PHLI- OK, I'm gonna start digging on PHLI and maybe building a bit of a position at these levels but it may take about a week to start digging more on this. From my skimming, there's some dilution on the way up with Mr Ash on board, but he seems to be a young quick mover in the biz sense. He defected from CSAB to PHLI so IMO must see something and is keeping good ties with CSAB as far as Accel goes (although PHLI gave some very attractive incentives to lure him that may cost shareholders in the short term, including his $50 thou plus moving expenses and car allow this year and $40 thou or so next if I recall plus the bonus options, etc).
Mr Ash's options though are at higher levels than current share price. Plus Portman and others were basically all paying more than current levels for their shares so their acquiring is accretive for us down here. They now have 7 directors, with a bit more diversity. They have enough cash to handle things IMO with about break-even results last Q if you factor out the 1-time writedown of Satiatrim.
Tangible Book value is close enough to current market cap to provide some downside protection IMO.
If I get in bigger though it is because of Accel IMO. Satiatrim may or may not be helpful going forward. But I htink Accelerade powder and gel sales have little market penetration currently and may carve out a decent niche going forward.
Lots of digging to do though.
And not at all pounding the table, as there are bigger fish in this with much more knowledge IMO than any of us have about the company... But there has been continued support from insiders buying to some degree.
Might be a bit of year-end selling pressure to keep it down here (is this a new low today for the year?).
One nice small thing on the balance sheet is the deferred revs figure is growing a bit and is counted as a liability;) Nice to see those things on the balance sheet growing, even if it is small...
Anybody know who their big customer is? Zen- do you know? It has been awhile since I spent much time looking at this one.
Good luck.
PS- let's resurrect this board! This is a better investment down here IMO and is looking pretty good IMO only. I'll wait for Mr Ash to settle in and see if I can contact him to get a feel for things through his eyes. I'm curious of his feel/perspective on things going forward for PHLI's powder and gel sales...
I don't mind stealing bread from the mouths of decadence... But I can't feed on the powerless when my cup's already overfilled.
-Temple of the Dog
"We didn't build this company on the sniff of an oily rag."
-Anonymous
