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Saturday, January 07, 2006

more companies

USTI (sec), application software to distributors, power equipment dealers, power sports dealers. DOS software, apparently. Also some Unix. 47% gross margins. Most revenues are from maintenance, most costs are salaries. 9% net income (down from 12%). Routinely earn about $320K on 56 million shares and 13 million options, assume about 70 million totally diluted shares. Earns about 1/2 cent per totally diluted share. Shares sell for exactly 7 cents. How about that?

Balance sheet is ok. About half equity.

Free cash flow is routinely strong due to lower capex than depreciation.
worth following

UTGN (sec), insurance holding company
not interested

UVICF (sec), contact lenses. Revenues have been increasing slowly. Overall business numbers have improved every year going back to 2001. They became [operating] profitable in 2005, entered positive equity in 2004, positive working capital in 2003. Share count has been increasing.

They rely solely on royalty income from Bausch & Lomb. They have one supplier (which could be replaced). This seems to mean that they rely entirely on IP. They have one patent.
not interested

UVIH (sec), vertically integrated insurance holding company.
not interested

AOXY (sec), No assets. No operations.
not interested

APOA (sec), They're late filing their 10-K. Distributor of disposable medical, dental, and vet supplies, HBA stuff, and pharms. They're moving to higher gross margin stuff: insitutional retail catalogue business. I don't see any moat here, whatsoever.

Revenues had been increasing until 2005. Gross margins are only about 4%. Over the years, they lose money as often as they make money. Balance sheet is not very good. Almost no equity. Low current ratio.
not interested

APRJ (sec), a BDC.
not interested

ARCS (sec), cellular base station antennas, portable antennas, conformal antennas (conforms technically and physically to its product environment, such as hidden inside a police car).

Slowly increasing revenues. Erratic gross profit. Generally not very profitable.
not interested

ARHN (sec), 1982 Nevada hotel and casino, with Colorado River frontage. Also owns property in Las Vegas, Dorchester MA, and Maryland. Casino caters to older out-of-towners from AZ, Southern CA, and elsewhere. Occupancy rates have been falling to 57% (down from 70% in 2004 and 77% in 2003). Owns 27 acres on the "Strip".

Assets are mostly real estate rental property held for investment. Very ugly current ratio. 1/10 equity. Consistently losing money due to huge interest expenses.
not interested

ARIS (sec), electronics parts catalogs. Revenues have been flat over the years. Operating income has gone up lately due to decrease in cost of software licenses and renewals sold (amortization costs of acquisition). Net income is about $2.8 million ($1 million last year, pretty much losses before that). 6.2 million shares. 1.2 million options! Assume about 8 million totally diluted shares. Net income becomes 35 cents per totally diluted share.

Cash flow from ops is $2.7 mllion due to deferred tax. Capex and capitalized SW costs are $1.5 million. Free cash flow is a lot more like $1.2 million, so that's about 15 cents per totally diluted share. So the company might be worth $2.25. The stock is selling for $2.12.

Assets are mostly cash, capitalized software costs, AR, and other stuff. PP&E of nearly $6 million is nearly all depreciated. Current ratio is less than 1. Shareholder deficit.

Q1 is about the same.
not interested

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