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Saturday, February 19, 2005 11:06:44 PM
According to the audited 2002 financials of VLXC, there are over 2.1 Million of "Trade Receivables" on the books. Trade Receivables are noted on a balance sheet when an outside company has "purchased" the accounts receivable. No Factoring company would buy receivables if they were not real!!!
Accounts Receivable is show as 15.4% of total sales for 2002 which is very reasonable. VLXC probably invoices at the end of the month and gives a net 30 payment term which would cause the A/R to be about 2/12 of total revenue. 2/12 = 16.667%, so 15.4% seems real good to me. My breakdown of 2004 VLXC sales is:
Velvet Textile 4 Million
Noba Textile 6 Million
LA Cap 10 Million
MKL Inc 1.64 Million
KCA Garment 20 Million
Book Value is $2.82 according to 2002 audited financials plus .22 per share earned in 2003 and .90 per share earned in 2004 (Based on 6.676035 Million shares outstanding). I just bought 3 navy blue Brushed Cotton Twill Navy caps from their web site on Monday and received them on Friday 2/18/05. These caps are the best quality that I've ever bought.
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