Another solid quarter from AYSI... There was $432k of impairment expense in the year, but its not clear in which period it was expensed. This adds about $.02 per share to the annual figure and perhaps even the fourth quarter. Looks like they've had some inquiries on their Indonesian property. Hopefully they can finally sell that land and add another $0.23-$0.24 per share in cash to the balance sheet. Ex-cash and excess land, the P/E is now a staggering 1.25x at $1.30...
I also like how they have now broken out all of the related party items so its more clear on the audit. In addition to extending the royalty agreement to 25 years and buying Matrix, they also got rid of their Team Arcoplate operations, which sure makes it seem like they are cleaning everything up in preparation for something, hopefully a sale...
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