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IEHC (9.30) NT 10-K indicates monster quarter
.53 earned on revenue of 7 million.
GV: I'm buying
I bought some yesterday and have more offers in at lower prices.
Same rationale as you.
WG(.83): Add to the list of worst PM's ever
How to go broke on almost a $billion in annual revenue.
Yeesh.
https://finance.yahoo.com/news/willbros-announces-preliminary-2017-operating-201500710.html
ESCC (1.04) .06 in Q4 and decent outlook
The year ended 2017 produced $30,508 of sales which was less than the $32,944 of sales reported in 2016. The lower sales resulted in a reduction of gross profit in the amount of $1,122 mostly offset by a $860 reduction in operating and other expenses resulting in a $262 decrease of net income from $1,743 in 2016 to $1,481 in 2017. Sales in 2017 were slightly less than expected due to the timing of customer orders and deliveries, however, this variability in sales and gross profit are within the normal range for our current business environment. The delay in customer deliveries and healthy new orders increased the sales backlog to $27,360 as of December 31, 2017 compared to $24,444 at the end of 2016. The operating and other expenses in 2017 are more reflective of our current operating structure reflecting a leaner executive management team implemented in 2016. We believe this reduced cost structure illustrates the profit potential of our business. With the healthy sales backlog and encouraging sales prospects, we anticipate sales at levels that are expected to yield profitable results in 2018.
Beyond 2018, we expect variable but reasonably consistent future sales and gross profits from our current product line at annual levels sufficient to cover or exceed operating expenses and meet our obligations. As our recovery progresses from a large stockholders’ deficit eliminated mainly by the 2014 Pension Settlement, we expect to continue to improve our products and explore new opportunities to increase our sales and profits in an effort to grow shareholder value. We believe that our improving financial position could present more opportunities in this effort.
SCKT - None at Schwab or IB, either
APWC shareholder offers $4/share
LONDON, March 01, 2018 (GLOBE NEWSWIRE) -- LONSIN Capital Limited, together with its affiliates, representing over 5% of the shares outstanding of Asia Pacific Wire and Cable ("APWC", ticker “APWC US") on February 23, 2018 wrote to the Board of Directors of the Company and to the Board of Directors of the main Shareholder Pacific Electric Wire and Cable Co. the intention of interest to acquire a majority of APWC US at US$4.00 per share.
The proposal would represent a 62% premium to February 22, 2018 ’s close of $2.475 and a 47% premium to the five-year average closing price on NASDAQ.
LONSIN has expressed concern to the management, both orally and in writing, concerning the failure of the Company to take sufficient action to enhance shareholder value and to include an additional independent director on the Company’s board of directors over time. On May 18, 2016 LONSIN wrote a requisitioned, open letter to the Board of Directors of APWC asking the Board to consider a range of measures that could help deliver enhanced shareholder value without much cost to the Company. The Board responded by stating that they “took very seriously concerns about shareholder value.”
Almost two years later, it is clear that this statement by the APWC Board is questionable. The share price is still at a massive discount to book value, to cash per share and to the market value of the majority stake in listed subsidiary, Charoong Thai Wire (“CTW”) in Thailand.
In light of the underwhelming track record of the incumbent Board and Management of APWC over the short, medium and longer term, LONSIN believes that the acquisition of the majority stake would bring “fresh impetus” to APWC’s assets and “swiftly deliver enhanced value for all shareholders.”
A response received from the Board of PEWC’s US legal counsel, Michael Hagan, on February 27, 2018 states that the "LONSIN letter has been circulated to the board for their consideration.” The response goes on to state that "a substantive response to the LONSIN offer" will be issued in due course but it is unlikely to be before the March 8, 2018 owing to existing commitments of the directors.
OPXS: Thanks, Littlefish
....for all the color.
I still have my shares, not that it's a lot.
OPXS lost .01, backlog down, discontinuing divvies after April
Stock up 6%. Imagine if it was a GOOD report.
The US government is already insolvent
"Donnie Default" is just hastening things, as is his wont.
On a per capital basis, the national debt amounted to $19,948 per person in 2000, and $43,733 in 2010. By 2019, it will be around $68,000 per person:
Political cowardice is the surest bet out there
Odds = 100.00%
ROSG (.44): A quick 40% or so if it goes through
Stock sold off on news that they delayed the meeting 2 weeks to solicit more votes.
Big gain if they get the votes - maybe a wipe if they don't.
ESIO: Expecting "retrenchment"
CC comments sounded like earnings are peaking. Maybe that caused the selloff. That said, backlog looks good for next 2 quarters and they expect the next trough to be higher than the last.
SVT: Other Trbs will probably soak up the savings
The controlling family here has been very greedy, IMO. The founder averaged 760K a year the past 2 years, egregious for his age/involvement and the size of the company. He wasn't even cold yet when his son gave himself a raise.
Mr. Trbovich’s annual base salary was increased to $524,412 effective immediately.
I have some shares here but would load up if there was a history of treating shareholders better instead of the Trbs being pigs at the trough.
This is the company that was embezzled for a decade before they caught the CFO doing it. Then one of the sons sued the company for $millions for wrongful termination and WON, thus shifting more value from the long-suffering shareholders to the Trb family. Doubt that was a family plot but damn brilliant if it was. Insurance did cover much of that judgement, if I recall correctly.
KTCC(6.98) Why the big drop today?
STLY (.92) Throws In The Towel
HIGH POINT, N.C., Nov. 20, 2017 (GLOBE NEWSWIRE) -- Stanley Furniture Company, Inc. (STLY) announced today that it has entered into an agreement to sell substantially all of its assets to Churchill Downs LLC (“Buyer”) for $11.5 million in cash, a $4.6 million subordinated secured promissory note of Buyer, a 5% equity interest in Buyer’s post-closing parent company and the assumption of substantially all the Company’s liabilities. The Company will retain certain assets, including cash in an amount up to $1.5 million, net operating loss carryforwards and any remaining payments under the Continued Dumping and Subsidy Offset Act. Buyer is a Delaware limited liability company formed by Walter Blocker, Chairman of Vietnam Trade Alliance in Ho Chi Minh City, to acquire the Stanley assets.
The closing of the asset sale, which is subject to approval by the Company’s stockholders, Buyer obtaining financing pursuant to existing financing proposals from North Mill Capital LLC and Endurance Capital Group, and other customary closing conditions, is expected to occur in the first quarter of 2018.
Upon the signing of the agreement, Buyer delivered into escrow a $750,000 deposit towards the $11.5 million cash consideration for the sale. If Buyer is unable to obtain financing or the agreement is terminated for certain other reasons, the Company is entitled to receive the deposit as a termination fee.
The Company does not intend to liquidate following the closing of the transaction. The Company’s board of directors will evaluate alternatives for use of the $11.5 million cash consideration, which are expected to include using a portion of the cash to either repurchase Company common stock or pay a special dividend to stockholders, and also using a portion of the cash to acquire non-furniture related assets that will allow the Company to potentially derive a benefit from its substantial net operating loss carryforwards. The Company anticipates transaction costs including professional fees and change in control payments to be approximately $2.5 million.
Walter Blocker, Chairman of Vietnam Trade Alliance in Ho Chi Minh City, stated that “Stanley is an iconic company in the furniture industry dating to 1924 with a history of excellence. We are proud to have entered into an agreement to acquire the Stanley business and look forward to building on the Company’s great past following the transaction closing.”
AMS: I hear you, HWEB
Management credibility is an issue here, for sure. Also the cost of headquartering in San Francisco, where management needs to pay themselves plenty to just hang out. Incentive for them to stretch the truth to extend their tenure?
Being a deep value guy, it's so hard to find a profitable (barely in this case) company with potential and trading well under book that I think I've been searching for anything that might qualify as a decent investment for a couple years now.
Maybe we should all buy Tesla, a company that increasingly immolates cash and gets away with it because Elon Musk is apparently a shaman. Nah, just can't do it.
In the current miasma of choices, I still find it better than most.
Beigledog: Ah, those delistings were the days
I was all over the delisting arbs back in the day as well.
Not much happening these days.
I got burned once with street-name holders excluded so I've always looked carefully at that ever since.
The other risk is when so many folks play the arb that the company can't afford to buy out all those small shareholders - I've been burned by that one, too. Just once, luckily.
Overall, it's been a good strategy.
I think BDVB might have gone down today because holders of broker shares fear they won't get the reverse split price and instead are faced with holding the same old crap but now in a company going dark - a devaluing event.
I have no position here and hope I'm wrong because some here do. Luckily, the $$ is insignificant so hey....let 'em roll.
AMS: I agree the risk-reward looks good
I waited until after the call to decide to buy so I got 2.80.
Good move (hopefully) in getting cheaper shares.
Disagree. let me know how it works out.
Under current SEC rules, any reporting company with fewer than 300 shareholders can voluntarily deregister itself as a public company. This is accomplished through a simple filing known as a Form 15. A "Shareholder of Record" is one that actually holds a physical stock certificate. Many shareholders hold their shares in street name which means they own shares through an electronic entry at their broker. All such street name shareholders count together as one shareholder. Thus, many public companies, some fairly large, have fewer than 300 shareholders of record.
BDVB: Not sure it works for broker-held shares
I didn't see the usual "Shares held in street name will be treated equally...." clause.
Instead, there's this:
If a person or entity holds shares of Common Stock in “street name,” then its broker, bank or other nominee (the “Record Owner”) is considered the owner of record with respect to those shares of Common Stock and not such person or entity.
OT: The last useful offering from Yahoo just died
That company has no reason to exist.
After ruining their finance page, the only thing I still used was the API that allowed quote retrieval from Excel.
They just murdered that.
So stupid...I would gladly pay annually for the old Finance site and the API.
APWC: You nailed it exactly, Worthylion.
A dividend but not a big one. Ten cents.
https://finance.yahoo.com/news/asia-pacific-wire-cable-declares-120000778.html
VSR/WPCS A poll
Poll: Worst Gov Services Contracts CEO ever?
Cast your votes!
1) WPCS: Andy Hidalgo
2) VSR: Tony Otten
Both are worthy candidates but I gotta give my vote to the original "Capital Destroyer," Hidalgo.
POLXF (0.87) Down 33%
Bad news coming? Hope not.
MSN: Impressive? It is per book value for sure but?
Half a million shares traded between $1.10 and $1.25 in the last 10 trading days.
Should they have nibbled away at the ask or paid the 20-36% premium for the volume.
Actually, I'd prefer the former in this case as essentially a liquidation play.
ARCI: Notice that tax judgement?
$4.6 million, They are appealing but will likely have to pay some or all of it.
On April 13, 2017 the Company received the formal BOE assessment for sales tax for tax years 2011, 2012 and 2013 in the amount of $4.1 million plus applicable interest of $0.5 million related to the appliance replacement programs that we administered on behalf of our customers on which we did not assess, collect or remit sales tax. The Company will appeal this assessment and continue to engage the services of our existing retained sales tax experts throughout the appeal process. The BOE tax assessment is subject to protest and appeal, and would not need to be funded until the matter has been fully resolved through the appeal process. Resolution could take up to two years.
IVFH: I think it's the CEO
He came off poorly on the call a few months ago.
Plus, Klepfish sounds like a guy who steals seafood.
PRKA got a Seeking Alpha writeup
https://seekingalpha.com/article/4097510-parks-america-obscure-safari-operator-worth-double-current-price?ifp=0
ESOA and other management disasters
ESOA's report was an unmitigated disaster. Solid demand but no control over resource procurement. Heck, anyone in the IT consulting biz (my old haunts) or practically any consulting biz where supply/demand mismatches by skill set are and always were pervasive, can relate to the problem but not the operational incompetence to do insufficient diligence and not secure adequate resource before bidding, relying instead on ...hope, I guess.
Bottom line - no excuse. No one should ever trust these guys again. Plus, the diligence/laziness ratio grows ever smaller as these guys get older.
Also, it's a family-controlled operation. The Reynolds clan runs the thing and the fact that all those second-generation Reynolds' are involved perhaps suggest they may have bypassed best-qualified hiring practices.
So..old guys and nepotistically-advantaged guys?
Other contractors....
GV is in a good space but they squandered a lot of upside by poor bidding on projects a couple years ago. I hope they got smarter. Listening to their first CC, I think they have. I own some and will hold.
Then there's WPCS - Andrew Hidalgo, the capital destroyer. Some of you may remember him. Yeesh. One of the worst CEO's ever. I bring him up as a warning to future generations.
Speaking of nepotism....The SVT 81 year old dude who took $800000 per year (averaging about a third of the annual earnings) from the stockholders (who paid real money) just died. Any opinions on how this might affect valuation?
I think you are referring to Jeff Gundlach
https://en.wikipedia.org/wiki/Jeffrey_Gundlach
He has an amazingly good track record.
He also predicted Trump's victory back when the polls showed him pretty far behind.
PIH: Taken out at 18.50. Anyone else play this?
Pacific Insight Electronics Corp. has entered into a definitive agreement with Methode Electronics Inc., pursuant to which Methode has agreed to acquire, by way of a plan of arrangement, all of the outstanding shares of Pacific Insight in an all-cash transaction for total consideration of approximately $144-million.
Under the arrangement, each Pacific Insight common share will be acquired for a cash purchase price of $18.50. This represents a premium of 76 per cent based on the closing price of Pacific Insight on the Toronto Stock Exchange on July 31, 2017, and a 79-per-cent premium based on Pacific Insight's 20-day TSX volume-weighted average price ending on July 31, 2017. All outstanding options and warrants will also be acquired.
DSWL will be curtailing dividends
The Company expects the cash dividend to be declared in the coming two fiscal years may be reduced or suspended in order to increase capital investment in manufacturing equipment and facilities.
Well articulated, littlefish
Your explanation resonates with me.
I'm a deep value guy which means scant pickings for several years now. I have 25% cash but another 45% in short/medium term preferreds and bonds. Just 30% equities, the lowest in years.
Gives me comfort
INTT: I'm still half standing
I sold half my position today - it seems close to fair value now.
Added some PIH.TO in the high 8's
Down about 6% on low volume today.
Automotive sector is expected to slow but this trades at a single-digit PE and has this in their MD+A:
During the 2016 fiscal year, the Company launched a number of significant new automotive programs. The Company continues to have booked business in excess of $100 million per annum through each of the next several years. Booked business refers to any program the
Company currently sells product into or future business that has been awarded. In addition to this booked business, the Company continues to quote on new program opportunities.
SMID exploring Chinese licensing
Seems a little fluffy to put this out before any agreement is in place, though.
http://news.morningstar.com/all/business-wire/BWIPREM20170428005578/chinese-explore-licensing-agreement-with-smith-midland-corp.aspx
AUXO: Cynergis merger data is out
In the first 9 mos. of 2016, Cynergis did 10.6MM revenue with 60% gross margins and ended up with 3.3MM EBIT.
https://www.sec.gov/Archives/edgar/data/1011432/000144586617000340/auxo_ex99z3.htm
Schwab not working for me either
Chinese scam playbook
I wrote this 6 years ago. I'm sure it applies to Indian scams, too. Turns out I was completely right on Armstrong, BTW.
What To Do When Caught With Your Hand in the Cookie Jar
When faced with often-irrefutable evidence of fraud, the Chinese firms took one or more of these steps – usually more than one in sequence:
1) Staunch denial: The “pining for the fjords” defense, for those who remember Monty Python. Simply refuse to acknowledge the truth.