NEWN - what a bunch of [insert word here]!!!
According to their filings they had (as of Dec 31, 2010):
- $13 million in cash
- $10 million operating cash flow in the fourth quarter
Guided for (FY 2011)
- $25 million net income
- $1.69 to $1.75 EPS
$6.5 million left to pay for their odd solar acquisition
Current P/E is 2.5 and they file a $20 million shelf when they should have more than enough cash, and don't have clearly defined use of proceeds: "we intend to use the net proceeds from the sale of the securities under this prospectus for general corporate purposes, including general working capital purposes. We may also use a portion of the net proceeds to acquire or invest in businesses and products that are complementary to our own, although we have no current plans, commitments or agreements with respect to any acquisitions as of the date of this prospectus."
And remember that the Chairman posted this here just last Friday:
""As the Company's single largest shareholder, I am highly incentivized to help create shareholder value. I have never sold any of my NEWN shares and I am a firm believer in our Company's ability to execute on our business plans. Given our Company's exciting growth prospects and attractive valuation, I can think of no better place to invest than in New Energy Systems Group. Along with our CEO, CFO, I have initiated the process to open trading accounts with a U.S. based brokerage firm. Once these accounts become active, we will begin buying shares. We are also evaluating other alternatives designed to create shareholder value and will update investors as appropriate."
Woohoo!
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