Sunday, September 04, 2005
CapSource Financial (CPSO)
The market cap is under $6 million. It's priced assuming they'll scrape out about $100K per quarter in profits. However, the ask is at 70 cents (last sale of 51 cents).
I made money on the Mexican trucking phenomenon with Celedon (CLDN) back in the first half of 2002.
Q2 05 (announced):
revenue: $6.1 million!
cogs: $5.7 million
SG&A: approx $558K
still the same pricing pressues
revenue: $3.2 million
cogs: $2.9 million
trailer sales up 168%, rental down 34%
gross margins up 36% (increase in sales partially offset by price pressures and decline in rental)
revenue: $1.97 million (down very slightly)
cogs: $1.78 million
trailer sales increased only 1.1%, lease/rental down 13.5%.
gross margins down 19% due to pricing pressures (these guys are probably high cost providers relative to their competition)
SG&A down 20% due to austerity measures.
revenue: $1.4 million (26% increase over prior year)
cogs: $1.24 million
trailer sales up 37%, lease/rental down 12% (being defocused)
gross margin increased 28%, same austerity measures for SG&A
agressive sales would have ended here due to inventory shortages
revenue: $1.33 million (72.5% increase over prior year)
cogs: $1.14 million
trailer sales up 108%, lease/rental down 15%
gross margins down due to agressive sales effort, new sales/storage facility raised SG&A, temporary salary reductions for US executives