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Monday, July 24, 2006

Edac Technologies (EDAC)

EDAC (sec)

Prior posts
9/10/2005 Edac Technologies (EDAC) misc stuff
9/10/2005 Edac Technologies (EDAC) 10-Q
9/10/2005 Edac Technologies (EDAC) 10-K

10-Q for quarter ending April Fools Day 2006:
4.5 million shares on April 25, 2006. 492K options outstanding.
Comparing to the July 2, 2005 10-Q I last looked at...

Cash is up. Balance sheet is still strong. Still heavy on PP&E. Significant debt. Less than half equity.

Revenue is up somewhat, but SG&A is up a lot (expansion of mfg plant). They now have taxes. Net income of $293K. Jet engine sales are up, non-aerospace sales are down due to a single consumer products company customer. Overall revenues are up significantly over prior year. Backlog is up. Commercial jet engine sales look good.

Cash flow from operations for the quarter are significantly negative due to an increase in AR (from the year end). Huge capex for the quarter. Borrowed a lot of cash via an equipment line of credit.

I don't like this company because of the industry, the fact that too much of their success is not under their own control. This just isn't what I'm looking for. Compare this to Epolin, what a difference!

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