Saturday, December 03, 2005
PRYNF (website), internet bingo. stock is selling for $1.30 ask. They're getting listed on the TSX Venture Exchange in Canada. 1.4 million options. 12.6 million shares. 14 million shares fully diluted.
Q3 results: revenues up 60% from prior year, up vs all other quarters.
Assets are cash and AR. Strong balance sheet, no debt. 20% operating margins. Earned 1.9 cents per fully diluted share (3.3 cents for 9 months). Pretty good cash flow from ops. Low capex and depreciation. Great financials.
Director of strategic planning resigned.
TARG (website, sec), another freight forwarding company. Unqualified audit opinion. Revenues steadily increasing over the years. 32% gross margins. 2% operating margins. Earned 7 cents diluted in 2005. Low assets relative to revenues, but still only 3.5% return on assets. Assets are mostly AR and goodwill, with some cash. Liabilities are a mix, nearly all current. Current ratio just over 1. Cash flow from ops is great this year, but stunk in prior years.
Q1 2006: earned 2 cents. Results just keep improving due to increasing revenues but also an acquisition. Cash flow from ops is bad. October 2005 was a monster month for them.
This might be worth $1.20 or more. Currently selling for $2.10
TCAR (website, sec), 10-K incorporated in CO, 7.5 million shares. They sell disposable diapers, "natural formula wipes", etc. via catalogs and health stores. Holds patents. No real competition. Four 10%+ customers. 10 full-time employees. Unqualified audit opinion.
Very weak balance sheet. Assets are buildings, inventories are half as much, and AR is half as much again. Large intangible "brand and trademarks". Almost no equity.
Declining sales. 31% gross margins. Frickin gigantic SG&A. Operational loss. Gain on sale of assets made them appear to make money in 2004. Lawsuit settlement made 2003 look profitable.
Q3 results: Inventories and AR still expanding. Still weak balance sheet. Operational loss for 9 months, but eeked out a profit in Q3 (but lost cash in Q3).
TCCC (website, sec), medical waste business. They were selling for about 30 cents at the start of November. Now they're at 80 cents. There was some big lawsuit settlement.
Q3 results: Assets are heavily depreciated PP&E, deferred tax, AR, and other stuff. Balance sheet is fair. 41% gross margins. High SG&A costs. Running at a loss for the year. Cash flow is ok. The lawsuit is not clear.
TCCO (website, sec), voice and data encryption to foreign governments. The latest quarter was entirely domestic sales.
Q3 results: PP&E valued at way more than total assets is almost entirely depreciated. Otherwise, assets are cash and inventories. Very strong balance sheet.
Revenues dropped by almost half. COGS dropped much less. Still they have 64% gross margins. Significant operating loss (was a huge profit in prior year). Even 9 month result has operating loss. Cash flow from ops stinks due to increase in inventories. 90% of sales in 2004 quarter went into Egypt.
Unpredictable revenues (not just lumpy, but totally unpredictable averages).
TCGN (website, sec), Industrial products in three areas: Eclipse systems spray guns, Clawson ice crushers (hotels, restaurants), Precision Metalform (pens and cosmetic closures). 25 employees.
Eclipse revenues dropped as part of what could be a long term industry decline in the US. Clawson revenues dropped due to the industry trends, but should start back again. Precision is one of only 2 companies who dominate the industry.
Overall, they made money in 2004, lost money in 2005, but operationally it was the reverse. Low margins. Strong balance sheet. Good cash flow from ops due to large depreciation (bad).