Tim~(DFNS.ob) absolutely... and is why it is a *current* concern for me and posted as such!
I took my position after they "finally" filed last time, having promised that late filing would be filed by 4-30-03 (Wed) and to their credit, they did "finally" file 5-2-03 (Fri). That filing contained items of mild concern... not enough not to take a position in my case but worth any investor taking a long look at (IMO)
Maybe because they are located in Israel
...could be... then again, it could just be a company more concerned with the day to day operation and not totally comfortable with the public filing process. For me, the more important ingredients in an investment are the products (body armor) and market penetration (DFNS has approximately 45% market share in the Israeli defense market and only have an approximately 9% share of the Israeli civilian market) coupled with quality of customers (Israeli defense market! Further, law enforcement, border patrol enforcement and other special security forces, corporations, non-governmental organizations and individuals throughout the world. Customers include the Israel Defense Forces, the North Atlantic Treaty Organization (NATO), the United Nations Peacekeeping Forces and other U.N. organizations) and another consideration to consider, not the least of which is, Cash Flow!
(In 2002, net cash provided by operating activities was $1,730,566, as compared to $923,836 in 2001. This increase by 87.3% is due to increased production efficiency and growth in sales. In 2002, net cash provided by (used in) investing activities was ($628,210), as compared to ($478,576) in 2001. In 2002, net cash (used in) provided by financing activities was ($985,315), as compared to ($259,320) in 2001. The company dedicated part of its funds derived from its current activity to repay long and short terms loans. Cash and cash equivalents at December 31, 2002 were $831,820, as compared to cash and cash equivalents at December 31, 2002 of $781,996)
...then factor in this stock is under 50 cents a share (heck, as of today, around a quarter lol) with only some 25M shares outstanding.
As I posted originally, they seem to be using their corporate currency well although dilution seems to be something to keep an eye on, having Authorized 250,000,000 and Outstanding 25,550,000
What can I say beyond, I like this potential and feel a few late filings are not the end of the world <Bg>
But it could be symptomatic of greater problems and are worthy of mentioning and discussing. For me, this is highly speculative money in and am prepared to lose it all ...knowing up front they are listed on the OTCBB is probably more of a concern than their late filings. Certainly IMO a better positioned company than XYBR and better financials. Cheaper stock as well!
I will feel better once that filing hits and suspect, if it has shown improvement in the civilian markets, I will be satisfied. The situation in that part of the world seems to be escalating again and I think they are in the right business to do well in that environment, remembering that this is JMHO
So, Tim, what were your other thoughts? Or did you quickly run for cover upon discovering they are not timely filers? lol
best!
kp
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