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Saturday, November 12, 2005

More "I" companies

IMTG, spray-on pickup truck bed liners, but it was an acquisition. Some company owns 81.56% of the business [what was I trying to say here?]. Extremely weak balance sheet. Earned slightly over half a cent in Q2 but only due to a $466K gain on restructuring of debt, had been losing money before that. Negative cash flow from ops.
not interested

INEY, all of the company's activities are considered to be discontinued.
not interested

INFD, business software (commerial, government, intelligence), products and services. 500 of the Global 1000. 50% of the tier 1 Life Science firms. Have been working with Intelligence agencies for more than 20 years. 67 employees (46 technical, 7 sales, the rest mgmt admin etc). March 21, 2005 they discovered they counted $94K of revenue twice for the quarter ended March 31, 2004. No legal proceedings. About 2 million stock options outstanding (782K remaining to be issued). Unqualified audit opinion. Balance sheet is rock solid. High gross margins. Very low operating margins (3.6%). 2004 results aided by income tax benefit. Actual earnings for 2004 are perhaps 4 cents totally diluted. This matches free cash flow.

Oops, they appear to have merged with McDonald Bradley Inc. a privately held company. Each share was replace with $1.15 in cash (it had been selling for $1.11). Well, congratulations on going private.

INIV, discontinued website developer, database mgmt programs, and other stuff. Looking to acquire other businesses. They have a shareholder deficit! Haha!
not interested

INLM, barter system market maker. There are about 250 barter system companies in the US and Canada. Seems kind of bogus and of limited usefulness. Looking to acquire related businesses (yuck). Sold off the Canadian barter office. No legal proceedings. CEO is founder from 1988 (owns 45.64%). Directors and executives own 54%. Unqualified audit opinion. Balance sheet is fair (they're carrying $2 million worth of membership lists on $4.8 million in assets and $2.9 million in equity). Revenues $4.7 million (up from $4.0 million in 2003). Low operating margins due to payroll and G&A. Realistic net income is $90K (about the same in 2003). They've used shares for acquisitions. 40 million shares outstanding. Cash flow is pretty good.

Q2: Revenues up another 45% to $1.6 million. Net income $113K (matches free cash flow). They're acquiring stuff, unfortunately ($1.5 million barter systems business). Share count up to 42 million. Ok, so maybe they're worth 15 cents. Stock is selling for 28 cents.
worth following

IPFS, late in filing a 10-K (filed NT 10-K on Halloween). RF circuit board maker with discrete wiring rather than etching for signal quality: military, avionics, communications. Acquired a VoIP business (major yuck!). Very weak balance sheet. Low 21% gross margins. 3% net margins. $183K earnings for 9 months. Excellent cash flow for 2005 (lousy for 2004, but good overall for both years). Undiluted share count is 44 million. Diluted share count is 172 million from convertable preferred!!! Business might be worth 2 cents (except that the extreme recent dilution is a terrible sign). Selling for 3.5 cents.
not interested

ISCB, NASCAR: own and operate Daytona, Talladega, Watkins Glen, and several others. Also own 37.5% of two others. 109K of options outstanding. Private placement of $300 million unsecured senior notes. Revenues are climbing at about 11% per year. $648 million revenues in 2004. $228 million operating income 2004. Net income $156 million (includes a net $30 million one-time increase). $2.37 in real earnings (includes equity in net income from partially owned racetracks). 6 cent dividends. 53.2 million diluted shares. Strong balance sheet. Free cash flow is probably fairly close to earnings (looks close over 3 years). Business is probably worth $40 or more. Selling for $53.25
definitely worth following

ISHP, Greek (Delaware) shipping company. CEO owns 25%. 40 million shares. Blank check company for acquiring dry bulk ships: capesize (huge), panamax, handymax (smaller, more self-contained). Unqualified audit opinion (small auditor). $146 million equity. Operating loss. Net income is solely due to interest income.
not interested

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