Sunday, September 11, 2005
Revisiting companies
Lincoln Logs, B-fast, and some others aren't worth following, although I'm not sure why I seemed to believe LLOG was selling for 15 cents at the time (more like 30).
Ballistic Recovery (BRSI) They earned a penny in Q2, but their cash flow is terrible. In Q3, sales increased 20%. Net income stinks (due to increased R&D). Operating margins up to 38.7% from 32% (cost mgmt, labor utilization). Increased price pressure and it will continue. They amended their 10-K due to restated valuation of warrants on Cirrus Design Corp. This company is probably not worth following.
Bank of the James (BOJF) Since June, the stock has gone nowhere, $17.70. New board member. They earned 25 cents per diluted share (down from 27 cents a year earlier). I would have expected results to continue improving considering total assets are still increasing. Assets past-due are down. Net interest income is up, but provisions were increased. Unspecified non-interest expense was way up for some unknown reason.
Some other banks:
BANI, stock is up to $19 from around $18. They earned 22 cents in Q2, up from 9 cents.
SCCB, stock is down to $10.50. Losses increased in Q2.
Private Bank of the Penninsula (PBPC) #57510, losses are smaller, stock is pretty much unchanged.
First Sound Bank (FSWA) #57799, losses are slightly less. Stock is not down enough.
Stonegate Bank (SGBK) #57934, losses way down. Stock is up to $13.35 from $12.
Connecticut River Community Bank (CRCA) #57475, stock is up to $15 from $11, nothing going on with earnings, pretty much zero.
BNSIA, no significant change
Bogen Communications International (BOGN) price dropped to $4.85 from $5.05. They earned $786K in Q2. Definitely worth looking into.
BGI, Inc (BGII) stock is up from around 47 cents to around 65 cents. Revenues up 133%, net income way up at 3 cents vs 1 cent. Theoretically, the stock might be worth $1.80. Worth considering.
Billy Martin's USA (BLYM) stock went up, stock went down. It's really a shame because I can see that this business is probably good, but without a trace of transparency, why would anyone invest in it?
Amen Properties (AMEN) stock is down slightly, but not nearly enough to be interesting.
Bonal Technologies (BONL) no real change since the 2-bagger increase after the 4 cent dividend was announced the day after I looked at the stock. web
Bonus America (BAWC) Revenues are down, COGS down, SG&A down, $71K earnings (up). 20 million shares. This would be an annualized 1.4 cents per share per year. The stock could probably be bought for 8 cents (no trades were over 8 cents recently). I need to do some work on BAWC.
Bowlin Travel Centers (BWTL) last trade was $2.00. They earned 5 cents in Q2, excluding a gain on sale. Revenues are up. COGS increased a bit too much. Cash flow looks good. It's worth about $2.20.
Brand Partners (BPTR) Stock is down to about 77 cents. Conference call: 12% increase in revenue in Q2. Net income down to 2 cents per diluted share. I don't trust the Chairman, Anthony Cataldo, and there are just a lot of weird things about the business.
Bulldog Technologies (BLLD) stock is at 97 cents. It's been dropping for a long time. They issued $2.1 million in convertable notes effective Aug 29. Still losing money.
Burnham Holdings (BURCA) stock has been dropping and is now $23.50. Revenues are below the record setting levels of last year. Loss for the quarter. Reduced industry demand. They still paid a 29 cent dividend for the quarter.
Butler National Corporation (BUKS) The 10-K is out now. They did very well. Revenues jumped from $10 million to $23 million. Gross profit also more than doubled. Earnings per diluted share jumped from 2 cents to 6 cents. But this is largely a one-time deal, with an upgrade to lots of planes. Cash flow isn't so good, due to greatly increased inventories and AR (the AR is about 60% offset by AP). Free cash flow is actually negative. But I don't know enough details to say exactly what's going on. Market cap was $26 million, now it's down to around $20 million. Probably still not low enough.
The Experimental Agency (XAIN) Results are still pretty crappy. Stock is down to 39 cents.
Yi Wan Group (YIWA) Food revenues are up very slightly. Hotel business is actually down from a year ago. So is entertainment. Telecom is disappearing, which is good. They lost money in Q2. AR increased. The stock is largely unchanged at 39 cents.
Schuff International (SHFK) Q2: receivables up (largely due to contracts in progress), revenues were up to $90 million from $59 million the year before. SG&A rock steady. They earned 42 cents per diluted share. Massive cash flow from ops 3X net income with only a small amount of capex. The stock is at $6.35 from $3.50 when I looked at it. I didn't think they had pricing power. They might have it now, but probably not when the tide goes out again.
Still to look at later: Solitron Devices (SODI), American Dairy (ADY), Big Apple Bagels (BABB), New York Health Care (BACL), Credit Acceptance Corp (CACC), China BAK Battery (CBBT), Caprius (CAPS), Triangle Multi Media (QBID), China Cable (CCCI), C-Chip Technologies (MANS), China Digital Media (CDGT), China Education Alliance (CEDA), China Evergreen (CEEC), COR Equity Management (CEQH), China Finance Online (CHFI), China Energy & Carbon Black Holdings (CHEY), Avalon Correctional Services (CITY), and good old Malibu Cola, Calcol (CLCL).
Ballistic Recovery (BRSI) They earned a penny in Q2, but their cash flow is terrible. In Q3, sales increased 20%. Net income stinks (due to increased R&D). Operating margins up to 38.7% from 32% (cost mgmt, labor utilization). Increased price pressure and it will continue. They amended their 10-K due to restated valuation of warrants on Cirrus Design Corp. This company is probably not worth following.
Bank of the James (BOJF) Since June, the stock has gone nowhere, $17.70. New board member. They earned 25 cents per diluted share (down from 27 cents a year earlier). I would have expected results to continue improving considering total assets are still increasing. Assets past-due are down. Net interest income is up, but provisions were increased. Unspecified non-interest expense was way up for some unknown reason.
Some other banks:
BANI, stock is up to $19 from around $18. They earned 22 cents in Q2, up from 9 cents.
SCCB, stock is down to $10.50. Losses increased in Q2.
Private Bank of the Penninsula (PBPC) #57510, losses are smaller, stock is pretty much unchanged.
First Sound Bank (FSWA) #57799, losses are slightly less. Stock is not down enough.
Stonegate Bank (SGBK) #57934, losses way down. Stock is up to $13.35 from $12.
Connecticut River Community Bank (CRCA) #57475, stock is up to $15 from $11, nothing going on with earnings, pretty much zero.
BNSIA, no significant change
Bogen Communications International (BOGN) price dropped to $4.85 from $5.05. They earned $786K in Q2. Definitely worth looking into.
BGI, Inc (BGII) stock is up from around 47 cents to around 65 cents. Revenues up 133%, net income way up at 3 cents vs 1 cent. Theoretically, the stock might be worth $1.80. Worth considering.
Billy Martin's USA (BLYM) stock went up, stock went down. It's really a shame because I can see that this business is probably good, but without a trace of transparency, why would anyone invest in it?
Amen Properties (AMEN) stock is down slightly, but not nearly enough to be interesting.
Bonal Technologies (BONL) no real change since the 2-bagger increase after the 4 cent dividend was announced the day after I looked at the stock. web
Bonus America (BAWC) Revenues are down, COGS down, SG&A down, $71K earnings (up). 20 million shares. This would be an annualized 1.4 cents per share per year. The stock could probably be bought for 8 cents (no trades were over 8 cents recently). I need to do some work on BAWC.
Bowlin Travel Centers (BWTL) last trade was $2.00. They earned 5 cents in Q2, excluding a gain on sale. Revenues are up. COGS increased a bit too much. Cash flow looks good. It's worth about $2.20.
Brand Partners (BPTR) Stock is down to about 77 cents. Conference call: 12% increase in revenue in Q2. Net income down to 2 cents per diluted share. I don't trust the Chairman, Anthony Cataldo, and there are just a lot of weird things about the business.
Bulldog Technologies (BLLD) stock is at 97 cents. It's been dropping for a long time. They issued $2.1 million in convertable notes effective Aug 29. Still losing money.
Burnham Holdings (BURCA) stock has been dropping and is now $23.50. Revenues are below the record setting levels of last year. Loss for the quarter. Reduced industry demand. They still paid a 29 cent dividend for the quarter.
Butler National Corporation (BUKS) The 10-K is out now. They did very well. Revenues jumped from $10 million to $23 million. Gross profit also more than doubled. Earnings per diluted share jumped from 2 cents to 6 cents. But this is largely a one-time deal, with an upgrade to lots of planes. Cash flow isn't so good, due to greatly increased inventories and AR (the AR is about 60% offset by AP). Free cash flow is actually negative. But I don't know enough details to say exactly what's going on. Market cap was $26 million, now it's down to around $20 million. Probably still not low enough.
The Experimental Agency (XAIN) Results are still pretty crappy. Stock is down to 39 cents.
Yi Wan Group (YIWA) Food revenues are up very slightly. Hotel business is actually down from a year ago. So is entertainment. Telecom is disappearing, which is good. They lost money in Q2. AR increased. The stock is largely unchanged at 39 cents.
Schuff International (SHFK) Q2: receivables up (largely due to contracts in progress), revenues were up to $90 million from $59 million the year before. SG&A rock steady. They earned 42 cents per diluted share. Massive cash flow from ops 3X net income with only a small amount of capex. The stock is at $6.35 from $3.50 when I looked at it. I didn't think they had pricing power. They might have it now, but probably not when the tide goes out again.
Still to look at later: Solitron Devices (SODI), American Dairy (ADY), Big Apple Bagels (BABB), New York Health Care (BACL), Credit Acceptance Corp (CACC), China BAK Battery (CBBT), Caprius (CAPS), Triangle Multi Media (QBID), China Cable (CCCI), C-Chip Technologies (MANS), China Digital Media (CDGT), China Education Alliance (CEDA), China Evergreen (CEEC), COR Equity Management (CEQH), China Finance Online (CHFI), China Energy & Carbon Black Holdings (CHEY), Avalon Correctional Services (CITY), and good old Malibu Cola, Calcol (CLCL).
// posted by Bruce @ 3:04 PM 
