Polaris International Holdings (PIHN)

[rpm3000]

You have to remember that we're talking about two companies. $722k revenue off of $410k to make that revenue. That is a great number. I'm not sure how that is divided between the two. Going forward this will drive the price of PIHN. A (edited, sorry it's early!) 43% margin is unreal.

BUT, also note that we're looking at 2 months of revenue for the period ending 12/31/09. After all expenses, everything, long term debt payments, interest, leases, etc - we're left with a small $27k loss. This period included the integration of the accquisitions into Polaris, so extra administration expenses and debt conversion were already baked in.

Now Q2 is completely different - With a full three months of revenue, I see no reason why the fully integrated companies can't do $1 million in sales. This is due on timeaccording to Mr. Misawa.

With a 40% margin and the US accquistion in the works this thing is sitting north of .01 at fair market value. The next couple days might be crazy...