In Florida overlooking the Intercoastal Waterway..
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1 REVI for each 10 ACGX.. That seems a little low.. Should be more like 1 REVI for 15 ACGX.. At least REVI has a plan but either is in the same group of dilutive companies that print paper more than profit..
Sure he said it but who would ever merge (accept Paper) from a company that has diluted it's shareholders 75 Times in the past 2 years.. Look all you want but since the paper is toxix and handed out like water what do you buy the merger company with.. It's almost like window shopping at Walmart..
But we all know Walmart has no windows,, That's the point.. hank
Stuckholders..
ACGX.. $0.0026.. Hopefully for the sake of the longs you will get some relief but as the new Preferred issue loads with an even higher conversion rate you are doomed.. Has anyone contacted the company to find out what the New Prefered were exchanged for.. And who got the shares..?? 30% discount when they convert.. ..?? Too Bad.. But when they convert and sell they still control thru the preferred.. Wash and Rinse.. hank
Whats the purpose of the SAVVY board when we have VMC....??? It appears that posts are taken away from VMC by it and now that options posts are no longer the forum of that board,, it would be nice if those posters return to the VMC Board so more traffic can be developed.. hank
ACGX,, $0.0027.. On value basis at 6X PE ACGX is only worth $0.0013 with 1.6 Billion fully diluted shares outstanding.. Now with the new preferred issue getting larger in size look for 2 Billion fully diluted shares soon and a value below $0.001..
$0.0026 up.. hank
Sure,, why not pay the old debt off with debt that is Conv. at 30% rather than 20% discounts.. If this works then next year it can be exchanged with debt conv. at a 50% discount.. Wash and Rinse.. They could care les as long as they control by the preferred.. hank
Where did you find that out..??
PDEX.. $3.94 high on more shares than outstanding..?? Did I miss something that was in it's report today..?? hank
Wow,, I never realized Hallmark had twice the number of stores as Subway.. Funny I can't find one down here and there are 25 Subways in the same space.. The problem here is not the company but it's capitol structure.. Shares increase far faster than revenues and revenues have value in a value equation w/o after tax fully diluted earnings.. hank
This buyout at a price of $0.05 values ACGX at $80,000,000 on a fully diluted basis.. It's appears some one has gone crazy to pay that much for a company with no unique products that has the sales of an ave. Hallmark Card Store located at a large Mall.. ..
ETAK.. $1.09.. Powering up with a respected board..
Elephant Talk Communications Corp. Stockholders Appoint Mr. Jaime Bustillo and Dr. Francisco Ros as Two New Members of its Board of Directors
Sep 18, 2014 09:38:00 (ET)
OKLAHOMA CITY, Sept. 18, 2014 /PRNewswire/ -- Elephant Talk Communications Corp. (NYSE MKT: ETAK) ("Elephant Talk" or the "Company"), a global provider of Software Defined Network Architecture (ET Software DNA(R) 2.0) platforms and cyber security solutions, today announced that Mr. Jaime Bustillo and Dr. Francisco Ros were elected to the Company's Board of Directors at the Company's annual meeting of stockholders on September 12, 2014 (the "Annual Meeting"). Mr. Bustillo and Dr. Ros fill the vacancies created by Mr. Groenink's departure following the Annual Meeting and the increased size of the Board of Directors from five members to six members. Messrs. Steven van der Velden, Geoffrey Leland, Yves van Sante and Carl Stevens were re-elected.
The Company's stockholders also approved an increase in the number of shares of the Company's common stock authorized for issuance under the Amended and Restated Elephant Talk Communications Corp. 2008 Long-Term Incentive Compensation Plan, as amended (the "2008 Plan"), by 10,000,000 shares. Squar Milner was ratified as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2014.
Mr Steven van der Velden, Chairman and CEO of Elephant Talk, stated, "Our Board is grateful for the years Mr. Groenink served as a member of our Board and is very much looking forward to working with Mr. Bustillo and Dr. Ros to successfully achieve our Company's strategic goals."
Mr. Jaime Bustillo, 56, is the CEO of Airphone servicios de telecomunicaciones SL, also known under the brand name AIRIS mobile, a Spanish mobile virtual network operator. From 2000 to 2012, Mr. Bustillo held a number of senior positions at Vodafone Group Plc ("Vodafone"), a leading global telecommunications group. During his time at Vodafone, he was the Group Director of Networks Evolution, Chief Technical Officer of the Western Region, a member of Spain Excomm and the Vodafone Group Technology Board. Mr. Bustillo formerly served as Chairman of the Board of Vizzavi España, a Vodafone subsidiary (renamed Vodafone Enabler Espana). Mr. Bustillo holds a Telecommunications Engineering degree from Universidad Politécnica de Madrid.
Dr. Francisco Ros, 63, is Executive President of First International Partners, S.L., a business consulting firm he founded in 2002. Since 2010, Dr. Ros has been a member of the Board of Directors of Qualcomm Incorporated ("Qualcomm"), a world-leading provider of wireless technology and services, he has served as a member of Qualcomm's Finance Committee since March 2014, and previously Qualcomm's Governance Committee. He previously served as a Senior Director of Business Development at Qualcomm Europe and Managing Director of Qualcomm Spain. Dr. Ros is also non-executive Chairman of Asurion Spain and honorary Professor at Universidad Politecnica de Madrid. Dr. Ros was Vice Minister in the Spanish Government, responsible for Telecommunications and the Development of the Information Society. He held key positions within the Telefonica Group, including General Manager for Telefonica International at the time of its vast expansion into Latin America. Dr. Ros holds two PhDs; in Telecommunications from the Universidad Politécnica de Madrid and in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology (MIT).
About Elephant Talk Communications Corp.:
Elephant Talk Communications Corp. (NYSE MKT: ETAK), is a global provider of mobile proprietary Software Defined Network Architecture (ET Software DNA(R) 2.0) platforms for the telecommunications industry. The Company empowers Mobile Network Operators (MNOs), Mobile Virtual Network Operators (MVNOs), Enablers (MVNEs) and Aggregators (MVNAs) with a full suite of applications, superior industry expertise and high quality customer service without the need for substantial upfront investment. Elephant Talk counts several of the world's leading MNOs and technology companies amongst its customers and partners, including Vodafone, T-Mobile, Zain, Iusacell and HP. Visit: www.elephanttalk.com.
About ValidSoft UK Limited:
ValidSoft, a subsidiary of Elephant Talk Communications Corp., secures transactions using personal authentication and device assurance. We help our customers to reduce fraud losses and improve customers' experience. As part of our multi-factor authentication, ValidSoft integrates its leading Voice Biometric engine into multivendor solutions or as a standalone system. ValidSoft serves multiple clients in the financial, government and business automation sectors and is the only company to have been granted four European Privacy Seals, reflecting its commitment to promoting strong data privacy. Visit: www.validsoft.com.
Contacts:
Investor Relations:
Steve Gersten
Capital Markets Group
813-926-8920
steve@capmarketsgroup.com
Public Relations:
Michael Glickman
MWG CO.
917-596-1883
mike@mwgco.net
/Web site: http://www.elephanttalk.com
BSEG,, NGHT,, Have they run out of buyers..?? Just bought a slug of NGHT.. hank
SORRY For the bad INFO that I helped to be passed on.. Not my style.. hank..
ACGX.. $0.003.. THIS COULD BE BIG>> NICE FIND>> IF PROPERLY PRESENTED THIS COULD MAKE ACGX FLY>>
**DID YOU KNOW LES WALGREEN III is on staff @ ACGX? The founder of frickn WAlgreens is product development for this company. He11, he could buy this company for .05 with one personal check. Something has to happen here soon.
INSANE
http://investing.businessweek.com/research/stocks/people/person.asp?personId=639778&ticker=WAG
ACGX.. $0.003.. Was that your bid..??? Just wondering.. If so there are a few more to buy RIGHT.. I'm sure if you stay there you could buy 50,000,000... Is that your offer of 6 Mil so you can buy ACGX Cheaper.. You were gone for a while ,, Did you have a nice Vacation..?? LOL hank
REMEMBER THIS BID.....
10 bagger Member Level Monday, 09/15/14 12:36:02 PM
Re: PCB Inc. post# 47754
Post # of 47780
ACGX.. $0.0029.. What happened to the $0.03 bid..?? It's now offered at $0.0029 .. Why if you had the bid @ $0.003 is it being offered..??
Are you just fibbing..?? hank
"Bring her down boyz...I have a bid .0003 16,500,000 waiting for a nice spike down ;) "
ACGX $0.0029.. What are cheap shares sold are replaced at a 20% discount.. So what is CHEAP.. Hank
BDR.. $1.28.. Bought a Starter position today..
ETEK $1.22.. I have been adding on a regular basis for the past few days.. It's a real speculation but I think a double is possible from here.. Has a lot of liquidity.. hank
09/15/14 1:13 PM EDT Buy 1888 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 100 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 2500 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 700 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 200 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 100 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 100 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 2000 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 100 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 100 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 100 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 1000 ETAK Executed @ $1.1884 Details | Edit
09/15/14 10:59 AM EDT Buy 4888 ETAK Executed @ $1.1397 Details | Edit
09/15/14 10:55 AM EDT Buy 4888 ETAK Executed @ $1.1297 Details | Edit
09/12/14 10:06 AM EDT Buy 4888 ETAK Executed @ $1.0601 Details | Edit
09/12/14 10:05 AM EDT Buy 4888 ETAK Executed @ $1.062 Details | Edit
09/11/14 1:46 PM EDT Buy 6000 ETAK Executed @ $1.0624 Details | Edit
09/10/14 3:36 PM EDT Buy 6000 ETAK Executed @ $1.156 Details | Edit
09/10/14 2:57 PM EDT Buy 2000 ETAK Executed @ $1.128 Details | Edit
09/10/14 12:47 PM EDT Buy 2888 ETAK Executed @ $1.0699
MBX.to.. $0.60.. That sure was a nice 50% retracement.. I added 25 K during the swoop down.. Thanks for the cheap shares to who ever sold.. Now that we are back to the norm ,, it's time to see what the results will be over the next 9 Mo's..
Keep you powder dry.. I think I'll even snag some below $0.002....
It's just what happens after each PR that says nothing.. Where is the big bid..???
PCB Inc. Monday, 09/15/14 12:13:26 PM
Re: None
Post # of 47764
Bring her down boyz...I have a bid .0003 16,500,000 waiting for a nice spike down ;)
MMMW.. $0.015.. Since I know this company inside out and have visited it's site several times I thought I'd pass this post along.. As stated at the time of this posting MMMW was to be earning $2.40 per shares according to their projections.. I Think any present projections from this company and it's commodity trading president should be taken at best with an I'm from MO attitude.. Hole this helps.. hank
My problem with this company is that it 06/11/2012 02:34 PM maybe_this_time
MMMW $0.075...Mass Megawatts' Wind Augmentation System provides 06/07/2012 12:02 PM
Who is they..??? hank 02/21/2012 12:48 PM maybe_this_time
MMMW.. 8k Release.. Item 7.01. Regulation FD Disclosure 04/05/2011 09:07 AM Brick
MMGW.. $0.30 Improved Financial Condition 09/01/2010 09:59 AM
MMGW..$0.88 Mass Megawatts Wind Power, Inc. Releases Hunter, NY 02/19/2010 12:34 PM
MMGW.. $1.14 From 10K.. 08/12/2009 05:52 PM
MMGW.. $1.14 Stock for Services.. 08/12/2009 05:42 PM
Mass Megawatts Wind Power, Inc. Reports for Fiscal 07/31/2009 11:52 AM
Mass Megawatts Wind Power, Inc. Reports for Fiscal 07/31/2009 11:35 AM
In Reply To 'Mr Nerd' on 'Mass Megawatts 07/16/2009 09:33 AM Mr Nerd
MMGW.. $1.39 06/29/2009 04:22 PM 90kMMGW
MMGW.. $1.48 04/28/2009 11:17 AM goodfree
Mass Megawatts Announces $1.1 Million Pennsylvania Project Sale 04/26/2009 08:10 AM
MMGW.. $1.46 Video 04/26/2009 08:02 AM
What a surprise..$1.70 Close 04/22/09 04/22/2009 04:45 PM
Mass Megawatts Announces $1 Million New York Project Sale 04/21/2009 06:18 PM 10 bagger
MMGW.. Management and Staff 04/21/2009 05:53 PM
MASS MEGAWATTS SUMMARY 04/21/2009 05:49 PM
Mass Megawatts News 04/21/2009 05:46 PM 10 bagger
MMGW.. $1.30 04/21/2009 05:25 PM
ACGX.. $0.003 Bid wacking continues as it appears there are no Ask buyers left..
Today's News was but a teaser to put out a PR on.. There was as before never mention of any revenues or possible profits that could be gained upon this add on order.. But it sure gave the sellers an out basied upon the bids that seemed to be had on the results of this laterest PR.. Wash and Rinse at it's best.. Don't feel bad for the sellers as they are prob. the ones that may buy back their shares at a 20% discount to the market..
Has anyone been able to find out the total amount of debt left to be converted..?? In writing is the only way it may be accepted,, in a filing along with other financial info.. This is a number that will also give indication as to the total Market Cap. of ACGX.. hank
That's not true,, they sold a lot of shares..
ACGX.. $0.003.. Where do get your info from to make the statement that ACGX is entering the MJ world.. It was PR'd but so what..
Show one place where one dollar has exchanged hands and this was just not a PR to help the longs to continue to believe.. As to ACGX before the reverse,, it was the same company with the same group of persons running it.. thats a fact.. hank
ACGX.. $0.0031 New Press release and share sales of 1,000,000 increase.. Again a press release is for the benefit of who.. Is it not a fact that all PR's are bid wacked but by who..??
One Interesting fact that was left out of the release was the size of the additional order.. I wonder if someone came in to buy a shipping box for personal items and that person was with Ford if they would consider this a NEW order and PR it.. Until they show the size of the order who cares..?? My guess that those share sales today and after each previous release would be evenly divided by the stuckholders and the converters..
But that's only a guess but it seems to happen after each meaningless raw raw PR since they never have any factual numbers..
Since ACGX has over 1,6 Billion fully diluted shares outstanding I doubt if anyone really believe share prices at $0.05 or $0.10 are possible because for $160,000,000.00 there are many more avil. purchases than ACGX that actually provide real EPS and Dividends..
hank..
ACGX.. OK I give up.. This is the most transparent company in the OTC Market.. Where is the promised report..???
How many converted TODAY..???..
[color=red]
KINS.. $8.1999.. As long as the insiders keep buying I see no reason to sell.. My guess is that $12 to $14 is within reach during the next 18 Mo's.. Form 4 Filings below are increasing.. hank
09/09 14:46 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Sep 08 Filed by: Tupper Floyd R
09/05 12:54 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Sep 04 Filed by: Tupper Floyd R
09/03 15:56 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Sep 03 Filed by: Tupper Floyd R
09/03 15:54 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Sep 03 Filed by: GOLDSTEIN BARRY
09/02 10:48 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Aug 29 Filed by: Tupper Floyd R
08/26 11:05 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Aug 25 Filed by: Tupper Floyd R
08/21 15:32 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Aug 21 Filed by: Tupper Floyd R
08/19 17:30 EDGR KINS 2 Form SC 13D/A KINGSTONE COMPANIES, Filed by: GOLDSTEIN BARRY
08/14 16:49 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Aug 12
08/14 16:41 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Aug 12 Filed by: GOLDSTEIN BARRY
08/13 16:17 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Aug 12
08/12 16:31 EDGR KINS 1 Form 10-Q KINGSTONE COMPANIES, For: Jun 30
08/12 16:14 RTSG KINS 2 Kingstone Companies Inc declares dividend
08/12 16:12 ZING KINS 2 Kingstone Companies, Inc Reports Q2 EPS of $0.17 vs $0.18 Est; Raises Qtr. Dividend from $0.04 to $0.05/Share
08/12 16:10 FLYN KINS 3 Kingstone expects change in reinsurance structure to have impact in Q3 (TheFlyOnTheWall)
08/12 16:09 FLYN KINS 1 Kingstone Companies reports Q2 EPS 18c, consensus 18c (TheFlyOnTheWall)
08/12 16:05 BWUS KINS 5 Kingstone Companies Announces 2014 Second Quarter Financial Results
08/04 09:59 MWUS CANN 3 Advanced Cannabis Solutions Names Michael Feinsod Executive Chairman Monday, August 4, 2014
07/17 11:31 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Jul 16
07/16 08:30 BWUS KINS 5 Kingstone Companies, Inc. Schedules 2014 Second Quarter Financial Results and Conference Call
07/03 06:00 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Jul 02
07/02 06:52 FLYN KINS 2 Kingstone Companies to host conference call (TheFlyOnTheWall)
07/01 16:31 FLYN KINS 1 Kingstone Insurance enters into various reinsurance agreements (TheFlyOnTheWall)
07/01 16:30 BWUS KINS 5 Kingstone Companies Announces Signing of New Reinsurance Treaties
07/01 06:01 EDGR KINS 1 Form DEF 14A KINGSTONE COMPANIES, For: Jun 30
06/27 16:16 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Jun 27 Filed by: GOLDSTEIN BARRY
06/23 08:30 BWUS KINS 2 Kingstone Companies, Inc. to Be Added to the Russell Microcap® Index
06/20 16:13 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Jun 20 Filed by: GOLDSTEIN BARRY
06/17 15:05 EDGR KINS 1 Form 3 KINGSTONE COMPANIES, For: Jun 10 Filed by: Tupper Floyd R
06/13 16:10 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Jun 13 Filed by: GOLDSTEIN BARRY
06/12 16:09 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Jun 09
06/11 16:06 ZING KINS 0 * Kingstone Announces Floyd Tupper To Board
06/11 16:05 BWUS KINS 3 Kingstone Companies, Inc. Announces Appointment of Floyd Tupper to Board of Directors
06/03 07:17 RTSG KINS 3 Moody’s Investors Service reaffirms Baa1 rating to Kuwait Insurance Co SAK
05/27 16:20 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: May 27 Filed by: GOLDSTEIN BARRY
05/21 08:53 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: May 20
05/20 13:39 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: May 16 Filed by: Reiersen John D.
05/20 09:11 RTSG KINS 2 Kingstone declares $.04 share quarterly dividend
05/20 09:00 BWUS KINS 3 Kingstone Declares $.04 Share Quarterly Dividend
05/19 07:55 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: May 16 Filed by: GOLDSTEIN BARRY
05/16 15:34 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: May 15
05/15 12:25 BWUS KINS 4 A.M. Best Revises Outlook to Positive for Kingstone Insurance Company and Kingstone Companies Inc.
05/15 11:56 ZING KINS 0 * Kingstone Reports Q1 Adjusted EPS $0.01
05/15 11:55 FLYN KINS 1 Kingstone Companies reports Q1 EPS 4c, may not compare to consensus 16c (TheFlyOnTheWall)
05/15 11:55 ZING KINS 1 Kingstone Companies, Inc Reports Q1 EPS of $0.04 vs $0.16 Est
05/15 11:54 BWUS KINS 5 CORRECTING and REPLACING Kingstone Reports First Quarter 2014 Results
05/15 11:12 EDGR KINS 1 Form 10-Q KINGSTONE COMPANIES, For: May 08
05/13 17:02 EDGR KINS 1 Form SC 13G/A KINGSTONE COMPANIES, Filed by: Eidelman Virant Capital
04/08 04:04 RTSG KINS 2 Kuwait Insurance Co SAK announces cash dividend distribution date for FY 2013
04/07 10:49 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Apr 04 Filed by: GOLDSTEIN BARRY
04/02 16:35 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Apr 01 Filed by: GOLDSTEIN BARRY
KINS.. $8.1999.. As long as the insiders keep buying I see no reason to sell.. My guess is that $12 to $14 is within reach during the next 18 Mo's.. Form 4 Filings below are increasing.. hank
09/09 14:46 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Sep 08 Filed by: Tupper Floyd R
09/05 12:54 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Sep 04 Filed by: Tupper Floyd R
09/03 15:56 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Sep 03 Filed by: Tupper Floyd R
09/03 15:54 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Sep 03 Filed by: GOLDSTEIN BARRY
09/02 10:48 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Aug 29 Filed by: Tupper Floyd R
08/26 11:05 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Aug 25 Filed by: Tupper Floyd R
08/21 15:32 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Aug 21 Filed by: Tupper Floyd R
08/19 17:30 EDGR KINS 2 Form SC 13D/A KINGSTONE COMPANIES, Filed by: GOLDSTEIN BARRY
08/14 16:49 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Aug 12
08/14 16:41 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Aug 12 Filed by: GOLDSTEIN BARRY
08/13 16:17 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Aug 12
08/12 16:31 EDGR KINS 1 Form 10-Q KINGSTONE COMPANIES, For: Jun 30
08/12 16:14 RTSG KINS 2 Kingstone Companies Inc declares dividend
08/12 16:12 ZING KINS 2 Kingstone Companies, Inc Reports Q2 EPS of $0.17 vs $0.18 Est; Raises Qtr. Dividend from $0.04 to $0.05/Share
08/12 16:10 FLYN KINS 3 Kingstone expects change in reinsurance structure to have impact in Q3 (TheFlyOnTheWall)
08/12 16:09 FLYN KINS 1 Kingstone Companies reports Q2 EPS 18c, consensus 18c (TheFlyOnTheWall)
08/12 16:05 BWUS KINS 5 Kingstone Companies Announces 2014 Second Quarter Financial Results
08/04 09:59 MWUS CANN 3 Advanced Cannabis Solutions Names Michael Feinsod Executive Chairman Monday, August 4, 2014
07/17 11:31 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Jul 16
07/16 08:30 BWUS KINS 5 Kingstone Companies, Inc. Schedules 2014 Second Quarter Financial Results and Conference Call
07/03 06:00 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Jul 02
07/02 06:52 FLYN KINS 2 Kingstone Companies to host conference call (TheFlyOnTheWall)
07/01 16:31 FLYN KINS 1 Kingstone Insurance enters into various reinsurance agreements (TheFlyOnTheWall)
07/01 16:30 BWUS KINS 5 Kingstone Companies Announces Signing of New Reinsurance Treaties
07/01 06:01 EDGR KINS 1 Form DEF 14A KINGSTONE COMPANIES, For: Jun 30
06/27 16:16 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Jun 27 Filed by: GOLDSTEIN BARRY
06/23 08:30 BWUS KINS 2 Kingstone Companies, Inc. to Be Added to the Russell Microcap® Index
06/20 16:13 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Jun 20 Filed by: GOLDSTEIN BARRY
06/17 15:05 EDGR KINS 1 Form 3 KINGSTONE COMPANIES, For: Jun 10 Filed by: Tupper Floyd R
06/13 16:10 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Jun 13 Filed by: GOLDSTEIN BARRY
06/12 16:09 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Jun 09
06/11 16:06 ZING KINS 0 * Kingstone Announces Floyd Tupper To Board
06/11 16:05 BWUS KINS 3 Kingstone Companies, Inc. Announces Appointment of Floyd Tupper to Board of Directors
06/03 07:17 RTSG KINS 3 Moody’s Investors Service reaffirms Baa1 rating to Kuwait Insurance Co SAK
05/27 16:20 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: May 27 Filed by: GOLDSTEIN BARRY
05/21 08:53 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: May 20
05/20 13:39 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: May 16 Filed by: Reiersen John D.
05/20 09:11 RTSG KINS 2 Kingstone declares $.04 share quarterly dividend
05/20 09:00 BWUS KINS 3 Kingstone Declares $.04 Share Quarterly Dividend
05/19 07:55 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: May 16 Filed by: GOLDSTEIN BARRY
05/16 15:34 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: May 15
05/15 12:25 BWUS KINS 4 A.M. Best Revises Outlook to Positive for Kingstone Insurance Company and Kingstone Companies Inc.
05/15 11:56 ZING KINS 0 * Kingstone Reports Q1 Adjusted EPS $0.01
05/15 11:55 FLYN KINS 1 Kingstone Companies reports Q1 EPS 4c, may not compare to consensus 16c (TheFlyOnTheWall)
05/15 11:55 ZING KINS 1 Kingstone Companies, Inc Reports Q1 EPS of $0.04 vs $0.16 Est
05/15 11:54 BWUS KINS 5 CORRECTING and REPLACING Kingstone Reports First Quarter 2014 Results
05/15 11:12 EDGR KINS 1 Form 10-Q KINGSTONE COMPANIES, For: May 08
05/13 17:02 EDGR KINS 1 Form SC 13G/A KINGSTONE COMPANIES, Filed by: Eidelman Virant Capital
04/08 04:04 RTSG KINS 2 Kuwait Insurance Co SAK announces cash dividend distribution date for FY 2013
04/07 10:49 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Apr 04 Filed by: GOLDSTEIN BARRY
04/02 16:35 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Apr 01 Filed by: GOLDSTEIN BARRY
My Shop Truck Picture.. Chopped 53 Ford , Corvette engine,, 3 Inch Chop,, Height's Front and a 4 bar rear,, 9" ford rear.. Have owned this one for 10 Years.. hank
MNVWF.. $0.33.. Sold out my position today.. Bad Qtr. and they appear to be running out of cash.. Cash/debt ratio just too high and they have little left on their line.. hank
Paul Sorkin letter from the past..10 bagger Member Level Friday, 10/05/12 02:19:53 PM
Re: None
Post # of 362
Amazing reply to my e-mail:
Original message: "great day volume interest for ACGX, but strange to see ,despite 2,9M vol., we risked to close unch.
Lot of posters (old stockholders from previous R/S) continuate to insinuate no trusting , diluition only matter of time, beware and bla...bla...
Hello
During the last 5 years everyone has had a different experience with our company depending on when they bought or sold and what their trading style is or was. We have to remember the stock has only been reversed 1 time in the last 5 years and we survived the recession and a very difficult time for the market and for small businesses - 2008 to 2011 was especially a challenging time for all of us.
People seem to forget I took over as CEO in June of 2008 when the company was doing horrible. They had very low revenues, big losses and a lot of debt. I cut just about everything and everyone, closed offices and starting building a foundation to build off of. I built it up from around $100,000 in revenue and a loss to about $10,000,000 in revenue with solid profits of about $800,000 in net income in only a few years and Now is our CEO as of Dec 21, 2011 and I am the General Counsel.
Now in order to build the company I had to make a lot of very hard decisions and be very aggressive. I entered into some joint ventures that started off strong and eventually had to be dissolved because of a change in their management. We also had some friends and family invest using the 1 year hold convertible note method to avoid any direct funding from issuing shares and cause big dilution quickly by using the 504 or Reg A to sell shares directly for cash causing an instant dilution. Although it helped to delay dilution for over a year eventually some of the investors wanted to get some of their money back. Unfortunately the stock was trading so low that when they started to convert their notes, the dilution went up, and the price went down and the MM’s crushed us and shorted us and naked shorted us into we were cellar boxed in at .0001. This hurt me, the company, the investors and the shareholders - no one wanted this to happen and we tried to fight it the entire time but eventually had no other options.
After being stuck at .0001 for a long time with no real options left we reluctantly did a reverse split to help get us to a better trading area away from the naked short sellers. This was done in November of 2010 (About 18 months ago). So we have done 1 reverse total in the last 5 years. since then DTC has been difficult and will not allow electronic deposits so some brokers will not let people buy and sell via certificate form so it has probably scared away some traders. However, we haven’t issued a single share in about 8 months and now have a very stable and profitable company with a very low float.
I hope people will look beyond the stereotypes of what they think happened and look at the facts and the documented transactions and realize the company and myself personally lost as much or more money than anyone by being public vs. private and we have still tried to do everything we could and can to put us in a better situation despite the naked shorters, the DTC and the paid bashers.
I think we have done a great job controlling the dilution, increasing the revenues and profits and by sharing more information with the public to help people make better informed decisions. The reverse was 18 months ago and the company currently has only 8.4 mil shares in the float with over $9 mil in revenue and almost $800k in net income. There is zero reason for anyone to even think about a reverse since it is not something a company wants to do and wouldn't make any sense to do at this point. We all have the same common goal and the better the company does and the stock does the better the chance we can all make more money in the future.
The crazy thing is if everyone who lost money and is bashing me or the company ALL got together and bought a ton of stock tomorrow to average down their investment the stock would probably go to 10 or 20 cents and they could probably make a lot of their money back. I am not in any way saying that will happen or recommending anyone do that but I'm just saying when people and companies go through difficult times we are all stronger when working together to accomplish the same common goal of helping people make some of their money back.
Everyone needs to do their own research, their own DD, form their own opinions and make their own decisions but I hope things continue in the right direction.
Also keep in mind I have offered to listen to every basher by asking them to email me directly and go over any suggestions or ideas to make things better and only 1 or 2 bashers have ever emailed me directly in the past few years so that tells me they are not real bashers with real concerns that are looking for real solutions but rather just paid bashers trying to help the shorters and whoever is paying them.
ACGX.. $0.003.. from 8.5 million to over 680 million in Two years..?? See what might be next..
http://content.stockpr.com/alliancecreativegroup/media/e3c350162d6697e8d4be565f61546b29.pdf
ACGX $0.003.. Kinda sad for each new shareholder coming on board,, isn't it..
MNDO.. $3.15.. From another site..
MIND CTI - A 'MIND'-Blowing Triple Play For Investors
Summary
•MIND CTI is an under-the-radar stock that should be attractive to all investor types: growth, income, value.
•For growth investors: through two quarters MNDO 's revenues are +35% and EPS are 4x 2013's comparable period, with management bullish for balance of 2014.
•For income investors: MNDO currently yields 8%, has paid a dividend for >10 years, and is committed to sustainable, profitable growth and shareholder returns.
•For value investors: MNDO delivers accelerating performance and a sustainable dividend, yet trades at a ~14 P/E, has a pristine balance sheet, and no debt.
•MNDO appears to be significantly mispriced - a 50% increase in share price gets MNDO to simply a "reasonable" valuation, never mind a valuation in line with the market.
In the pursuit of returns, investors generally classify and/or invest in stocks based on one of three criteria:
1.Growth: Stocks of companies with growing revenues in which the underlying equity's price will appreciate over time
2.Income: Stocks of companies that pay consistent dividends over time, providing a reliable stream of income at a competitive rate vs. alternate options
3.Value: Stocks of companies that, for some reason, are undervalued by the market
MIND CTI, Ltd. (NASDAQ:MNDO) is a small, relatively undiscovered gem that I believe offers the unique opportunity to meet each of these criteria, providing growth, income, and value opportunities within a single ~$3 issue.
Company Overview
Founded in 1995, MIND CTI Ltd. bills itself as a "a leading provider of convergent real-time end-to-end billing and customer care product based solutions as well as call accounting solutions for organizations and large multinational corporates."
The company is based in Israel, but is global in scope and has offices in the United States, the U.K., as well as Romania. The company is listed on both the NASDAQ (ticker MNDO) as well as the Tel Aviv stock exchanges.
MIND is a solutions provider in somewhat of a niche market, selling offerings to the telecom industry as well as direct to large, global corporations with sizable telecommunications business functions. According to company's recent investor presentation, MIND has 20 years of experience in the space MIND has delivered over 20,000 installations and has technology partnerships with firms like Cisco (NASDAQ:CSCO), Avaya (AVYA), and Microsoft (NASDAQ:MSFT).
MIND operates within two key verticals: Billing and Customer Care and Call Accounting. As is typical with software providers, MIND's revenue model is driven by a mix of license fees, maintenance, and professional services.
Billing and Customer Care Segment
The target market for MIND's "Billing and Customer Care" segment is regional Tier 2&3 telecom carriers across the globe, including: China Unicom (NYSE:CHU), KDDI (OTCPK:KDDIY), Megacable (OTC:MHSDF), among others (as noted in the investor presentation). As these are regional players these clients may not be household names to a casual, or U.S.-based investor; however, in many cases these are multi-billion dollar market cap clients for MIND.
"MIND delivers a complete solution that suits carrier specific needs, across any line of business: voice, data, content, video; fixed, mobile, cable, satellite; prepaid and postpaid. MIND's solutions for service providers enable telecom operators to rapidly deploy services, support automated business processes and sophisticated business models."
While MIND has a full set of offerings for these clients, within this vertical MIND's flagship product is "MINDBill", a self-described"end to end, customer care platform…enabling service providers to quickly and efficiently handle millions of subscribers and transactions."
Net/net, the MIND solution allows for customer driven configuration and easier automation of the billing process to meet changing customer needs (or offerings). The solution drives productivity and reduces errors, is scalable, and has a demonstrated ROI for clients.
Call Accounting
MIND's second vertical is focused on call accounting solutions for large, often multi-national clients. Specifically,"MIND offers advanced call management systems used by organizations for call accounting, traffic analysis and fraud detection. MIND's enterprise solutions enable organizations of any size to monitor and manage their telecom costs, increase employees' productivity and detect misuse and fraud for both traditional voice and IP telephony."
MIND's flagship offering for "Call Accounting" segment is "PhonEx ONE", and is utilized by dozens of clients to manage and control telecommunication expenses: cost center allocations of telecom expense, systems monitoring, bill verification, etc. MIND Customers in this space include a virtual "who's who" of large multinationals: HSBC (NYSE:HSBC), TEVA (NYSE:TEVA), Nissan (OTCPK:NSANY), Caterpillar (NYSE:CAT), etc. (see investor presentation)
For additional information I recommend reviewing the company's website as well as its investor presentation.
Growth Opportunity for Investors
Over the last few years MIND has been a steady earner, generating revenues of $18M-$20M per year with consistency. However, in the Q4 2013 earnings press release (2/25/14), CEO Monica Iancu made the following, foreshadowing comments:
"…in 2013 we signed the largest deal in MIND's history and in total the new deals and follow on orders committed to by our customers exceed yearly prior bookings. ... We expect the significant wins of 2013 to have a positive impact on our 2014 results."
In May of 2014, following a solid Q1 2014 report (detailed below), Mrs. Iancu added:
"We expect that the impact of our previously announced latest large wins will be significant both to our revenues and to our margins in the next few quarters….We started implementation of MIND"s largest win ever..."
Thus far, MIND experiencing significant growth in both the top and bottom line. As noted, on a year over year basis, in Q1 2014 MIND grew revenues by 28% and EPS 400%. In Q2 2014 (reported on 8/6/14), MIND grew revenues 43% and EPS 300% vs. 2013. In just the first 6 months of 2014 MIND has grown the top line 35% over 2013, it has already achieved 65% of the 2013 total in revenues, and has already exceeded all of 2013's EPS. Noting the bullish comments above regarding the balance of 2014, as well as recent press releases regarding new customer wins and/or existing customer extensions, investors should be confident that the coming quarters will compare favorably to the most recent results.
Income Opportunity for Investors
Similar to revenues, over the last few years MIND has also been a steady income provider. CEO Monica Iancu is the largest single shareholder, owning 3.8M shares, or ~20% of the total shares outstanding. MIND has paid an annual dividend for over 10 years.
As you can see, MIND has been a consistent source of income, and a reliable source of high yield (something in short supply these days). A focus on cash flows, profitable growth, and sustainability of this dividend is embedded in the company's strategy and business model. MIND has delivered a consistently strong yield over 10 years - and yet, 2014 appears to be on pace to be its best revenue and earnings growth performance in recent memory.
(Note: There are tax implications and oddities related to U.S. holders of Israeli-based dividend paying companies that, depending on circumstances, can dampen the overall income provided to a given investor.)
Value Opportunity for Investors
The never-ending quest of the value investor is to locate mispriced securities. Mispriced securities may exhibit a growth rate, level of income, or other attribute not fully valued (yet) by the market. I believe that in MIND we have the epitome of a mispriced security. :
One a P/E basis, MIND sells at a 40% discount to an approximate comparator (Russell Microcap Index average). Though P/Es vary based on numerous factors (i.e,. not all stocks will trade up to, or down to the mean), if we applied the "market average" P/E of 19 to MIND the result is a $4 valuation. Is MIND worthy of the "average" P/E multiple? I'd argue it actually deserves higher:
1.MIND pays ~8x the dividend of this approximate comparator. Additionally, one could assume that based on 2014's stellar run rate plus management's history of focusing on income that the 2015 divided will likely increase.
2.EPS growth: Though management has clearly indicated continued improvement for Q3 and Q4, lets take a conservative approach and say MIND simply meets the 2013 EPS for the Q3 and Q4 of this year. This would result in a 2014 EPS of .21 per share, a 75% increase over 2013 EPS of .12. Configured into a PEG calculation this conservative model yields a PEG of just .19.
3.Revenue growth: In seeking a valuation one can't ignore the tremendous top-line growth MIND is producing (35% in the first 6 months). The market generally applies higher multiples to firms generating revenues at these accelerated levels. Companies with comparable revenue growth are routinely given P/E multiples in the 20's.
4.Finally, we can't forget that the company has $17.8M in cash (33% of the market cap) and no debt. These figures are AFTER the company paid the annual dividend earlier this year of $4.5M. Backing out a portion of the cash on the balance sheet, a common valuation practice, only makes the issue more attractive. If, in a valuation exercise we held back $10M of "surplus" cash (i.e., the remaining $7.8M and the strong free cash flow more than cover opex, continuation of the dividend, etc.), we back into a stock currently trading with a <10 P/E.
As you can see, by nearly every conventional measure or comparator MIND appears to be dramatically undervalued. If we place cautious assumptions and use average market multiples, >50% upside in this stock seems obvious. In my estimation, this kind of price appreciation simply gets MIND's share price to a reasonable level in this market, at which point the other virtues of this issue (top and bottom line growth, dividend yield, balance sheet, etc.) could be more accurately accounted for in additional price appreciation.
Risks
Investing in all stocks carries risk, and while I've outlined a bullish thesis, an investment in MIND does carry risk. Aside from the general competitive-related and other risks typically provided by a company in an annual report, I'd like to highlight:
1.MIND operates globally and generates revenues in all regions. Akin to other multinationals, macro events could disrupt its operations.
2.As an Israeli-based firm there is potential additional risk given the geo-political disruption somewhat common to the region.
3.By focusing, at least historically, on income production there could be concern that the company has not fully invested in the innovation needed to continue to compete. While legitimate based on the companies allocation of capital, the recent parade of wins and re-signing of current clients seems to dispel much of this concern.
4.MIND is an underfollowed and low profile company. I can't identify any analysts that cover the firm. Once more, MIND does not appear to do quarterly conference calls or participate in investor conferences in a meaningful way. The company issues very few press releases -- basically, only quarterly results and the occasional PR on new business awards.
5.There are limited institutional holdings, with Renaissance Technologies LLC's 1.3M share position (~7% of the shares) as the only institutional holder of note.
6.MIND is a thinly traded security. The float is only 13M shares. Prior to the Q2 earning release on August 6th it generally traded ~30,000 shares per day. Though it has traded more heavily recently, including several trader driven huge volume days in early August after the earnings release, establishing a position and otherwise moving in or out of a stock like MIND can be challenging.
Conclusion
Following the August 6th release of the Q2 earnings MIND's stock saw an immediate run up on tremendous relative volume. It has since pulled back from its highs, trading in the $2.80-$2.90 range.
As outlined in this thesis, I believe that MIND offers a tremendous opportunity across three key investment goals: growth, income, and value. As a non-U.S. headquartered company, and one that appears to prefer a low key persona, MIND is largely under the radar of most investors. By generating a 35% increase in its first six months of revenues (year over year) as well as continuing to forecast improving results and publishing new business wins, MIND offers a compelling case for an income investor. With a strategic focus on cash flows, sustainable earnings, and return for shareholders demonstrated by over 10 years of solid dividend payments, income seekers should be drawn to an investment in MIND. Finally, given these attributes and noting the extremely low multiple assigned by the market, MIND appears (to this investor) to be mispriced, and therefore representing an extremely attractive equity for the value investor.
MNDO.. $3.15.. From another site..
MIND CTI - A 'MIND'-Blowing Triple Play For Investors
Summary
•MIND CTI is an under-the-radar stock that should be attractive to all investor types: growth, income, value.
•For growth investors: through two quarters MNDO 's revenues are +35% and EPS are 4x 2013's comparable period, with management bullish for balance of 2014.
•For income investors: MNDO currently yields 8%, has paid a dividend for >10 years, and is committed to sustainable, profitable growth and shareholder returns.
•For value investors: MNDO delivers accelerating performance and a sustainable dividend, yet trades at a ~14 P/E, has a pristine balance sheet, and no debt.
•MNDO appears to be significantly mispriced - a 50% increase in share price gets MNDO to simply a "reasonable" valuation, never mind a valuation in line with the market.
In the pursuit of returns, investors generally classify and/or invest in stocks based on one of three criteria:
1.Growth: Stocks of companies with growing revenues in which the underlying equity's price will appreciate over time
2.Income: Stocks of companies that pay consistent dividends over time, providing a reliable stream of income at a competitive rate vs. alternate options
3.Value: Stocks of companies that, for some reason, are undervalued by the market
MIND CTI, Ltd. (NASDAQ:MNDO) is a small, relatively undiscovered gem that I believe offers the unique opportunity to meet each of these criteria, providing growth, income, and value opportunities within a single ~$3 issue.
Company Overview
Founded in 1995, MIND CTI Ltd. bills itself as a "a leading provider of convergent real-time end-to-end billing and customer care product based solutions as well as call accounting solutions for organizations and large multinational corporates."
The company is based in Israel, but is global in scope and has offices in the United States, the U.K., as well as Romania. The company is listed on both the NASDAQ (ticker MNDO) as well as the Tel Aviv stock exchanges.
MIND is a solutions provider in somewhat of a niche market, selling offerings to the telecom industry as well as direct to large, global corporations with sizable telecommunications business functions. According to company's recent investor presentation, MIND has 20 years of experience in the space MIND has delivered over 20,000 installations and has technology partnerships with firms like Cisco (NASDAQ:CSCO), Avaya (AVYA), and Microsoft (NASDAQ:MSFT).
MIND operates within two key verticals: Billing and Customer Care and Call Accounting. As is typical with software providers, MIND's revenue model is driven by a mix of license fees, maintenance, and professional services.
Billing and Customer Care Segment
The target market for MIND's "Billing and Customer Care" segment is regional Tier 2&3 telecom carriers across the globe, including: China Unicom (NYSE:CHU), KDDI (OTCPK:KDDIY), Megacable (OTC:MHSDF), among others (as noted in the investor presentation). As these are regional players these clients may not be household names to a casual, or U.S.-based investor; however, in many cases these are multi-billion dollar market cap clients for MIND.
"MIND delivers a complete solution that suits carrier specific needs, across any line of business: voice, data, content, video; fixed, mobile, cable, satellite; prepaid and postpaid. MIND's solutions for service providers enable telecom operators to rapidly deploy services, support automated business processes and sophisticated business models."
While MIND has a full set of offerings for these clients, within this vertical MIND's flagship product is "MINDBill", a self-described"end to end, customer care platform…enabling service providers to quickly and efficiently handle millions of subscribers and transactions."
Net/net, the MIND solution allows for customer driven configuration and easier automation of the billing process to meet changing customer needs (or offerings). The solution drives productivity and reduces errors, is scalable, and has a demonstrated ROI for clients.
Call Accounting
MIND's second vertical is focused on call accounting solutions for large, often multi-national clients. Specifically,"MIND offers advanced call management systems used by organizations for call accounting, traffic analysis and fraud detection. MIND's enterprise solutions enable organizations of any size to monitor and manage their telecom costs, increase employees' productivity and detect misuse and fraud for both traditional voice and IP telephony."
MIND's flagship offering for "Call Accounting" segment is "PhonEx ONE", and is utilized by dozens of clients to manage and control telecommunication expenses: cost center allocations of telecom expense, systems monitoring, bill verification, etc. MIND Customers in this space include a virtual "who's who" of large multinationals: HSBC (NYSE:HSBC), TEVA (NYSE:TEVA), Nissan (OTCPK:NSANY), Caterpillar (NYSE:CAT), etc. (see investor presentation)
For additional information I recommend reviewing the company's website as well as its investor presentation.
Growth Opportunity for Investors
Over the last few years MIND has been a steady earner, generating revenues of $18M-$20M per year with consistency. However, in the Q4 2013 earnings press release (2/25/14), CEO Monica Iancu made the following, foreshadowing comments:
"…in 2013 we signed the largest deal in MIND's history and in total the new deals and follow on orders committed to by our customers exceed yearly prior bookings. ... We expect the significant wins of 2013 to have a positive impact on our 2014 results."
In May of 2014, following a solid Q1 2014 report (detailed below), Mrs. Iancu added:
"We expect that the impact of our previously announced latest large wins will be significant both to our revenues and to our margins in the next few quarters….We started implementation of MIND"s largest win ever..."
Thus far, MIND experiencing significant growth in both the top and bottom line. As noted, on a year over year basis, in Q1 2014 MIND grew revenues by 28% and EPS 400%. In Q2 2014 (reported on 8/6/14), MIND grew revenues 43% and EPS 300% vs. 2013. In just the first 6 months of 2014 MIND has grown the top line 35% over 2013, it has already achieved 65% of the 2013 total in revenues, and has already exceeded all of 2013's EPS. Noting the bullish comments above regarding the balance of 2014, as well as recent press releases regarding new customer wins and/or existing customer extensions, investors should be confident that the coming quarters will compare favorably to the most recent results.
Income Opportunity for Investors
Similar to revenues, over the last few years MIND has also been a steady income provider. CEO Monica Iancu is the largest single shareholder, owning 3.8M shares, or ~20% of the total shares outstanding. MIND has paid an annual dividend for over 10 years.
As you can see, MIND has been a consistent source of income, and a reliable source of high yield (something in short supply these days). A focus on cash flows, profitable growth, and sustainability of this dividend is embedded in the company's strategy and business model. MIND has delivered a consistently strong yield over 10 years - and yet, 2014 appears to be on pace to be its best revenue and earnings growth performance in recent memory.
(Note: There are tax implications and oddities related to U.S. holders of Israeli-based dividend paying companies that, depending on circumstances, can dampen the overall income provided to a given investor.)
Value Opportunity for Investors
The never-ending quest of the value investor is to locate mispriced securities. Mispriced securities may exhibit a growth rate, level of income, or other attribute not fully valued (yet) by the market. I believe that in MIND we have the epitome of a mispriced security. :
One a P/E basis, MIND sells at a 40% discount to an approximate comparator (Russell Microcap Index average). Though P/Es vary based on numerous factors (i.e,. not all stocks will trade up to, or down to the mean), if we applied the "market average" P/E of 19 to MIND the result is a $4 valuation. Is MIND worthy of the "average" P/E multiple? I'd argue it actually deserves higher:
1.MIND pays ~8x the dividend of this approximate comparator. Additionally, one could assume that based on 2014's stellar run rate plus management's history of focusing on income that the 2015 divided will likely increase.
2.EPS growth: Though management has clearly indicated continued improvement for Q3 and Q4, lets take a conservative approach and say MIND simply meets the 2013 EPS for the Q3 and Q4 of this year. This would result in a 2014 EPS of .21 per share, a 75% increase over 2013 EPS of .12. Configured into a PEG calculation this conservative model yields a PEG of just .19.
3.Revenue growth: In seeking a valuation one can't ignore the tremendous top-line growth MIND is producing (35% in the first 6 months). The market generally applies higher multiples to firms generating revenues at these accelerated levels. Companies with comparable revenue growth are routinely given P/E multiples in the 20's.
4.Finally, we can't forget that the company has $17.8M in cash (33% of the market cap) and no debt. These figures are AFTER the company paid the annual dividend earlier this year of $4.5M. Backing out a portion of the cash on the balance sheet, a common valuation practice, only makes the issue more attractive. If, in a valuation exercise we held back $10M of "surplus" cash (i.e., the remaining $7.8M and the strong free cash flow more than cover opex, continuation of the dividend, etc.), we back into a stock currently trading with a <10 P/E.
As you can see, by nearly every conventional measure or comparator MIND appears to be dramatically undervalued. If we place cautious assumptions and use average market multiples, >50% upside in this stock seems obvious. In my estimation, this kind of price appreciation simply gets MIND's share price to a reasonable level in this market, at which point the other virtues of this issue (top and bottom line growth, dividend yield, balance sheet, etc.) could be more accurately accounted for in additional price appreciation.
Risks
Investing in all stocks carries risk, and while I've outlined a bullish thesis, an investment in MIND does carry risk. Aside from the general competitive-related and other risks typically provided by a company in an annual report, I'd like to highlight:
1.MIND operates globally and generates revenues in all regions. Akin to other multinationals, macro events could disrupt its operations.
2.As an Israeli-based firm there is potential additional risk given the geo-political disruption somewhat common to the region.
3.By focusing, at least historically, on income production there could be concern that the company has not fully invested in the innovation needed to continue to compete. While legitimate based on the companies allocation of capital, the recent parade of wins and re-signing of current clients seems to dispel much of this concern.
4.MIND is an underfollowed and low profile company. I can't identify any analysts that cover the firm. Once more, MIND does not appear to do quarterly conference calls or participate in investor conferences in a meaningful way. The company issues very few press releases -- basically, only quarterly results and the occasional PR on new business awards.
5.There are limited institutional holdings, with Renaissance Technologies LLC's 1.3M share position (~7% of the shares) as the only institutional holder of note.
6.MIND is a thinly traded security. The float is only 13M shares. Prior to the Q2 earning release on August 6th it generally traded ~30,000 shares per day. Though it has traded more heavily recently, including several trader driven huge volume days in early August after the earnings release, establishing a position and otherwise moving in or out of a stock like MIND can be challenging.
Conclusion
Following the August 6th release of the Q2 earnings MIND's stock saw an immediate run up on tremendous relative volume. It has since pulled back from its highs, trading in the $2.80-$2.90 range.
As outlined in this thesis, I believe that MIND offers a tremendous opportunity across three key investment goals: growth, income, and value. As a non-U.S. headquartered company, and one that appears to prefer a low key persona, MIND is largely under the radar of most investors. By generating a 35% increase in its first six months of revenues (year over year) as well as continuing to forecast improving results and publishing new business wins, MIND offers a compelling case for an income investor. With a strategic focus on cash flows, sustainable earnings, and return for shareholders demonstrated by over 10 years of solid dividend payments, income seekers should be drawn to an investment in MIND. Finally, given these attributes and noting the extremely low multiple assigned by the market, MIND appears (to this investor) to be mispriced, and therefore representing an extremely attractive equity for the value investor.
MNDO.. $3.00 Have been adding to a position started last month on a regular basis.. Now have a full position.. Latest Qtr. report very upbeat and positive going forward.. Hank
Yoqneam, August 06, 2014
MIND CTI Reports New Record Quarterly Revenues of $6.3 Million
*AGM Resolutions Approved..
Yoqneam, Israel, August 6, 2014 — MIND C.T.I. Ltd. (MNDO), a leading provider of convergent end-to-end prepaid/postpaid billing and customer care product based solutions for service providers as well as unified communications analytics and call accounting solutions for enterprises, today announced results for its second quarter ended June 30, 2014.
The following will summarize our major achievements in the second quarter of 2014 as well as our business. Full financial results can be found in the Investors section of our website at www.mindcti.com/pages/investor/press_releases.aspx and in our Form 6-K filed with the Securities and Exchange Commission.
Financial Highlights
•Revenues were $6.3 million, up 10% sequentially from the first quarter of 2014, and up 42% from $4.42 million in the second quarter of 2013.
• Operating income was $1.6 million or 26% of revenue, up 40% sequentially from the first quarter of 2014 and compared to $0.5 million in the second quarter of 2013.
• Net income was $1.45 million or $0.08 per share, compared to $0.4 million or $0.02 per share in the second quarter of 2013.
• One new win and follow on orders.
• Cash flow from operating activities was $1.4 million.
• Cash position was $17.8 million as of June 30, 2014, compared with $17.5 million as of June 30, 2013.
Six Month Highlights
• Revenues were $12.0 million, up 35% from $8.9 million in the first six months of 2013.
• Operating income was $2.8 million or 23% of revenue, compared to $0.6 million or 7% of revenue in the first six months of 2013.
• Net income was $2.5 million, or $0.13 per share, compared to $0.6 million or $0.03 per share in the first six months of 2013.
• Cash flow from operating activities in first six months of 2014 was $2.4 million.
As of June 30, 2014 we had 355 employees, the same as on June 30, 2013.
“We are extremely pleased to set a new record in quarterly revenues and we believe that our early planning, investment in people, technology and customer satisfaction made it possible. Our record revenue reflects the progression of complex projects towards production. We continue to support our customers in their strategic initiatives and they value the managed services that MIND can deliver as operators seek greater simplicity and improved quality in their IT operations.
We remain focused on our execution, which includes securing new business, improving our operating efficiency and continuously expanding our offering. We continue to see encouraging levels of interest in our solutions, while the sales cycle continues to be long and gets longer as we aim towards larger deals. As previously announced, since the fourth quarter of 2013, we closed large deals that will be significant both to our revenues and to our margins for the next few quarters.” said Monica Iancu, MIND CTI CEO.
Revenue Distribution for Q2 2014.
Sales in the Americas represented 61.1%, sales in Europe represented 23.9% and the rest of the world represented 15.0% of total revenue.
Revenue from customer care and billing software totaled $5.3 million, while revenue from enterprise call accounting software totaled $1.0 million.
Revenue from licenses was $1.7 million, or 26% of total revenue, while revenue from maintenance and additional services was $4.6 million, or 74%.
One Win and Follow-on Orders
During the second quarter we announced one new win with an East European mobile operator and two follow-on orders, one in Guam and one in Africa.
AGM Update
The Company held its Annual General Meeting of Shareholders on August 4, 2014 and all the proposed resolutions were approved.
MIND C.T.I. LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Six Months
Ended June 30, Ended June 30,
2014 2013 2014 2013
(Unaudited)
U.S. $ in thousands
Cash flows from operating activities:
Net income $ 1,450 $ 402 $ 2,450 $ 564
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 53 57 117 118
Amortized cost from available for sale securities 21 1 29 1
Deferred income taxes, net - - 133 -
Accrued severance pay 14 43 - 99
Unrealized loss (gain) from marketable securities, net 13 - (10 ) -
Capital loss (gain) on sale of property and equipment - net - (8 ) - (6 )
Employees share-based compensation expenses 16 12 36 33
Realized loss on sale of available for sale securities - - (39 ) -
Changes in operating asset and liability items:
Decrease (increase) in accounts receivable:
Trade 359 423 167 11
Other (77 ) (50 ) (34 ) (78 )
Decrease (increase) in prepaid expenses and deferred charges (177 ) 44 (152 ) 365
Decrease in inventories - - - -
Increase (decrease) in accounts payable and accruals:
Trade (47 ) 345 (362 ) 421
Other 254 (155 ) 945 150
Increase (decrease) in deferred revenues (490 ) (32 ) (859 ) 1,311
Net cash provided by operating activities 1,389 1,082 2,421 2,989
Cash flows from investing activities:
Purchase of property and equipment (34 ) (81 ) (83 ) (141 )
Sale of available for sale securities - - 522 -
Severance pay funds (11 ) (34 ) 30 (76 )
Investment in short-term bank deposits - (1,127 ) - -
Investment in available for sale securities (500 ) - (1,013 ) -
Investment in marketable securities (939 ) - (1,073 ) -
Proceeds from short-term bank deposits 2,822 - 7,251 2,099
Proceeds from sale of property and equipment - 9 - 19
Net cash provided by (used in) investing activities 1,338 (1,233 ) 5,634 1,901
Cash flows from financing activities:
Employee stock options exercised and paid - - 77 73
Dividend paid (1,182 ) (4,532 ) (4,544 ) (4,532 )
Net cash used in financing activities (1,182 ) (4,532 ) (4,467 ) (4,459 )
Translation adjustments on cash and Cash equivalents 30 13 31 (63 )
Increase (decrease) in cash and cash equivalents 1,575 (4,670 ) 3,619 368
Balance of cash and cash equivalents at beginning of period 10,256 18,348 8,212 13,310
Balance of cash and cash equivalents at end of period $ 11,831 $ 13,678 $ 11,831 $ 13,678
About MIND
MIND CTI Ltd. is a leading provider of convergent end-to-end billing and customer care product based solutions for service providers as well as unified communications analytics and call accounting solutions for enterprises. MIND provides a complete range of billing applications for any business model (license, managed service or complete outsourced billing service) for Wireless, Wireline, Cable, IP Services and Quad-play carriers in more than 40 countries around the world. A global company, with over thirteen years of experience in providing solutions to carriers and enterprises, MIND operates from offices in the United States, Romania and Israel.
MNDO.. $3.00 Have been ading to a position started last month on a regular basis.. Now have a full position.. Latest Qtr. report very upbeat and positive going forward.. Hank
Yoqneam, August 06, 2014
MIND CTI Reports New Record Quarterly Revenues of $6.3 Million
*AGM Resolutions Approved..
Yoqneam, Israel, August 6, 2014 — MIND C.T.I. Ltd. (MNDO), a leading provider of convergent end-to-end prepaid/postpaid billing and customer care product based solutions for service providers as well as unified communications analytics and call accounting solutions for enterprises, today announced results for its second quarter ended June 30, 2014.
The following will summarize our major achievements in the second quarter of 2014 as well as our business. Full financial results can be found in the Investors section of our website at www.mindcti.com/pages/investor/press_releases.aspx and in our Form 6-K filed with the Securities and Exchange Commission.
Financial Highlights
•Revenues were $6.3 million, up 10% sequentially from the first quarter of 2014, and up 42% from $4.42 million in the second quarter of 2013.
• Operating income was $1.6 million or 26% of revenue, up 40% sequentially from the first quarter of 2014 and compared to $0.5 million in the second quarter of 2013.
• Net income was $1.45 million or $0.08 per share, compared to $0.4 million or $0.02 per share in the second quarter of 2013.
• One new win and follow on orders.
• Cash flow from operating activities was $1.4 million.
• Cash position was $17.8 million as of June 30, 2014, compared with $17.5 million as of June 30, 2013.
Six Month Highlights
• Revenues were $12.0 million, up 35% from $8.9 million in the first six months of 2013.
• Operating income was $2.8 million or 23% of revenue, compared to $0.6 million or 7% of revenue in the first six months of 2013.
• Net income was $2.5 million, or $0.13 per share, compared to $0.6 million or $0.03 per share in the first six months of 2013.
• Cash flow from operating activities in first six months of 2014 was $2.4 million.
As of June 30, 2014 we had 355 employees, the same as on June 30, 2013.
“We are extremely pleased to set a new record in quarterly revenues and we believe that our early planning, investment in people, technology and customer satisfaction made it possible. Our record revenue reflects the progression of complex projects towards production. We continue to support our customers in their strategic initiatives and they value the managed services that MIND can deliver as operators seek greater simplicity and improved quality in their IT operations.
We remain focused on our execution, which includes securing new business, improving our operating efficiency and continuously expanding our offering. We continue to see encouraging levels of interest in our solutions, while the sales cycle continues to be long and gets longer as we aim towards larger deals. As previously announced, since the fourth quarter of 2013, we closed large deals that will be significant both to our revenues and to our margins for the next few quarters.” said Monica Iancu, MIND CTI CEO.
Revenue Distribution for Q2 2014.
Sales in the Americas represented 61.1%, sales in Europe represented 23.9% and the rest of the world represented 15.0% of total revenue.
Revenue from customer care and billing software totaled $5.3 million, while revenue from enterprise call accounting software totaled $1.0 million.
Revenue from licenses was $1.7 million, or 26% of total revenue, while revenue from maintenance and additional services was $4.6 million, or 74%.
One Win and Follow-on Orders
During the second quarter we announced one new win with an East European mobile operator and two follow-on orders, one in Guam and one in Africa.
AGM Update
The Company held its Annual General Meeting of Shareholders on August 4, 2014 and all the proposed resolutions were approved.
MIND C.T.I. LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Six Months
Ended June 30, Ended June 30,
2014 2013 2014 2013
(Unaudited)
U.S. $ in thousands
Cash flows from operating activities:
Net income $ 1,450 $ 402 $ 2,450 $ 564
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 53 57 117 118
Amortized cost from available for sale securities 21 1 29 1
Deferred income taxes, net - - 133 -
Accrued severance pay 14 43 - 99
Unrealized loss (gain) from marketable securities, net 13 - (10 ) -
Capital loss (gain) on sale of property and equipment - net - (8 ) - (6 )
Employees share-based compensation expenses 16 12 36 33
Realized loss on sale of available for sale securities - - (39 ) -
Changes in operating asset and liability items:
Decrease (increase) in accounts receivable:
Trade 359 423 167 11
Other (77 ) (50 ) (34 ) (78 )
Decrease (increase) in prepaid expenses and deferred charges (177 ) 44 (152 ) 365
Decrease in inventories - - - -
Increase (decrease) in accounts payable and accruals:
Trade (47 ) 345 (362 ) 421
Other 254 (155 ) 945 150
Increase (decrease) in deferred revenues (490 ) (32 ) (859 ) 1,311
Net cash provided by operating activities 1,389 1,082 2,421 2,989
Cash flows from investing activities:
Purchase of property and equipment (34 ) (81 ) (83 ) (141 )
Sale of available for sale securities - - 522 -
Severance pay funds (11 ) (34 ) 30 (76 )
Investment in short-term bank deposits - (1,127 ) - -
Investment in available for sale securities (500 ) - (1,013 ) -
Investment in marketable securities (939 ) - (1,073 ) -
Proceeds from short-term bank deposits 2,822 - 7,251 2,099
Proceeds from sale of property and equipment - 9 - 19
Net cash provided by (used in) investing activities 1,338 (1,233 ) 5,634 1,901
Cash flows from financing activities:
Employee stock options exercised and paid - - 77 73
Dividend paid (1,182 ) (4,532 ) (4,544 ) (4,532 )
Net cash used in financing activities (1,182 ) (4,532 ) (4,467 ) (4,459 )
Translation adjustments on cash and Cash equivalents 30 13 31 (63 )
Increase (decrease) in cash and cash equivalents 1,575 (4,670 ) 3,619 368
Balance of cash and cash equivalents at beginning of period 10,256 18,348 8,212 13,310
Balance of cash and cash equivalents at end of period $ 11,831 $ 13,678 $ 11,831 $ 13,678
About MIND
MIND CTI Ltd. is a leading provider of convergent end-to-end billing and customer care product based solutions for service providers as well as unified communications analytics and call accounting solutions for enterprises. MIND provides a complete range of billing applications for any business model (license, managed service or complete outsourced billing service) for Wireless, Wireline, Cable, IP Services and Quad-play carriers in more than 40 countries around the world. A global company, with over thirteen years of experience in providing solutions to carriers and enterprises, MIND operates from offices in the United States, Romania and Israel.