AFPC: AFP Imaging - Thoughts?
Sorry, my premium subscription ran out, so I can't search the Value Microcap board like I planned to find past discussions. I noticed that AFPC is trading near its 52 week low (at about $1.50 right now). I had this on my alert list from at least 6 months ago, and it just popped up as trading at my target low.
Not having reviewed AFPC in months, I'm not quite sure what the going forward expectations are. I see that in the recent Q end, sales continue to rise as new digital products are introduced. But, eps declined to .03/share in Q4, a decrease of .02/share from Q3. Y/E eps declined to .10/sh from .20/sh in the previous year, although there were some tax benefits included in prior year figures.
Anyone have thoughts on AFPC? Even though earnings declined, the fact that sales continue to grow is very positive. Plus, the Co. has no debt and has quite a bit of working capital (funded primarily from a recent private placement). The o/s is under 12m fully diluted, so it could be fairly volatile with any good or bad news.
I did see that the bulk of the sales increase was due to their new mobile digital imaging system. What worries me a bit is that the increased sales were offset by a decline in sales of intra-oral x-ray systems by 16% due to increased competition. It also sounds like the production costs are trending slightly upwards and some products sold have lower gross margins.
I'm not sure what to think at this point, but it looks interesting thus far.
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