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FTK...⬆️⬆️⬆️ Up 30% today after earnings report and cc. Nice. Current price $3.65.
DTST...Wow!...Up another 18% today on no news...As of today I've sold approx 65% of my shares since the price has pretty much doubled in the last month. If I remember correctly, management hinted in their presentation last month that they may want to do a raise if the price gets into the $6's. So something to think about.
CSPI...Nice to see Nerges is still buying/adding. The float is getting tighter and tighter. (Of coarse the split should loosen things up a notch).
FTK...Not too shabby...Flotek Reports Fourth Quarter and Full-Year 2023 Results Highlighted by Growth in All Profitability Metrics Including a $31 Million Improvement in Annual Gross Profit
https://ih.advfn.com/stock-market/NYSE/flotek-industries-FTK/stock-news/93476879/flotek-reports-fourth-quarter-and-full-year-2023-r
Fourth Quarter and Full-Year 2023 Financial Results
Revenue: Flotek reported total revenues of $42.2 million for the fourth quarter 2023, which was a decrease of $6.0 million, or 13%, compared to total revenues of $48.2 million for the fourth quarter 2022. The decline in revenue as compared to the fourth quarter 2022 was the result of lower North American land completion activity during the fourth quarter 2023 partially offset by a 28% increase in chemistry revenues from external customers during the fourth quarter 2023 as compared to the 2022 period. Flotek reported total revenues of $188.1 million for the full-year 2023, which was an increase of $52.0 million, or 38%, compared to total revenues of $136.1 million for the full-year 2022. The Company's fourth quarter and full-year 2023 revenues included amounts attributable to the minimum chemistry purchase requirements contained in the ProFrac supply agreement.
Gross Profit (Loss): The Company generated gross profit of $9.4 million during the fourth quarter 2023 as compared to a gross loss of $2.1 million for the fourth quarter 2022. The improvement in fourth quarter 2023 gross profit was the result of successful initiatives throughout 2023 to drive cost improvements with respect to freight, logistics and materials, the increase in chemistry revenues from external customers as well as revenue attributable to the minimum chemistry purchase requirements contained in the ProFrac supply agreement.
The Company generated gross profit of $24.3 million for the full-year 2023 compared to a gross loss of $6.7 million for the full-year 2022. The improvement in full-year 2023 gross profit was the result of the 38% increase in revenues combined with numerous cost improvements implemented during 2023.
Adjusted Gross Profit (Non-GAAP)(1): Flotek generated adjusted gross profit(1) of $10.7 million during the fourth quarter 2023 compared to adjusted gross loss(1) of $0.5 million for the fourth quarter 2022. Adjusted gross profit(1) for the full-year 2023 increased to $28.7 million compared to a loss of $1.9 million for the full-year 2022. Adjusted gross profit(1) excludes non-cash items, primarily amortization of contract assets.
Selling, General and Administrative ("SG&A") Expense: SG&A expense totaled $6.6 million for the fourth quarter 2023 compared to $6.2 million for the fourth quarter 2022. SG&A during the fourth quarter 2022 included a $1.9 million credit related to the reversal of a bonus accrual. SG&A expense totaled $27.9 million for full year 2023 compared to $27.1 million for full-year 2022.
Net Income (Loss) and EPS: Flotek reported net income of $2.1 million, or $0.07 per diluted share, for the fourth quarter 2023. This compares to a net loss of $19.0 million, or ($1.51) per diluted share, for the fourth quarter 2022. Net income for the full-year 2023 was $24.7 million, or ($0.10) per diluted share, compared to a net loss of $42.3 million, or ($3.41) per diluted share, for the comparable period of 2022. Net income (loss) for the fourth quarter 2022 and full-year 2023 and 2022 included non-cash gains (losses) on the fair value measurement of convertible notes payable totaling ($8.9) million, $30.0 million, and $0.1 million, respectively.
Adjusted EBITDA (Non-GAAP)(1): Adjusted EBITDA(1) was $4.0 million in the fourth quarter 2023 as compared to negative $5.1 million in the fourth quarter 2022. Adjusted EBITDA(1) was $1.5 million for full-year 2023 compared to negative $26.2 million for the full-year 2022.
(1)
See the "Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings" section in this release for more information, including reconciliations to the most
comparable GAAP measures.
CSPI...ARIA Cybersecurity Wins Globee Cybersecurity Product Award for AZT PROTECT
AZT PROTECT™ wins prestigious Globee® Award less than six months after Launch
BOSTON, MA / ACCESSWIRE / March 12, 2024 / ARIA Cybersecurity Solutions, a CSPi business (NASDAQ:CSPi), has announced that its breakthrough solution for protecting Operational Technology (OT) environments, AZT PROTECT™, has won a prestigious Globee® Award. AZT PROTECT was named "Silver Winner" in the "Operational Technologies Security" category in the 2024 edition of the Globee Awards for Cybersecurity, just six months after the product was launched.
This patented, AI-powered solution is being deployed in critical application environments across industry sectors such as manufacturing, pharmaceuticals, energy, and utilities. It stops the sophisticated nation state-based attacks that today's leading cybersecurity solutions are failing to address.
This new award recognizes AZT PROTECT's unique ability to:
Proactively protect OT environments by automatically identifying and blocking attacks before they cause harm.
Keep operations up and running without impact during attacks - avoiding what happened to United Healthcare in the recent cyberattack that caused widespread disruption across the entire US healthcare system[1].
Deploy across entire sites within minutes without taking any production lines offline.
Remain impossible to disable - as happened to the leading cloud-based next-generation AV (NGAV) solutions during the SolarWinds attack.
AZT PROTECT is an AI-driven agent that protects critical applications, and the devices on which they run, from being harmed by attacks. The solution's patented approach stops the techniques attackers use to exploit vulnerabilities, as well as any form of adulteration/manipulation to the applications running on a protected device. It also allows approved applications to be locked down in order to block any unapproved applications from running, including any form of ransomware or zero-day malware. It stops the techniques used in sophisticated supply chain and nation state-based attacks, which have proliferated in recent years.
"We are honored that our AZT PROTECT solution has been selected as one of the world's best cybersecurity products by the Globee judging committee," says Gary Southwell, General Manager of ARIA Cybersecurity. "AZT PROTECT takes over where other solutions come up short, automatically stopping the new type of attacks that have emerged this decade that others miss, and before they can execute. It also ensures companies can comply with the SEC's new rules forcing reporting of ‘material breaches' - providing proof that a given breach did not cause material harm and therefore does not require an 8K filing."
https://finance.yahoo.com/news/aria-cybersecurity-wins-globee-cybersecurity-123000915.html
CXDO...Crexendo's NetSapiens Platform Powers Reinvent Telecom’s Next-Generation Communications & Collaboration Platform
PHOENIX, AZ / ACCESSWIRE / March 11, 2024 / Crexendo, Inc. (NASDAQ:CXDO) ("Crexendo" or the "Company"), an award-winning premier provider of cloud communication platforms and services, video collaboration and managed IT services designed to provide enterprise-class cloud solutions to any size business, and Reinvent Telecom today announced that Crexendo's Award Winning NetSapiens Platform has been chosen to power Reinvent's next generation white label UC&C (Unified Communications & Collaboration) offering to its community of reseller partners.
"We're thrilled to partner with Crexendo on the rollout of Reinvent's new unified communications and collaboration platform," said Bill Bryant, President of Reinvent Telecom and Saddleback Communications.
David Ansehl, Direct of Channels at Reinvent, added: "The addition of Crexendo's NetSapiens platform offers our reseller partners next-generation capabilities, flexibility and cost-efficiencies that can help them to grow their white-label wholesale or cobranded cloud communications businesses."
"We are pleased to have been selected to be the driving force behind Reinvent's Next-Gen UC&C services. We're not just providing tools; we're offering a transformative suite of resources that empowers reseller partners to navigate and excel in the dynamic and ever-changing world of cloud communications. This collaboration is a testament to our commitment to being at the forefront of innovation," added Jeff Korn, CEO of Crexendo, Inc. "The synergy between Crexendo and Reinvent is more than a collaboration; it is a shared commitment to shaping the future of communications. Together, we are architects of change, paving the way for reseller partners to survive and thrive in a market that demands adaptability and innovation."
About Reinvent Telecom
Reinvent Telecom, a division of Saddleback Communications, operates a private-label communications platform that empowers its white-label wholesale and cobranded partners to transform their businesses into next-generation cloud-based communications service providers. Reinvent enables its reseller partners to deliver reliable, high-quality Unified Communications as a Service (UCaaS), Conferencing and Collaboration, Contact Center as a Service (CCaaS), Business Messaging, Direct Routing for Microsoft Teams and SIP Trunking services. Reinvent's solutions are all built on a proven platform and backed by Saddleback Communications, a stable, profitable Incumbent Local Exchange Carrier and a wholly-owned enterprise of the Salt River Pima-Maricopa Indian Community (SRPMIC). Reinvent's powerful turnkey solution is managed from quote to compensation through its proprietary Reinvent Partner Portal (RPP), enabling its reseller partners to generate revenue quickly and build a successful cloud voice business while keeping full ownership and control of their customers. For more information, visit us at www.reinventtelecom.com.
CXDO. Thanks hweb.👍
AESI...Atlas Energy Solutions Inc. Completes Previously Announced Acquisition of Hi-Crush Inc. And Announces Promotion of John Turner to CEO
AUSTIN, Texas, March 05, 2024--(BUSINESS WIRE)--Atlas Energy Solutions Inc. (NYSE: AESI) ("Atlas" or the "Company") today announced the completion of the acquisition of Hi-Crush Inc. ("Hi-Crush"). The transaction strengthens Atlas’s position as the largest proppant producer in the country, with a total combined annual production capacity of ~28 million tons per year, and an industry leading provider of proppant logistics in the Permian Basin. This acquisition brings together two of the leading innovators in the Permian proppant space and broadens Atlas’s logistics offering through the addition of Pronghorn, a leading multi-basin provider of proppant logistics and wellsite services. The combined logistics offerings are expected to drive significant operational efficiencies.
Bud Brigham, Executive Chairman and CEO of Atlas commented, "We are thrilled to complete this acquisition, which brings two of the leading innovators in the proppant and proppant logistics spaces together, creating a clear industry leader. We believe this combination will accelerate efficiency gains for our combined customer base and will contribute to drive the ongoing transformation of the Permian Basin from a traditional oilfield to a more sustainable state-of-the-art energy manufacturing center on the ground."
John Turner, President and CFO added, "The addition of the Hi-Crush portfolio is going to drive meaningful value for our shareholders. We believe our shared culture of innovation and our enhanced scale will drive further efficiencies, and in time will meaningfully expand our already industry leading margins and profitability. Importantly, our advantaged scale and product offerings will also allow us to better support our customers’ objective to improve well economics."
For additional information on the acquisition, please reference the Acquisition Presentation and Acquisition Press Release issued on February 27, 2024, both available on Atlas’s investor relations website at https://ir.atlas.energy/.
Atlas also announced today that its Board of Directors has named John Turner as Chief Executive Officer, effective March 6, 2024. Atlas's current CEO, Bud Brigham, will continue to actively serve as the Executive Chairman of the Board of Directors.
This orderly leadership transition arises from the collaboration of the Company's management team and Board of Directors to ensure seamless and effective management succession.
Mr. Brigham, along with Mr. Turner and other long-term E&P operators, founded Atlas's predecessor in 2017 and served as Executive Chairman and CEO since the Company's initial public offering in March 2023. Mr. Brigham will remain active in the Company's operations, continuing to provide leadership and vision to the Company’s management team and focusing on identifying innovative strategic opportunities. Mr. Turner currently holds the position of President and Chief Financial Officer at Atlas, where he oversees the management team, financial matters and strategic growth initiatives.
Mr. Brigham commented, "This transition results from our consistent progress over the last year in establishing Atlas as a public company, building our capabilities to match the scale of our largest customers and acquiring a complementary business to enhance our scale and offerings across the Permian Basin and beyond. John and I were founders of Atlas back in 2017 and, as a proven oil and gas entrepreneur, John has led our outstanding management team to successfully manage day-to-day operations while building Atlas into the premier proppant and logistics company in our highly competitive industry. Atlas has a big future, and I believe John's leadership and executive experience, with the support of our management team, will result in continued innovation and growth focused on increasing shareholder value."
"Bud’s vision built Atlas from an idea to an industry leader and Atlas will continue to benefit from his future contributions," said Robb Voyles, Chair of the Audit Committee at Atlas. "John's exceptional experience in the industry and his demonstrated leadership qualities uniquely position him to lead Atlas into its next phase of growth. The Board and I look forward to working with John to oversee the execution of Atlas's strategy."
Mr. Turner said, "I am honored that the Board has trusted me with the role of CEO of Atlas. I am committed to continuing the legacy of innovation, disruption and excellence that Bud's vision and leadership established at Atlas, and I am grateful for the opportunity to lead this management team and all of our employees."
In addition to CEO and President, Mr. Turner will continue serving as Chief Financial Officer while Atlas conducts a search for a new Chief Financial Officer.
CXDO...👍Highlighted Notes from today's cc...
- "We're very pleased with the results we're seeing for Q1. I don't want to say much more than that. I woun\dn't have indicated that we expect double digit growth if we didn't see Q1 going well."
Sales momentum is very strong right now. We continue to add new resellers out there. And our funnel for sales opportunities is just strong as it's ever been. So we're not seeing any slowdown in opportunities out there and bookings continue to have great momentum."
- "We've contracted with Oracle who's going to be providing hosting and backend support to us, which opens up a world of opportunities for us."
CXDO...Crexendo Announces Fourth Quarter and Fiscal Year 2023 Record Results
PHOENIX, AZ / ACCESSWIRE / March 5, 2024 / Crexendo, Inc. (NASDAQ: CXDO), an award-winning premier provider of cloud communication platform and services, video collaboration and managed IT services designed to provide enterprise-class cloud solutions to any size business, today announced financial results for the fourth quarter and fiscal year ended December 31, 2023.
Financial highlights:
Total revenue for the year increased 42% year-over-year to $53.2 million.
GAAP net loss for the year of $(0.4) million and non-GAAP net income for the year of $6.6 million.
Fourth quarter revenue increased 24% year-over-year to $14.2 million.
Fourth quarter GAAP net income of $0.1 million and fourth quarter non-GAAP net income of $1.6 million.
Financial Results for the Fourth Quarter of 2023
Total Revenue: Consolidated total revenue for the fourth quarter of 2023 increased 24%, or $2.7 million, to $14.2 million compared to $11.4 million for the fourth quarter of 2022.
Service Revenue: Consolidated service revenue for the fourth quarter of 2023 increased 26%, or $1.6 million, to $7.7 million compared to $6.1 million for the fourth quarter of 2022.
Software Solutions Revenue: Consolidated software solutions revenue for the fourth quarter of 2023 increased 21%, or $0.9 million, to $5.3 million compared to $4.4 million for the fourth quarter of 2022.
Product Revenue: Consolidated product revenue for the fourth quarter of 2023 increased 23%, or $0.2 million, to $1.2 million compared to $0.9 million for the fourth quarter of 2022.
Operating Expenses: Consolidated operating expenses for the fourth quarter of 2023 decreased 69%, or $(31.9) million, to $14.1 million compared to $46.0 million for the fourth quarter of 2022. Goodwill and long-lived asset impairment contributed $32.7 million of the operating expenses in 2022.
Net Income/(Loss): The Company reported net income of $0.1 million for the fourth quarter of 2023, or $0.00 per basic and diluted common share, compared to net loss of $(32.6) million, or $(1.33) loss per basic and diluted common share for the fourth quarter of 2022.
Non-GAAP: Non-GAAP net income of $1.6 million for the fourth quarter of 2023, or $0.06 per basic and diluted common share, compared to non-GAAP net income of $2.5 million or $0.10 per basic common share and $0.09 per diluted common share, for the fourth quarter of 2022.
EBITDA and Adjusted EBITDA: EBITDA for the fourth quarter of 2023 of $0.9 million compared to a loss of $(1.0) million for the fourth quarter of 2022. Adjusted EBITDA for the fourth quarter of 2023 of $1.7 million compared to $0.6 million for the fourth quarter of 2022.
Financial Results for the Full Year 2023
Total Revenue: Consolidated total revenue for the year ended December 31, 2023 increased 42%, or $15.6 million, to $53.2 million compared to $37.6 million for the year ended December 31, 2022.
Service Revenue: Consolidated service revenue for the year ended December 31, 2023 increased 52%, or $10.2 million, to $29.7 million compared to $19.5 million for the year ended December 31, 2022.
Software Solutions Revenue: Consolidated software solutions revenue for the year ended December 31, 2023 increased 19%, or $2.9 million, to $18.0 million compared to $15.1 million for the year ended December 31, 2022.
Product Revenue: Consolidated product revenue for the year ended December 31, 2023 increased 90%, or $2.6 million, to $5.5 million compared to $2.9 million for the year ended December 31, 2022.
Operating Expenses: Consolidated operating expenses for the year ended December 31, 2023 decreased 27%, or $(20.1) million, to $54.9 million compared to $74.9 million for the year ended December 31, 2022. Goodwill and long-lived asset impairments contributed $32.7 million in operating expenses during 2022.
Net Income/(Loss): The Company reported a net loss of $(0.4) million for the year ended December 31, 2023, or $(0.01) loss per basic and diluted common share, compared to a net loss of $(35.4) million, or $(1.54) loss per basic and diluted common share for the year ended December 31, 2022.
Non-GAAP: Non-GAAP net income of $6.7 million for the year ended December 31, 2023, or $0.26 per basic and $0.24 per diluted common share, compared to non-GAAP net income of $4.1 million, or $0.18 per basic common share and $0.16 per diluted common share for the year ended December 31, 2022
EBITDA and Adjusted EBITDA: EBITDA for the year ended December 31, 2023 of $1.9 million, compared to a loss of $(2.0) million for the year ended December 31, 2022. Adjusted EBITDA for the year ended December 31, 2023 of $5.7 million compared to $2.5 million for the year ended December 31, 2022.
Cash and Cash Equivalents: Total cash and cash equivalents at December 31, 2023 was $10.3 million compared to $5.5 million at December 31, 2022.
Cash Flow: Cash provided by operating activities for the year ended December 31, 2023 was $3.5 million compared to $(0.4) million used in operating activities in the year ended December 31, 2022. Cash provided by investing activities for the year ended December 31, 2023 was $3.7 million compared to $(1.7) million used in investing activities in the year ended December 31, 2022. Cash used in financing activities for the year ended December 31, 2023 was $(2.3) million compared to $(0.1) million used in financing activities for the year ended December 31, 2022.
Additional highlights:
Crexendo Earns Frost & Sullivan's 2024 Competitive Strategy Leadership Award for Excellence in Cloud Communications - Frost & Sullivan recently researched the service provider cloud communications platform industry and, based on its findings, recognizes Crexendo with the 2024 North American Competitive Strategy Leadership Award and highlighted outstanding 36% User Surge in 2023 - Nearly Double the Industry Average
Crexendo announced in December that its cloud communication platform now supports over four million end users globally. When Crexendo acquired the NetSapiens platform in June of 2021 there were approximately 1.7 million users on the platform. With additional new licensees deploying Crexendo's platform combined with strong growth from their existing base of over 220 licensees, there are now over 4 million users utilizing the Crexendo NetSapiens platform for their communication needs.
Crexendo announced that its annual User Group Meeting ("UGM"), which took place in October 2023 in Scottsdale, Arizona, brought together a record number of industry leaders, innovators, and partners. Crexendo also unveiled new CPaaS or programmable communications capabilities via its API 2.0 release at the UGM.
Crexendo announced in September the launch of its new Generative AI technology features powered by ChatGPT in the Company's Contact Center solution. By harnessing the power of AI and natural language processing, Crexendo's technology will enable real-time conversations that feel natural yet are dynamic enough to respond to complex requests, comments and questions.
Crexendo announced in September its outstanding performance in G2's Fall 2023 Reports for VoIP, UCaaS and CCaaS. In G2's Fall 2023 Reports, the Crexendo? VIP" platform for cloud business communications was ranked first for Usability and was honored with the Best Usability award for the third quarter in a row, celebrating its powerful, user-centric features.
Crexendo was named a winner of the Remote Work Pioneer Award, reflecting the value of its solutions for remote and hybrid workplaces. The Company was also named a winner of the Product of the Year Award, presented by INTERNET TELEPHONY magazine, for Crexendo's NetSapiens® SNAPsolution UCaaS platform.
Crexendo announced in April that Jenne Cloud Services Brokerage is a new Technology Services Brokerage for its VIP Business Communications Platform®. Jenne joins Crexendo's successful Master Agent Program and is a leading cloud services brokerage and value-added distributor of technology solutions focusing on Unified Communications and collaboration, networking and infrastructure, video conferencing, physical security, and the Internet of Things (IoT).
Crexendo announced in March that Jeffrey ("Jeff") G. Korn has been appointed as Chief Executive Officer. In keeping with the Company's long-term management transition plan, previous CEO Steven ("Steve") G. Mihaylo has retired from his position. Additionally, in January 2024, the Board of Directors of Crexendo appointed Jeff Korn as a Class I director of the Board of Directors of the Company and named him as Executive Chairman.
Management Commentary
"I am thrilled with both our annual and fourth-quarter results. The dedication and hard work of our entire team have been instrumental in this success. Despite beginning the year with a cash burn in Q1, we made a significant turnaround, achieving GAAP profitability in the third and fourth quarters, and reporting a non-GAAP net income of $6.6 million for the year. Our strong momentum continued into the fourth quarter, with a 24% increase in revenue year-over-year, reaching $14.2 million. I am equally pleased to announce that our total annual revenue soared by 42% year-over-year to $53.2 million. These achievements are a testament to our ongoing efforts to grow revenues and enhance our processes and integrate our resources company-wide," stated Jeff Korn, CEO of Crexendo. "This year has been a period of transformation, and I am very optimistic about our continued growth. In December we announced our platform had surpassed 4 million users. In 2023, we experienced a 36% surge in user growth, nearly double the industry average, earning us the prestigious Frost & Sullivan Leadership Award. We remain committed to expanding our Crexendo NetSapiens Platform offerings to further accelerate our growth trajectory."
"In 2023, we paused our acquisitions strategy to focus on achieving operational efficiencies with past acquisitions. Our results demonstrate our strategic approach to selecting accretive acquisition targets, and we anticipate at least one acquisition this year. However, we are equally focused on continuing our double-digit organic growth rate, complemented by growth from strategic acquisitions. We are dedicated to maintaining unparalleled customer service and meeting our customers' needs. I am confident that this will be another exciting year for Crexendo, as we strive daily to enhance shareholder value and establish ourselves as one of the leading telecommunications providers in the industry."
Conference Call
Crexendo management will hold a conference call today, March 5, 2024, at 4:30 PM Eastern time to discuss these results.
Company CEO Jeff Korn, CFO Ron Vincent, and President and COO Doug Gaylor will host the call, followed by a question-and-answer period.
DTST...Up another 15% today. Nice! No news that I can find other than their presentation a couple weeks ago...https://pr.report/VLCxyzQA
STCN...One for the watch list...Interesting company that is either hugely undervalued or I'm missing sometihng. Here's the skinny...
STCN: Steel Connect, Inc. is a publicly-traded diversified holding company (Nasdaq Global Select Market symbol "STCN") with a wholly-owned subsidiary, ModusLink Corporation, that has a market-leading position in supply chain management.
https://www.moduslink.com/ .
Steel Connect shows a HUGE cash position and a low share count with not too much debt.
Current Market Cap: $56M
Cash & Equiv: $276M
Cash Per share: $44.33
Total Debt: $38.8M
Shares Outstanding: 6.3M
Float: 2.4M
Insider Ownership: 30%
Institutional Ownership: 48%
The Company had net NOL carryforwards for federal and state tax purposes of approximately $369.9 million and $138.8 million, respectively, at July 31, 2023.
Current Share Price: $8.70 ($8.60 x $9)
Anyway, I've been slowly accumulating shares in STCN over the past couple weeks.
Steel Connect (ModisLink) looks undervalued but I need some help. Hopefully others here (anyone?) can take a peek at the company and tell me if or what I'm missing (if anything). I really don't want to loose my ass on this one if I'm wrong.
The thing that's boggling me is the Series E Convertible Preferred Stock.
The Series E, if converted, would bring the fully diluted share count to approx $26M share outstanding but would add a nice amount of cash to the balance sheet if I'm correct?. Am I correct??
The one negative I have is they rarely release news and have no cc's.
Hope to hear an opinion or two on this company...
From the 10 Q (page 26)...
"On May 1, 2023, the Company and Steel Holdings executed a series of agreements in which the Steel Partners Group agreed to transfer certain marketable securities held by the Steel Partners Group to Steel Connect in exchange for 3.5 million shares of Series E Convertible Preferred Stock of Steel Connect"
"Following approval of the Nasdaq Proposal by the Steel Connect stockholders (the “Stockholder Approval”), the Series E Convertible Preferred Stock became convertible into an aggregate of 19.8 million shares of the Common Stock, and votes together with the Common Stock and participates in any dividends paid on the Common Stock, in each case on an as-converted basis."
From the 10Q (page 37)...
"Any holder of the Series E Convertible Preferred Stock (“Holder”), may, at its option, convert all or any shares of Series E Convertible Preferred Stock held by such Holder into Common Stock based on a conversion price of $10.27 (the “Conversion Price”) per share".
Latest News...
Moduslink Corporation Announces Expansion Into Thailand
https://moduslink.com/news/moduslink-corporation-announces-expansion-into-thailand
ModusLink Corporation Earns Intel’s 2023 EPIC Distinguished Supplier Award
https://www.moduslink.com/news/moduslink-corporation-earns-intels-2023-epic-distinguished-supplier-award/
ModusLink is an end-to-end global supply chain solutions and e-commerce provider serving clients in markets such as consumer electronics, communications, computing, software and retail. ModusLink designs and executes critical elements in its clients’ global supply chains to improve speed to market, product customization, flexibility, cost, quality and service. These benefits are delivered through a combination of industry expertise, innovative service solutions, and integrated operations, proven business processes, an expansive global footprint and world-class technology. ModusLink also produces and licenses an entitlement management solution powered by its enterprise-class Poetic software, which offers a complete solution for activation, provisioning, entitlement subscription, and data collection from physical goods (connected products) and digital products. ModusLink has an integrated network of strategically located facilities in various countries, including numerous sites throughout North America, Europe and Asia.
STCN's latest 10Q
https://app.quotemedia.com/data/downloadFiling?webmasterId=90423&ref=317925943&type=HTML&symbol=STCN&cdn=cdda6eab612d1b4782f68846ceb63c97&companyName=Steel+Connect+Inc.&formType=10-Q&formDescription=General+form+for+quarterly+reports+under+Section+13+or+15%28d%29&dateFiled=2023-12-14
SMCI...Damn. I took my eyes off this one on Friday and didn't realize the jump. Congratulations on holding valuemind. Hang in there and I hope you need to hire a Brinks truck to cart your money around once you sell. 👍
CLMB...New ALL-TIME HIGH...$72.30 😀
CSPI...The recent cyberattack on UnitedHeath is just another reason to hold CSPI.
CSPI's protection is so easy and simple to implement, even a caveman can do it...
"Existing solutions are proven to not fully protect these valuable OT assets from a new style of cyberattack, as well as being complex to deploy and update. AZT PROTECT is the perfect complement to these existing defenses; it is up and running within minutes, requires no staff training or expertise, and provides protection against all forms of cyberattack, both known and unknown."
https://investorrelations.cspi.com/news/news-details/2024/ARIA-Cybersecurity-Calls-for-New-Approach-to-Securing-Operational-Technology-from-Sophisticated-Cyberattacks/default.aspx
Cyberattack on UnitedHealth still impacting prescription access: "These are threats to life"
https://www.cbsnews.com/news/unitedhealth-cyberattack-change-healthcare-prescription-access-still-impacted/
Hold on tight. CSPI should gain more and more traction now that the big pharma deal is inked.
https://investorrelations.cspi.com/news/news-details/2024/World-Leading-Pharmaceuticals-Company-Secures-Global-Manufacturing-Assets-Using-Breakthrough-ARIA-Cybersecurity-Solution/default.aspx
CLMB...Nice report...Climb Global Solutions Reports Fourth Quarter and Full Year 2023 Results
Q4 2023 Net Sales, Net Income, Adjusted EBITDA and EPS Increase to Record Levels
FY 2023 Net Sales Increased 16% to a Record $352.0 Million with Net Income of $12.3 Million or $2.72 per Share; FY Adjusted EBITDA up 16% to $24.6 Million
EATONTOWN, N.J., Feb. 28, 2024 (GLOBE NEWSWIRE) -- Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb”, the “Company”, “we”, or “our”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, is reporting results for the fourth quarter and full year ended December 31, 2023.
Fourth Quarter 2023 Summary vs. Same Year-Ago Quarter
Net sales increased 20% to $106.8 million.
Adjusted gross billings (a non-GAAP financial measure defined below) increased 24% to $397.0 million.
Net income increased 10% to $5.2 million or $1.15 per diluted share.
Adjusted EBITDA (a non-GAAP financial measure defined below) increased 24% to $9.2 million.
FY 2023 Summary vs. FY 2022
Net sales increased 16% to $352.0 million.
Adjusted gross billings increased 18% to $1.3 billion.
Net income was $12.3 million or $2.72 per diluted share, compared to $12.5 million or $2.81 per diluted share. Excluding a one-time CEO stock grant, net income increased 13% to $14.1 million or $3.13 per diluted share.
Adjusted EBITDA increased 16% to $24.6 million.
Management Commentary
“Our Q4 performance capped off an exceptional year for Climb as we generated quarterly records across all key financial metrics, while delivering on our acquisition objectives,” said CEO Dale Foster. “These results were driven by the execution of our core initiatives and the integration of DataSolutions, which was acquired in October 2023 and was immediately accretive to earnings. We also continued to generate organic growth in both the U.S. and Europe as we deepened relationships with current customers while adding new, cutting-edge technologies to our line card.
“Looking ahead, our strategy remains unchanged: leverage our global infrastructure to drive organic growth while executing our M&A initiatives. We will continue to evaluate opportunities to expand our geographic footprint, as well as our service and solutions offerings. Between our robust balance sheet, a growing pipeline of prospective vendors and a demonstrated track record of accretive M&A, we are well positioned to continue driving shareholder value.”
Dividend
Subsequent to quarter end, on February 27, 2024, Climb’s Board of Directors declared a quarterly dividend of $0.17 per share of its common stock payable on March 15, 2024, to shareholders of record on March 11, 2024.
Fourth Quarter 2023 Financial Results
Net sales in the fourth quarter of 2023 increased 20% to $106.8 million compared to $88.9 million for the same period in 2022. This reflects organic growth from new and existing vendors, as well as contribution from the Company’s acquisition of DataSolutions Holdings Limited (“DataSolutions”) in October 2023. In addition, adjusted gross billings in the fourth quarter of 2023 increased 24% to $397.0 million compared to $319.8 million in the year-ago period.
Gross profit in the fourth quarter of 2023 increased 31% to $21.1 million compared to $16.1 million for the same period in 2022. The increase was driven by organic growth from new vendors and the Company’s top 20 vendors in both North America and Europe, as well as contribution from DataSolutions.
Selling, general, and administrative (“SG&A”) expenses in the fourth quarter of 2023 were $12.4 million compared to $9.1 million in the year-ago period. SG&A as a percentage of adjusted gross billings was 3.1% for the fourth quarter of 2023 compared to 2.9% in the year-ago period.
Net income in the fourth quarter of 2023 increased 10% to $5.2 million or $1.15 per diluted share, compared to $4.8 million or $1.06 per diluted share for the same period in 2022. The Company’s earnings per diluted share in the fourth quarter of 2023 was negatively impacted by $0.09 in FX and $0.06 in acquisition fees associated with DataSolutions.
Adjusted EBITDA in the fourth quarter of 2023 increased 24% to $9.2 million compared to $7.4 million for the same period in 2022. The increase was driven by the aforementioned organic growth, as well as contribution from DataSolutions. Effective margin, which is defined as adjusted EBITDA as a percentage of gross profit, was 43.7% compared to 45.9% for the same period in 2022.
On December 31, 2023, cash and cash equivalents were $36.3 million compared to $20.2 million on December 31, 2022, while working capital decreased by $4.5 million during this period. The increase in cash was primarily attributed to the timing of receivable collections and payables, partially offset by the cash paid for the acquisition of DataSolutions (net of cash acquired) of $12.7 million. Climb had $1.3 million of outstanding debt on December 31, 2023, with no borrowings outstanding under its $50 million revolving credit facility.
For more information on the non-GAAP financial measures discussed in this press release, please see the section titled, “Non-GAAP Financial Measures,” and the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.
Conference Call
The Company will conduct a conference call tomorrow, February 29, 2024, at 8:30 a.m. Eastern time to discuss its results for the fourth quarter and full year ended December 31, 2023.
Climb management will host the conference call, followed by a question-and-answer period.
Date: Thursday, February 29, 2024
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (877) 407-9716
International dial-in number: (201) 493-6779
Conference ID: 13744515
Webcast: Climb’s Q4 & FY 2023 Conference Call
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
The conference call will also be available for replay on the investor relations section of the Company’s website at www.climbglobalsolutions.com.
CLMB...Comps may not be too shabby after all based on comments from last Q's cc Q&A...
Unknown Attendee:
So my second question generally is I'm looking at Q4, which last year, you just knocked the cover off the ball with your adjusted gross billings about $320 million, which is a big step-up, obviously, from Q3, and it's obviously seasonally your strongest quarter. But you had words in the press release about broader challenges in the macro environment. And there's other issues, global uncertainty, that kind of thing. But in terms of posting a number above that kind of with the DataSolutions maybe adding $30 million or so in adjusted gross billings, are you confident in exceeding last year's exceptionally strong number in Q4 for your adjusted gross billings?
Dale Foster:
So yes, I'm very confident, [ Howard ], in what the team is performing. We already have October numbers, as Drew and his team put out a flash report.
So we're on track. That's our goal to do that. I don't see -- yes, there could be some obstacles as far as getting stuff in the last couple of days because a lot of -- everybody waits. And we just -- the vendors wait to push these things in. Like I said, we track our quote volumes so we can know if there's going to be a dip coming in because we know how many quotes it takes to get one order depending on certain manufacturers. We track that data. But we -- I'm comfortable that we'll be on target for Q4.
CLMB...Reports after the bell w/ cc tomorrow morning...Bought back a small position to hold into earnings. Although I think it's fairly valued, I think we could see decent growth this year.
Tough comps but the DataStorage acquisition will show this Q.
AESI...Wow. Nice reaction this morning.👍The cc was very positive regarding the acquisition,
DBGI...Been adding back little by little. Anyway, a bit of news out this morning...Digital Brands Group To Open First Retail Store in First Half of April in Dallas, TexasStore forecasted to generate over $1.5 million in annual revenue and $500,000 in annual cash flow
AUSTIN, Texas, Feb. 27, 2024 /PRNewswire/ -- Digital Brands Group, Inc. ("DBG") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today announces plans to open its first retail store in the first half of April at the Simon Premium Outlet Mall in Allen, Texas, a suburb of Dallas, TX. The Company forecasts the store to generate over $1.5 million in annual revenue and over $500,000 in annual cash flow based on the historical performance of this location, and excess Sundry inventory prior to the acquisition.
DBG will use this store to clear excess inventory at meaningfully higher margins than selling into the off-price channel. Importantly, DBG received a significant amount of excess inventory with its Sundry acquisition. Therefore, there will be little to no additional costs associated with the excess inventory, as this inventory has already been paid for and is sitting in our warehouse. Given this, we expect this store to generate significant annual cash flow of over $500,000 a year.
"We are excited to begin the retail store phase of our growth strategy. We believe the best performing retail brands will have three legs to their growth story: (1) wholesale, (2) e-commerce and (3) retail stores," said Hil Davis, Chief Executive Officer of Digital Brands Group.
AESI....Didn't expect a blowout Q due to the falling price of NG but it was OK and I like the acquisition...
- 80% of pro forma 2024 production capacity contracted, accelerating free cash flow generation and shareholder returns
- Estimated to be immediately double-digit accretive to CFPS and EPS
- We expect the acquired assets to contribute $110-125 million in Adjusted EBITDA in 2024, which implies on a full run-rate basis, a valuation of approximately 3x 2024 Adjusted EBITDA.
And I like the dividend.
researcher, this is meant to be a long term hold form me to collect the dividend so I'm not selling at this point. My current avg is $17.10 so I'm in good shape.
CSPI...hweb, If timing is right on news, the stock price could hold strength after the split. But if there ins't more contract news at split time. I'm thinking there could be a bit of a sell off. But like you said, who knows??? Joe Nerges has shown no signs of selling and he holds a good amount of shares. He's the wild card. And insiders have held so far.
LOL.🤔
CSPI...RNsidersbuying, Thanks. And, yes! 😀👍
CSPI...On fire again today.🔥🔥Another All-Time High.
SMCI...Thanks valuemind...you have great 2 month gains in the stock. Nice. I'm just not all that familiar with the company. I'll look into it more and go from there.
SMCI...Out for now. This thing is all over the place today. Good luck to those holding. Hope it does well.
AER...Nice report. Bought some on the pull-back. Not sure why the stock is down...Any idea?
SMCI...Stuck my toe in the water @ $878 after seeing your post. Not sure this will be a long term hold for me though, we'll see.
Thanks for the heads up.
DTST⬆️...Up 15% today, NICE!!👍
CSPI...Ended up selling approx 20%.😀 What a day!!!
CSPI...Over $50. WOOOOW!!! Had to sell 10% of my position today on this move. Couldn't resist.
CSPI...Over $50. WOOOOW!!! Had to sell 10% of my position today on this move. Couldn't resist.
CSPI...YES!! NICE move today! 💪⬆️
AESI...researcher, AESI is up a nice clip since we added last month. Thanks for the tip in December. My avg is now $17.10 and it's currently my #3 posistion.
Not looking for a quickie gain here. Just want to hold, collect the divi this year, and hopefully lock in gains next year when it hits long term status in my portfolio.
Earnings next week.
BELFB...Good call nelson. It's been a while since I've been in this one but have had it on my watch list watching what I missed out on.
CSPI...Opened @ $36. Wow! Nerges must be jumping out of his boots. (I know I am). Nice accumulation. Post split puts him at approx 1.33M shares.
CSPI👍...CSP Inc. Announces 2-for-1 Stock Split in the form of a 100% Stock Dividend
LOWELL, MA / ACCESSWIRE / February 21, 2024 / CSP Inc. (NASDAQ:CSPI), an award-winning provider of security and packet capture products, managed IT and professional services and technology solutions, today announced that the Board of Directors has approved and declared a two-for-one stock split in the form of a 100% stock dividend on the Company's outstanding common stock. Each stockholder of record as of the close of business on March 6, 2024 will receive one additional share of common stock for every share of common stock held.
The distribution date for the stock split, or the date on which new shares will be distributed from the Company's transfer agent, Equiniti Trust Company, LLC, will be March 20, 2024. CSPi's Common Stock is expected to trade on a post-split basis at the market open on March 21, 2024. Upon completion of the stock split, the Company expects to have approximately 9,753,900 shares outstanding.
In explaining the stock split Victor Dellovo, Chief Executive Officer, commented. "We believe the increased liquidity of CSPi shares resulting from this action will provide greater opportunities for institutional participation and enhance shareholder value at a time we are broadening our business prospects. The launch of our ARIA Zero Trust PROTECT offering is generating substantial interest, and the stock split reflects our confidence in the prospects for AZT and the rest of our business."
The Company also pays a quarterly cash dividend, which was recently increased by the Board of Directors, to $0.05 per share on a pre-split basis. The next quarterly dividend is payable on March 08, 2024, to shareholders of record on the close of business on February 26, 2024. The Company's quarterly cash dividend in the future will be set on a split adjusted basis.
https://finance.yahoo.com/news/csp-inc-announces-2-1-133000132.html
Thanks nelson...👍