs. .07
Backlog way down
The sales order backlog was $ 2,760,000 at January 31, 2013 and $7,800,000 at January 31, 2012.
SODI(3.80) Activist cancels proxy fight
I wonder if the company promised a dividend or buyback plans
Item 1: On March 13, 2013, Furlong will issue the
following press release:
Washington, DC Furlong Financial ("Furlong") announced today that it has notified Solitron Devices, Inc. ("Solitron") that it has withdrawn its proxy statement for Solitron's 2013 annual meeting. In a correspondence dated February 28, 2013, Furlong notified both the SEC and Solitron that it has withdrawn its previously filed proxy materials and that it no longer had any intention to independently solicit proxies for Solitron's 2013 annual meeting, such solicitation being subject to Rules 14a-3 to 14a-6 and Rules 14a-9 to 14a-101.
SODI: Ancora weighs in on proxy fight
Ancora is sympathetic to some of the elements in the recent proxy statement filed by Furlong Partners. However, we believe accelerating the proxy contest to April would be counterproductive and would prefer to see the annual meeting scheduled for late-June or early July. Additionally, we believe that management has done a good job of generating cash flow and resolving liabilities. As a result, Ancora would prefer to see a middle ground reached rather than have the company go through a costly proxy fight. If the Board of Directors were to take the following steps prior to a June meeting we would be willing to vote for management’s slate of directors:
- Pay out a $1.50-$2.00 special dividend to shareholders prior to the meeting. This will leave the Company with approximately $3-$4 million in cash by mid-year (assuming 1H cash flow similar to the last several years), allowing for a significant operating cushion and the ability to make bolt-on acquisitions;
- Outline the types of acquisitions management is considering and the pro forma impact of the use of NOL’s;
- In addition to the slate of three directors we expect to be proposed, include an outside shareholder representative on the board. We believe a number of outside investors with sizable positions in the Company would be interested in taking a board seat. We would encourage management to reach out to some larger investors to see if they are interested.
These simple steps would help management’s relations with shareholders going forward by meeting shareholder’s interest in a return of capital (which we believe the vast majority of shareholders would support), transparency in terms of future capital allocation and ensuring that public shareholders know an outside board member with significant equity ownership in the company is sitting at the table aiding in determining the future course of the company.
If management were to take these simple and reasonable steps, we believe a proxy contest would be a non-issue. Without an outcome similar to the above, Ancora will consider a vote for the dissident shareholders.
EDAC: Anyone get to the conference call?
Couldn't find the link.
Update: It showed up several minutes after the call started. Clowns.
TEWI: Yep, on the daily tout list
Some outfit called IPR Agency Affiliates is pumping it
http://www.pumpsanddumps.com/p/directory-of-touts.html
AUTO bought out at 1.05
Not much of a premium
BOCA RATON, FL--(Marketwire - Mar 1, 2013) - AutoInfo, Inc. ( OTCBB : AUTO ) (the "Company" or "AutoInfo") announced today that the Company has entered into a merger agreement with AutoInfo Holdings, LLC, a subsidiary of Comvest Investment Partners IV, L.P., one of the investment funds managed by Comvest Partners ("Comvest"), pursuant to which Comvest has agreed to acquire the Company for $1.05 per share in cash, which represents a 7% premium to the Company's closing share price on February 28, 2013 and a 21% premium to the Company's average closing share price for the six month period ending February 28, 2013.
The Company's Board of Directors has unanimously approved the merger agreement with Comvest and has resolved to recommend that the Company's stockholders adopt the merger agreement and approve the merger.
Harry Wachtel, the Company's Chief Executive Officer, said, "Comvest's growth strategy is to acquire well managed companies that are leaders in their market and effectively oversee their performance. The merger will allow for greater stability, focus, and flexibility for AutoInfo to achieve its strategic goals and growth. I believe that the transaction will yield benefits to each of our customers, employees and agents."
Mark Patterson, Chairman of the Company's Strategic Initiatives Committee and the Special Committee of the Company's Board of Directors with respect to the proposed transaction added, "I am pleased that the hard work of our team has yielded this opportunity for our stockholders to realize on the value we have created."
John Caple, Managing Director of Comvest said, "We are excited to partner with the team at AutoInfo. They have created an impressive track record of growth and we look forward to the success of the Company going forward."
Transaction Details
Completion of the transaction is subject to the approval by holders of a majority of the Company's common shares and other customary closing conditions (which is not conditioned on financing). Assuming the satisfaction of conditions, the transaction is expected to close in the second quarter of calendar 2013.
Larry/RWC There is a recent writeup...
..on RWC at the Value Investors Club site which appeared 2/20. Since volume skyrocketed starting 2/21, it sounds like more than coincidence.
http://www.valueinvestorsclub.com/Value2/Guests/GuestLogin.aspx
It was a "highly rated" writeup. That said, I'm just a guest on the site so can't see the actual writeup for 45 days from publishing.
Here is the description:
RELM Wireless is close to a net/net with meaningful growth and a high-teens FCF yield. The business is at an inflection point as its new product fa...
DEWY in with a lousy quarter
-.04 vs. .02. Backlog way down.
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=9080040-900-84474&type=sect&dcn=0001354488-13-000582
VSR: .10 vs. .09 and backlog up
No PR yet.
As of December 28, 2012, funded backlog was approximately $118 million, an increase of 39% compared to approximately $85 million at December 30, 2011 and a 27% increase when compared to the $93 million of backlog at the end of fiscal year 2012. This increase was due to an increase in the amount of awards won related to work in Afghanistan and recent Performance Based Remediation (“PBR”) awards for the Air Force.
SED takes off the gloves
SED International Holdings, Inc. (NYSE MKT: SED), today announced that Chairman Samuel A. Kidston issued the following open letter to shareholders discussing the company’s response to a request for inclusion on the Board of Directors:
SED Shareholders,
Shortly after SED’s Annual Meeting of Shareholders, I was contacted by Hesham M. Gad (“Sham”) who demanded that he and Sam Weiser be immediately added to the Board of Directors of SED. While noting that the appointment of additional directors so soon after the election of a new Board by Shareholders appeared unseemly, I nonetheless questioned Mr. Gad as to why he believed SED should make these board appointments. His reasons were that Gad Partners Fund (an entity that he controlled as the Managing Partner of Gad Capital Management, its investment advisor) and Paragon Technologies, Inc. (Pink Sheets: PGNT) (an entity for which he was Chairman of the Board and the person “responsible for investments in businesses and securities” and of which Mr. Weiser was a director) had become the owners of 8.8% of SED’s shares and were entitled to be on SED’s Board. When I pressed him for details on what he hoped to accomplish as an SED Board member, Mr. Gad vaguely alluded to the need to change the composition of SED’s Board and to improve its corporate governance. He also stated that he would bring “credibility” to the Board. On the other hand, Mr. Gad complimented the SED Board on the quality of SED’s recently reorganized management team and on the strategic steps SED is initiating. I thanked Mr. Gad and pointed out that SED had overhauled its governance practices in recent years and had practices fully compliant with all requirements of Sarbanes Oxley and the NYSE-Amex, including some from which SED is exempt because of its small size.
Despite misgivings about the contribution that Mr. Gad could make to the Board, I advised him that I would refer his candidacy to the Nominating Committee and send him our standard form of Officer and Director Questionnaire, a form completed by all our directors. Mr. Gad seemed surprised that we would not just immediately appoint him to the Board, despite the fact that the use of Nominating Committees is an integral part of good governance practices. Reluctantly Mr. Gad completed and returned the Questionnaire which contained the following question and answer:
“Question 17 — Criminal Proceedings
During the past ten years, have you been convicted in a criminal proceeding or are you a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses)?
• Yes x No"
Mr. Gad’s answer was false and misleading. In 2008 Mr. Gad had pleaded guilty to multiple felony counts of “Theft by Taking.” In 2011 he was indicted for the additional felony of “False Statements/writings/Concealment of Facts,” which indictment is still pending. A correct answer to the above Question 17 should have been “yes” both because of the felony theft conviction and because of the still pending additional felony indictment despite the fact that under Georgia’s First Offender Statute, after Mr. Gad made full restitution of the amounts stolen, completed mandatory community service, paid certain court fees and served part of his two-year suspended sentence, he was exonerated. Conversations between our General Counsel and the SEC’s Office of Chief Counsel have confirmed that the SEC does not condone a failure to disclose criminal convictions because of subsequent exoneration under Georgia law. Other federal agencies take a similar view. For example, Mr. Gad’s immigration attorney has admitted that “the Department of Homeland Security…has labeled Mr. Gad an “Aggravated Felon” who has been convicted of a “Crime Involving Moral Turpitude.” Since, if Mr. Gad were to become a director of SED, his felony conviction would have to be disclosed, and since the court documents might help SED’s Nominating Committee assess his integrity, morals, honesty and reputation in evaluating his suitability for a Board position, I asked Mr. Gad to provide me with all court documents relating to these matters. He refused to do so. Our counsel then asked Mr. Gad’s securities counsel, Derek Bork, Esq., of Thompson Hine LLP for these documents. Mr. Bork also refused, on the following disingenuous and misleading grounds:
•“The case you note is not a theft charge. Sham was charged, years after the fact, with making an alleged unauthorized payment to a third party in connection with an employment during his college years.
• These charges are not the type of charges, and are not within the timeframes, that are addressed by SEC, OTC or stock market questionnaires and disclosures.
• The other charge relates to Sham checking the incorrect box on his driver’s license application, stemming from his uncertain and unknown immigration status that resulted from the application of technical immigration laws when Sham was a child.
•…(criminal court documents are short and conclusory in nature) and we don’t have any to provide. ”
Given that Mr. Gad would not provide the documents related to these cases, SED requested these documents from the Court as they are public records. The documents show that contrary to the statements by Mr. Gad and Mr. Bork, in fact:
• The case is one for “Theft by Taking”, a fact acknowledged by Mr. Gad’s own immigration attorney. It involved the theft by Mr. Gad of monies from both his employer’s account and the account of Keep Athens-Clarke County Beautiful, a non-profit entity of which Mr. Gad served as Treasurer. On six separate occasions over nearly a year and half Mr. Gad transferred monies to his own bank account or the account of an association controlled by him. In his guilty plea, Mr. Gad explicitly acknowledged the details of the felony crimes.
• Felony charges are exactly the type of charges addressed by the SEC’s rules and the time period during which disclosure is required runs for 10 years from the date of conviction (in Mr. Gad’s case 5/8/2008).
• The charge “False Statements/writings/Concealment of Facts” is not as innocuous and trivial as Mr. Bork suggests. It relates to Mr. Gad’s falsely claiming to be a citizen of the United States.
• The documents are not short and conclusory – Mr. Gad’s guilty plea alone runs 12 pages (before certification) and the motion papers filed by Mr. Gad for a new trial or to withdraw his guilty plea run another 12 pages before numerous affidavits which we have been unable to obtain and which Mr. Gad and his counsel refuse to disclose to the Company. Additionally, Mr. Bork’s claim that he does not have any [documents] seems at variance with his claimed detailed knowledge of these papers and, alternatively, his refusal to obtain any documents from Mr. Gad’s criminal defense counsel, as we suggested.
I have also noted that this pattern of playing “fast and loose’” with the facts is evident in other actions by Mr. Gad. Virtually every written communication from him to the Company contains false or misleading statements. Mr. Gad has similarly hidden his criminal past in the SEC Schedule 13D reports filed by organizations of which Mr. Gad is a control person and in his communication with SED shareholders. This pattern of unscrupulous behavior by Mr. Gad seems clearly to have begun many years ago and to persist unabated to this day. It is in fact directly due to Mr. Gad’s misleading communication with several of our largest shareholders that we are making this information available to all of you.
Despite these incidents and history, we remain committed to properly vetting both Messrs. Gad and Weisser for inclusion on your Board of Directors. The Board’s nominating committee will be contacting both of them in the coming weeks to schedule interviews as part of the vetting process. Since this process began we have also been contacted by other large shareholders to informally nominate director candidates. All of these suggestions will be handled properly and according to the highest standards of corporate governance.
I hope you find the above information helpful and informative. The Board of Directors remains committed to faithfully representing the interests of all shareholders and welcome dialogue with all of our shareholders to that end. Please contact me directly to discuss any concerns you may have about this or any other matter related to SED.
Very truly yours,
Samuel A. Kidston
Chairman
FB is a VMC?
Now that's stretching the definition
DGIX : Just heard back from Controller Tristan
1) Sales are up as recession eases. Nothing unusual going on.
2) No knowledge of who sold all those shares (one block was over 7% of the company).
3) The life insurance and "Due from Tuttle" lines are related. She said the life insurance was cashed in but then money loaned to Tuttle to purchase insurance via another entity because premiums were much lower that way. She was fuzzy on the details.
DGIX: I bought some, too.....but....
..there are some concerns here. Tuttle has been running the company for over 40 years with little regard for shareholders, He refused to pay dividends when they had big cash balances years ago and instead invested heavily in the stock market just before the downturn. Then he went short and missed the recovery. Now I see a line item that's just been around a couple quarters - "Due from Tuttle Investments." Comingling? Using company funds to shore up personal margin calls? Hope not.
As of when they went dark, Tuttle owned about half the company, leaving less than 4 million shares in other hands. Nearly half of that has traded the last few days. Maybe Tuttle himself is selling. I also see the life insurance is gone. Either they cashed it in to shore up cash or someone died.
TATT (6.11) Up nearly 10% on no news
Still trades WELL below tangible book value of nearly $10.
JCTCF ($14.5) Nice results in seasonally weak quarter
NORTH PLAINS, Ore., Jan. 14, 2013 /PRNewswire/ -- Jewett-Cameron Trading Company Ltd. (JCTCF) today reported financial results for the first quarter of fiscal 2013 ended November 30, 2012.
Sales were $9.30 million for the first quarter of fiscal 2013 compared to sales of $7.24 million for the first quarter of fiscal 2012. For the quarter, income from operations was $772,385 compared to $162,936 in the year-ago quarter. Net income for the quarter was $480,746, or $0.31 per share, compared to net income of $64,033, or $0.03 per share, in the first quarter of fiscal 2012.
"The increase in sales for the quarter was due to successful sales efforts to increase market share of our existing products, as well as our recent introduction of new pet containment products," said CEO Done Boone.
SMID (1.92) Expanding
MIDLAND, Va.--(BUSINESS WIRE)--
The following is a letter from Rodney I. Smith, CEO & Chairman of Smith-Midland Corporation (SMID):
Smith-Midland Corporation (the “Company”) announces a major expansion currently underway for Concrete Safety Systems (CSS), its J-J Hooks Safety Barrier rental subsidiary located in Midland, VA. CSS rents, delivers, installs and removes J-J Hooks Precast Concrete Safety Barrier from its primary location in Midland, VA and from six additional Satellite Service Centers in Virginia, Delaware, Maryland, and North Carolina.
The CSS expansion centers around the Company’s newest patented version of J-J Hooks Barrier. This new J-J Hooks Bolt-Down, Pin-Down (Bolt & Pin) Barrier is North America’s first and only two Bolt Barrier that has passed the Federal Highway’s demanding MASH Crash Test (Manual for Assessing Safety Hardware) products used in the National Highway System.
This new Barrier passed the MASH Crash Test with the least amount of deflection upon impact, just 4”, of any known barrier system. The highly sought after low deflection and the low cost of the two bolt installation and removal will make this new Barrier the first choice for State and Province highway projects that require Bolt & Pin Barrier.
The new MASH tested Bolt & Pin J-J Hooks Barrier is compatible with the CSS standard free-standing J-J Hooks Barrier, the world’s most widely used precast concrete barrier manufactured at 38 licensed locations in the USA, Canada, Australia, New Zealand and Belgium, and it will be available to all 38 manufacturers. J-J Hooks is also manufactured in Spain and Chile, and is Germany’s largest selling concrete highway barrier.
The J-J Hooks Bolt & Pin configuration has presented the Company and CSS with an opportunity to disrupt and upgrade the safety of the highway construction industry with a powerful, innovative new bolt & pin barrier by implementing a rental only plan (CSS will own and control all of this new type of barrier).
All of the Smith-Midland / Easi-Set Worldwide 38 J-J Hooks licensees will have the option to establish satellite service centers throughout the United States and other countries represented by licensees. Easi-Set Worldwide is the company’s wholly-owned licensing subsidiary responsible for licensing five major innovative Smith-Midland product lines to precasters worldwide. Easi-Set Worldwide has 62 contracts currently in place with over 50 precast concrete product companies. Several precast companies hold licenses to produce two or more Easi-Set products.
Simultaneously, with the release of its Bolt & Pin Barrier, CSS is introducing its new “OneCall” customer service which will rent, deliver, install, and remove the J-J Hooks Bolt & Pin Barrier. This “OneCall” commitment, which will be available from all of the Virginia, CSS and all six Satellite Service Centers, will significantly increase the rental and service revenue profits of the company. This important expansion is the result of the continuous research and development program at the Smith-Midland group of companies. We do not just invent new products, we create the actual businesses that implement and profit from the inventions.
We, the management of the Smith-Midland group of companies, are excited about the future of the Company and our significant influence within the precast concrete products industry nationally and internationally and hope our Shareholders/Partners feel the same excitement.
Sincerely,
Rodney I. Smith
CEO & Chairman
And to you and yours..
...and eveyone else on this board.
Best to all. Blessings abound.
Nelson: I sold MALL today, too
Had a pretty small position so took the profits.
No idea what's sending these resellers up today - I don't see any news. Must be an upgrade out there somewhere....
SPRS: Big seller is back
Another 75K offered at .399
STVS: But Chinese reverse mergers in general....
Well, this sums it up:
https://docs.google.com/open?id=0B0dkeW3aIQLsYV9qc0VCMERTQUU
AVTC: That's quite a forecast
FORECAST
The revised financial forecast shows over $12 million in increased revenues for year-end 2013, from $14 million projected for 2012, up to $26 million in 2013, growing up to $50 million by year-end 2014.
Income is also expected to make substantial gains – up to $9 million in 2013 and $13 million in 2014.
James Winsor, CEO of AVT, Inc., stated that revised forecast is based on several factors. "We have updated our projections for 2012 based on increased manufacturing volume in 4th quarter, and are projecting significant gains in the two years to come due to our implementation of the new Marley Coffee Stores, and the revenues we will realize from our licensing and leasing divisions."
The projections, while significant, are still conservative and reflect realistic expectations of company growth, according to Winsor. "We are in the right market, at the right time, with the right products and the right services," he commented. "Our anticipated growth is happening faster than initial forecasts, but is completely in line with market conditions and demand."
SPRS: Me, too
CNRD declared $2 special dividend
VOXX has been a classic value trap
I've followed this thing for many years. Their pattern is similar to another horribly managed company, WPCS. Take a bunch of cash and pay overinflated priced for dubious acquisitions. Replace cash on the balance sheet with worthless goodwill and intangibles...over and over again...without earnings to justify the waste.
This company had hundreds of millions of tangible book a few years ago - now less than a hundred.
It's also a dual-class share situation whereby one guy controls the company. He should have liquidated years ago but he's apparently not too smart.
John J. Shalam, our Chairman, owns a significant portion of our common stock and can exercise control over our affairs .
Mr. Shalam beneficially owns approximately 53% of the combined voting power of both classes of common stock. This will allow him to elect our Board of Directors and, in general, determine the outcome of any other matter submitted to the stockholders for approval. Mr. Shalam's voting power may have the effect of delaying or preventing a change in control of the Company.
We have two classes of common stock: Class A common stock is traded on the Nasdaq Stock Market under the symbol VOXX and Class B common stock, which is not publicly traded and substantially all of which is beneficially owned by Mr. Shalam. Each share of Class A common stock is entitled to one vote per share and each share of Class B common stock is entitled to ten votes per share.
Maybe they'll actually do something right for a change - I hope so for your sake.
IKNX (8.59) Special Dividend of $1
The parade continues
DULUTH, Minn., Dec. 10, 2012 (GLOBE NEWSWIRE) -- IKONICS Corporation (IKNX), a Duluth based imaging technology company, today announced that its Board of Directors declared a one-time special cash dividend of $1.00 per share, payable on December 31, 2012 to shareholders of record at the close of business on December 20, 2012. The total amount of the one-time dividend will be approximately $2.0 million based on the current number of shares outstanding and will be paid with current cash reserves. IKONICS CEO, Bill Ulland commented, "We are pleased to declare this special dividend to our shareholders. This dividend reflects our strong balance sheet, steady performance over the past years, and our optimism for IKONICS' future. We believe this dividend, the first cash dividend in our Company's history, is an appropriate way to reward our shareholders and maximize their benefit from this one-time event prior to potential tax rate increases in 2013."
TESS CFO Whacked
Friday PM release, of course.
Wonder what happened here.....
TESSCO Technologies Incorporated (TESS), a leading provider of the product and value chain solutions required to build, use and maintain wireless broadband systems, today announced that, effective November 27, 2012, David M. Young ceased to serve as senior vice president and chief financial officer of the company. Mr. Young's employment has also ended and he is pursuing new professional opportunities.
One more for the list
MPAD