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Saturday, January 14, 2006

More raw sewage

UNBH (sec), a bank

UPDA (sec), real estate investment holding company focusing on low and non-performing assets. CEO owns 54.5% of the stock. Balance sheet is very weak, current ratio is less than 1/3. Shareholder deficit is more than twice the value of the assets. Losing money.

UPWT (sec), stopped reporting in 2002, but then issued a bunch of 8-K statements about an agreement to install at least 5,000 "Ice Island Machines" in liquor stores, grocery stores, etc. Their most recent 10-Q for June 30, 2000 shows assets of $1,000 and liabilities of $754K, no revenues, negative cash flow from ops.

URNZ (sec), a mine with no revenue.

USCA (sec), a mine with no revenue.

USGL (sec), a mine.

USPL (sec), lumber made from recyclable material. Last 10-K was filed for year 2002. Nothing but huge losses and negative cash flow.

USPO (sec), ghost ship for a while, went into various unrelated businesses. Smart payphones. 511 payphones in 2 states. $1.9 million invested in telecom equipment which has been depreciated down to $390K. Total assets are only $471K. Liabilities are $970K. Massive money loser.

USWI (sec), Wireless company that went bankrupt on March 26, 2004.

UWNK (sec), entertainment software for touch screen video game terminals and amusement vending machines. Current ratio is slightly worse than 1. Almost no equity. Huge money loser.

AORGB (sec), Allen Organ Company, musical instruments (mostly church organs, good niche), datacom, electronic assemblies, and audio equipment.

Revenues have been reasonably steady since 2000. They lost money in 2001, but made money in 2000, 2002, 2003, and 2004. Average earnings per diluted share for 2000-2004 is $1.40. Dividends have been steady at 56 cents.

Current ratio is 5.3 and was 6.5 in 2003. Strong balance sheet. 7% operating margin, but was only 1.5% in 2003 (was around 6% in 2002). They have a pension liability (assumptions are pretty good, 7% expected long term return on investments going back to 2002). Very little dilution. Capex matches depreciation. Free cash flow has been well above earnings for the last 3 years.

I figure the stock is probably going to be worth at least $25. It's selling for $57. Not surprising; it seems like a great business. I like this company from what I see.
worth following

AMEL (sec), oil and gas, went bankrupt in 2002. Get this, they lost money in 2005.

AHIZQ (sec), bankruptcy.

ACTC (sec), market and sell Kachina dolls in the $6,000 to $8,000 price range. Carved wood doll from the Hopi Indians. Most competition is for dolls in the $300 price range.

Weak balance sheet. Current ratio less than 1 and current assets are almost entirely inventory. Small shareholder deficit. This is listed as a development stage company. Revenues for 2004 are only $2,500 (with gross profits of $500). Revenues for 2003 are only $3,200 (with only $700 gross profit). So I thought each doll was at least $6,000. Did they just sell like an arm or a leg? SG&A is $53K. Huge money loser.

ADDI (sec), patented urine specimen rapid drug screening test. Current ratio is about 1/2. Huge shareholder deficit. Very low revenues and they're declining. Huge money loser.

ADTR (sec), video game console distributor. Sony, Nintendo, Microsoft. 11% gross margins (which seems even a bit high). Net margins were (.7)% in 2004 and 1.2% in 2003. What value do these guys add? Seems like nothing.

WGAN (sec), last 10-K was for 2002.

WTCH (sec), last 10-K was for 2002.

WTER (sec), large scale water purification equipment. CEO owns 16% of the stock. Hideous financials.

WTMK (sec), oil and gas company, Colorado.

WYDY (sec), "Whos Your Daddy Inc" sports fan clothing and stupid gifts, previously Snocone, previously Riskebiz, etc. Assets consist of $402K of "Technology", $5K of prepaid expenses, and $1,455 in cash. Current liabilities are $110K. No revenue....

RSVP (sec), educational software. Balance sheet is fair, but almost no equity. Gigantic money loser.

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