Monday, August 24, 2009
Strathmore raises cash
Tuesday, August 18, 2009
Two stocks I looked at before
China Education Alliance (CEU, chart)
It seems they made it to the NYSE. But then again, so did ACLN.
I dumped it all in Oct 2007 at $1.15 for fear of a fraud. It was the right thing to do. CXTI turned out to be a fraud. I'm happy to see they're still going and selling for $4.55.
So CEU announced Q2 results recently.
They're reporting 13 cents diluted vs 7 cents last year. Reporting revenue increases of 82%.
Conference call on their website. Maybe I'll look at it again up close, but there's a lot of stuff closer that's selling cheap.
Table Trac (TBTC) Here's a summary. It was 70 cents when I looked at it back in 2005. It's $1.75 now (they were over $4). They're late with the latest 10-Q. They have net cash, 36% net margins, looks like weak cash flow, very high customer concentration that varies year to year. Made a big loan to a customer. Based on a quick look at the 10-K also, I think I was right about this one.
Monday, August 17, 2009
American River Bankshares
FDIC doesn't have Q2 up yet. Mar 31, 2009
比較 all US bank holding companies $500M to $1B
Heavily into commercial real estate (probably bad right now)
All past due looks pretty good
5.57% interest income vs 5.15%
1.01% interest exp vs 1.86%
net int income 4.56% vs 3.29%
slightly higher provision
low non-interest income
0.93% income vs 0.32% (of total assets)
5.05% net interest margin (vs 3.60%)
0.93% ROA (vs 0.32%)
Core capital: 8.36% vs 8.96%
Tier 1 captial: 10.55% vs 11.51%
Total risk-based capital: 11.80% vs 12.78%
$558 million ave assets
Set the wayback machine to June 2005
Seems pretty sane vs peer group
10-Q for 6/30/09
5.8 million shares on Aug 12, 2009
Lost 12 cents/sh, kept 14 cent dividend
Gained 10 cents for 6 months.
382K options outstanding ($17.19 strike, 7y)
$81 million commitments
Wow, 5.16% of total loans are non-accruing and/or 90 days late
The amount of non-performing loans jumped from 6.2 million in Dec to $21 million in June. 12 additional loans and leases.
Recoveries have been negligible.
Deposits increased by $12.6 million.
Off balance sheet stuff: credit commitments, letters of credit only. No derivatives. $72 million down from $80 million
+200basis points increase in rates would supposedly cause $323K hit.
I'd guess it's worth $15.