Flyers - Personally I would like a more seasoned BOD to have more confidence in M&A decisions like that at this stage in the game. That and at least a year or two more of integration with their new ERP and operational turnaround and scale to ensure they dont get distracted from fulfilling their current growth demands and new contracts.
They need to prove themselves at these levels which in itself is a challenge for a growing company of their size. So far so good - they are doing great! Especially recently under Givens and newer team with focus on operational and sales basics - cement that into their foundation before loading it up.
Before Givens, Ferris was very conservative in not over-extending themselves and in many of our opinions, not bold enough on the sales side. Don’t go too far in the other extreme now, just continue to push their sales force to leverage the differentiators they took so long to build, and capture market share they deserve and there for their taking. I see a smart balance on this in the collective team right now - keep it up.
If they need more cash to fulfill contracts (beyond $3M down and cash on hand), I would rather see the team earn their keep by negotiating cashflow leverage in their purchasing and sales TOC’s and then short term purchase financing (in that order) before dilution, as well. If this resulted in increasing the downpayment to $3M, bravo!
IMO, They have been building capacity for this growth and the IVAS probability for at least 3 years before govt delayed it, so my opinion is they already invested and used their last cash vehicle (18 or 30M - I forget without looking back).
As a company, they appear locked and loaded, dont screw it up or get distracted. Just execute.
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