maybe,, hrsh has 5mil float with cash in the bank- been sitting in the 1.70-2.00 area for sometime. that dip to 1.35-nobody but the mm got,, so it was a print for him.
HRSH-Hirsch International Corp. is a single-source provider of electronic computer-controlled embroidery machinery and related value-added products and services. The Company offers a complete line of technologically advanced single- and multi-head embroidery machines, proprietary application software, a diverse line of embroidery parts, supplies, accessories and proprietary embroidery products. In addition, Hirsch provides a comprehensive service program and user training and support. Through its Hometown Threads, LLC venture, the Company has moved from test marketing its retail embroidery services concept to implementation of a national franchise program. The Company's customer base includes large operators that run numerous machines, as well as individuals who customize products on a single machine.--yeah boring but cash and history of handling the last 3 years of rough market makes this co a survivor in my book-imo
12/17-(also below)-
"In addition to the improvements to Hirsch's operations, we also continue to maintain a strong cash balance and are relatively debt free. Since quarter-end, we have received the much awaited IRS tax refund in the amount of $3.4 million. As of today our cash balances total over $12 million, or approximately $1.45 per share." (((1.45x3=4.35 or 1.45x5=7.25 ++++cash from recent sale=?as fair value-imho)))
Share Statistics
Average Volume (3 month): 57,772
Average Volume (10 day): 25,000
Shares Outstanding: 8.33M
Float: 5.20M ********************************************************
% Held by Insiders: 37.57%
% Held by Institutions: 2.23%
Shares Short (as of 8-Jan-04): 21.00K
Daily Volume (as of 8-Jan-04): N/A
Short Ratio (as of 8-Jan-04): 0.163
Short % of Float (as of 8-Jan-04): 0.40%
Shares Short (prior month): 9.00K
insider actively buying with their options
recent news not 'on the books'-
Tajima Industries Buys Assembly Operation
Wednesday February 11, 9:36 am ET
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Feb. 11, 2004--Hirsch International Corporation (Nasdaq:HRSH - News) announced today the sale of its majority ownership interest in Tajima USA, Incorporated (TUI), a joint venture with Tokai Industries Sewing Machine Co. Ltd, Kasugai, Japan that originally started in 1997. The sale is effective January 31, 2004 with Tajima Industries assuming full ownership.
TUI, based in Ronkonkoma, New York, assembles an extensive line of Tajima branded commercial embroidery machines for distribution in North America.
Henry Arnberg, Hirsch Chairman and CEO said, "The sale of our majority interest in TUI has great benefit to both Hirsch and Tajima Industries. The sale will allow Tajima the opportunity to expand distribution of machines assembled at TUI to countries outside of North America. In addition, the sale will provide efficiency gains that should result in more competitive prices for Hirsch." Arnberg also stated, "The sale also supports Hirsch's 5-Star Commitment, which is our customer-focused approach and promise to deliver the Finest Products, Innovative Breakthroughs, Renowned Expertise, Superior Service, and Top-rated Education . . . all at levels unmatched by our competition."
Paul Gallagher, President and COO added, "One of the most important elements of the Hirsch turnaround strategy has been an overall simplification of the business. We have very clearly focused the Hirsch side of the business on providing our customers with the absolute best products, service, and support available anywhere in the marketplace. We believe that by allowing our business partner, Tajima Industries, to fully concentrate on the technology and production elements of the business that our customers will benefit with improved equipment designs and increased manufacturing efficiencies."
Hirsch Announces Third Quarter Results and Receipt of Tax Refund
Wednesday December 17, 6:11 pm ET
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Dec. 17, 2003--Hirsch International Corp. (Nasdaq:HRSH - News) today announced its financial results for the third quarter and nine months ended October 31, 2003 and the receipt of its tax refund for $3.4 million.
"We are very pleased with the significant year-over-year improvement in our financial performance, particularly in light of the continued weakness in the economy and the U.S. dollar. Our focus on targeting our customers with superior service was the critical driver of this growth," said Henry Arnberg, Chairman and CEO.
Paul Gallagher, President and COO added, "For the past two years our primary focus has been on fixing the business by creating a more customer responsive environment, reducing costs and expenses, and building a strong management team and organization. Today, our restructuring initiative is substantially wrapped up, allowing us to fully focus on our future growth and profitability.
"Hirsch has a unique opportunity to increase its competitive advantage in the marketplace. Our continued emphasis on our '5-Star Commitment' -- promising unparalleled delivery of the finest products, innovative breakthroughs, renowned expertise, superior service, and top-rated education to the marketplace; the most significant market presence in the business with over twenty showrooms and fifty embroidery professionals in the field nationwide; and an unmatched offering of over 400 education and training opportunities through the Hirsch Business Academy have positioned us well ahead of our competition.
"In addition to the improvements to Hirsch's operations, we also continue to maintain a strong cash balance and are relatively debt free. Since quarter-end, we have received the much awaited IRS tax refund in the amount of $3.4 million. As of today our cash balances total over $12 million, or approximately $1.45 per share."
For the third quarter ended October 31, 2003, net revenues increased $1.6 million or 14% to $13.0 million from $11.4 million for the third quarter of last year. Gross profit increased $1.0 million or 25.3% to $4.7 million for this fiscal quarter from $3.7 million last year. Gross margin as a percentage of net revenues, improved to 36.0% from 32.7% in the prior fiscal quarter and selling, general and administrative expenses increased to $4.8 million from $4.3 million last year for the quarter.
For the nine months ended October 31, 2003, net revenues increased $1.0 million or 2.7% to $37.6 million from $36.6 million for the same period last year. Gross profit increased $.9 million to $13.6 million from $12.7 million while gross margin as a percentage of net revenues increased to 36.2% from 34.8%. Selling, general and administrative expenses increased to $14.6 million from $13.9 million in the prior year. Overall operating expenses remained constant at $13.9 million due to a $697,000 reversal of restructuring accruals in the nine months ended this year for the settlement of the Solon, Ohio lease as well as the restructuring accruals reversal mentioned below.
Net Loss for the quarter ended October 31, 2003 was $0.1 million, as compared to a net loss of $0.5 million for the previous third fiscal quarter. For the quarter ended October 31, 2003, net income included income from discontinued operations of $0.5 million from the reversal of discontinued operating reserves associated with the CIT UNL leasing portfolio. Net loss per basic and diluted share was $0.01 for the quarter ended October 31, 2003 vs. a net loss per basic and diluted share of $0.06 in the previous third fiscal quarter. The average number of common shares outstanding for the purpose of computing basic and diluted shares was 8,480,852 for October 2003, and 8,788,750 for both basic and diluted shares for the quarter ended October 2002.
Net income for the nine months ended October 31, 2003 was $1.2 million as compared to a net loss of $5.5 million in the previous fiscal year. Net income for the nine months ended October 31, 2003 included income from discontinued operations of $2.0 million from the reversal of discontinued operating reserves associated with the CIT UNL (Ultimate Net Loss) leasing portfolio that was part of our HAPL discontinued leasing operation. Net income per basic and diluted share was $0.14 for the nine months ended October 31, 2003 as compared to a net loss per basic and diluted share of $0.62 in the previous year. The average number of common shares and common stock equivalents outstanding for the purpose of computing basic and diluted shares was 8,654,359 vs. 8,788,750 for the nine months ended October 31, 2002.
Hirsch International is the leading single source provider of advanced embroidery systems to the embroidery industry. The company supplies computer-controlled embroidery machinery, design and digitizing software, and a wide range of related products and support services. For more information on Hirsch products and services, call Hirsch International Corp. at 1-866-447-7244 or visit the Web site at www.hirschintl.com.
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements express our intentions, strategies, or predictions for the future. Forward-looking statements in this press release include, among other things, statements regarding the continued listing or delisting of our stock from the Nasdaq SmallCap Market. These forward-looking statements involve unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Hirsch to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A further discussion of factors that could affect Hirsch's results is included in reports filed with the Securities and Exchange Commission, including Hirsch's Annual Report on Form 10-K for the year ended January 31, 2003.
HIRSCH INTERNATIONAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
October 31, January 31,
2003 2003
------------ ------------
(Un-audited)
ASSETS
Cash and cash equivalents $3,668 $7,707
Restricted cash 3,988 900
Short term note receivable - 500
Accounts receivable, net 6,743 4,354
Inventories, net 7,310 9,498
Assets of discontinued operations 1,133 4,914
Property, plant and equipment, net 2,566 2,868
Other assets 4,910 5,261
------------ ------------
TOTAL ASSETS $30,318 $36,002
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Trade acceptances payable $2,334 $969
Accounts payable and accrued expenses 4,565 6,924
Customer deposits and other 703 865
Deferred gain on sale of building 758 847
Liabilities of discontinued operations 1,699 6,859
Long and short-term debt 1,450 1,541
------------ ------------
TOTAL LIABILITIES 11,509 18,005
------------ ------------
MINORITY INTEREST 2,144 1,932
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 16,665 16,065
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $30,318 $36,002
============ ============
-0-
HIRSCH INTERNATIONAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except per share data)
(Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
October 31, October 31,
---------------------- ----------------------
2003 2002 2003 2002
---------- ---------- ---------- ----------
NET SALES $13,021 $11,430 $37,561 $36,569
COST OF SALES 8,342 7,697 23,977 23,859
---------- ---------- ---------- ----------
GROSS PROFIT 4,679 3,733 13,584 12,710
---------- ---------- ---------- ----------
OPERATING EXPENSES
Selling, general and
administrative
expenses 4,791 4,322 14,623 13,863
Restructuring costs 0 0 (697) 0
---------- ---------- ---------- ----------
Total operating
expenses 4,791 4,322 13,926 13,863
---------- ---------- ---------- ----------
OPERATING LOSS (112) (589) (342) (1,153)
---------- ---------- ---------- ----------
OTHER (INCOME) EXPENSE
Interest (income)
expense 52 71 (70) 200
Other (income)
expense 170 (464) 1 (400)
---------- ---------- ---------- ----------
Total other
(income) expense 222 (393) (69) (200)
---------- ---------- ---------- ----------
LOSS BEFORE PROVISION
FOR INCOME TAX
PROVISION, MINORITY
INTEREST IN NET
EARNINGS OF CONSOLIDATED
SUBSIDIARY AND
DISCONTINUED
OPERATIONS (334) (196) (273) (953)
INCOME TAX PROVISION 146 166 338 411
MINORITY INTEREST IN NET
EARNINGS OF
CONSOLIDATED SUBSIDIARY 98 108 211 273
---------- ---------- ---------- ----------
LOSS BEFORE DISCONTINUED
OPERATIONS (578) (470) (822) (1,637)
INCOME (LOSS) FROM
DISCONTINUED OPERATIONS 500 (31) 2,000 (3,816)
---------- ---------- ---------- ----------
NET INCOME (LOSS) ($ 78) ($ 501) $ 1,178 ($ 5,453)
========== ========== ========== ==========
INCOME (LOSS) PER SHARE:
Basic and diluted
Loss before
discontinued
operations ($ 0.07) ($ 0.05) ($ 0.09) ($ 0.19)
Income (Loss) on
discontinued
operations 0.06 (0.01) 0.23 (0.43)
---------- ---------- ---------- ----------
NET INCOME (LOSS)
PER SHARE ($ 0.01) ($ 0.06) $ 0.14 ($ 0.62)
========== ========== ========== ==========
WEIGHTED AVERAGE NUMBER
OF SHARES IN THE
CALCULATION OF EARNINGS
(LOSS) PER SHARE
Basic and Diluted 8,481 8,789 8,654 8,789
========== ========== ========== ==========
--------------------------------------------------------------------------------
Contact:
Hirsch International Corp., Hauppauge
Paul Gallagher, 631-701-2211
or
Beverly Eichel, 631-701-2169
AI
