Value Microcaps Motherboard

[abh3vt]

RE: ANII. I posted on this one last week when they filed their NT-10K announcing estimated income numbers. Q4 revs were a bit lower sequentially, but Q3 was pumped up by some low margin sales that were done to get new business. If you remember, that Q's margins were impacted by that "product mix". Pretax margins were really strong in Q4, and for the whole year - 15% of sales.

Company generates decent cash flow from operations, very low d/e, plus they mention trying to get listed in the coming year. Only thing that was missing was a revenue forecast, which is always helpful.

I don't think they can continue to do 30-35%/year, but certainly 15-20% looks reasonable for rev growth in 2005.

I wonder what the traders will do with this one tomorrow. We all know that tax benefits shouldn't be included in net income, but I'm sure some overanxious traders will see that 0.74 fd eps number on a 4.50 stock and go crazy......at least I hope so <grin>.