The CEO and I have been best of friends for over 35 years. This is not his first start from scratch Company. His last one was in the early 90's which he took from nothing, to the pink sheets, to NASDAQ, to the AMEX and was bought out by the Bass Brothers for $11 a share. All in just four years.
As you can see from the PR article, SPIN just completed their first full reporting year of operations and for such a young public company have had an exceptional first year. Particularly when one realizes that this was NOT a reverse takover of a formerly private company, but actually a company that was started from scratch within a shell company. Since starting the company with no cases or revenues in Sept, 2009, to year end 2010 with over 700 cases(over 900 now) and a cumulative $7.5 million in gross revenues, and $1.25 million in GAAP net income. This company has been in operations effectively spanning five quarters and has been profitable in every quarter.
On a GAAP basis that includes non-cash charges, they earned .06 a share for this past year. If you add back the one time non-cash charges for stock based compensation, they would have netted around $.09/sh for the year. I am expecting 2011 results to on worst case basis have revenues in excess of $13 million and non-GAAP net income of $3.25 million or around $.21 a share. However, if certain straight debt (no convert) financing they are working on comes through, EPS for 2011 could easily exceed .25-.30 a share.
In the PR it states that the company will be doing its first Investors conference call next Thursday at 4:15 EST. Be sure to attend and invite your friends. Up until now, there has been no investor promotion done on SPIN, that will change this year. This stock should be a very big winner over the rest of this year and beyond.
With this audited financial, along with the addition of its "groomed for NASDAQ" Board of Directors impaneled last year, they now meet all of the requirement for NASDAQ listing other then the $4.00 stock price. This is a fully reporting BB company not a pink sheet, but since it lost its last BB market maker to the OTCMarkets, it now shows up as a pink sheet on Yahoo Finance. The trading float outside of insiders and "friends of the Company" is now less than a million shares so it has to be bought smart.
BTW, as has been referenced here in the past, since inception the CEO has purchased in excess of a million dollars in stock at prices as high as $2.00 a share as you can see from the link below. Because of this you can bet there will be no stock offerings even considered at anything less then much higher then the current price, if at all.
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