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Monday, August 24, 2009

Strathmore raises cash

They're selling the Wyoming Pine Tree-Reno Creek property for $30 million, or over 40 cents per share. That's roughly what the stock has been trading for. This changes their situation fairly dramatically on the other properties like Roca Honda. If the stock doesn't jump on Tuesday, I'd be surprised.

Tuesday, August 18, 2009

Two stocks I looked at before

Stumbled into these two stocks while scanning the market...

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

American River Bankshares (AMRB)
FDIC #24655


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)
higher chargeoffs
5.05% net interest margin (vs 3.60%)
0.93% ROA (vs 0.32%)
9.08% ROE
50.76% efficiency
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.

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