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AARD, ACROSS AMERICA REAL ESTATE CORP., website, sec, yahoo, chart, Com ($0.001)

10-K: These people develop retail commercial real estate for stuff like Fedex/Kinkos, gas stations, Starbucks, car washes, Grease Monkey, etc. They generally do projects as majority owners in partnerships. The tenents sign long term leases. Company revenues are generated from selling the projects on completion. Also some preferred dividends on invested capital in projects, management fees for projects, and rental income before the properties are sold. 3rd party contractors work on the projects for now (bad: potential margin squeeze in both heated markets and cold markets?). However, right now, the market may think that the economy will be terrible going forward and price a company like this too low.

They issue a lot of stock and use substantial debt.

17 employees, 10 are in the Denver headquarters.

On January 10, 2007, our directors approved, subject to the effectiveness of a registration with the Securities and Exchange Commission, a spin-off to Company shareholders of record as of March 1, 2007 (the “Record Date”), on a pro rata basis, with one share each of Across America Real Estate Exchange, Inc. and.Across America Financial Services, Inc. to be issued for each ten shares issued and outstanding of our common stock or common stock upon conversion of our preferred stock owned by such shareholders as of the Record Date.

They target projects that will yield gross margins of 15% to 20%. I don't like the partnership arrangements on projects. Can stuff be hidden or manipulated through them?

16 million shares on March 22, 2007. 517K preferred shares.

Assets are mostly land held for development, as expected. Also construction in progress and some land held for sale. Some cash.

Lots of debt. 30% equity.

Significant sales to related parties.

Operating loss in 2006. Some operating income in 2005. Increasing interest expense (uh oh, increasing interest rates could kill them). The numbers don't look the least bit exciting. Maybe if the stars aligned, they'd do well. I don't know.

Lots of cash gets put into land held for development, making cash flow from operations terrible for the last two years. I suppose if the land prices go up, they would stand to gain, but is that about to happen in commercial real estate? I don't know. LOTS of various financing going on. Any big ugly shift in the financing world and they'd probably be in trouble.

I don't even know what this business is worth. I wouldn't want it; too many ways to lose. The stock peaked around $6.00 at the start of the year and is now around $1.60. Definitely an "I don't know" for me.