GPRC - I had a good laugh on this rather silly pitch
Quote: "On May 17th, 2010, the company announced net income in its first quarter ending March 31st, 2010, increased by 73.4%, to $2,204,604, compared with $1,271,586 in the same period a year ago. ... We recommend GPRC under $4.36 and plan on holding for 12 months."
My comment: "On August 16th, 2010, the company reported that a second quarter plant expansion and refurbishment, and lower gross margins, produced lower than planned revenue and profit comparisons in its second quarter ended June 30, 2010. As gross margins declined from 48.52% in last year's second quarter to 31.01% in the 2010 second quarter, net income declined 32.17% to $1,670,985, compared with $2,463,329 in the same period last year."
EPS declined by 59.30% year over year. Forward P/E is about 8 and the stock is trading at new lows today.
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