Emcee Broadcast Products, Inc. (ECIN) is a provider of broadcast transmission products to the television industry. Its product line includes wireless cable broadcast equipment or Multichannel Multipoint Distribution Service (MMDS), VHF, UHF and low power
television equipment (LPTV). Last year they announced the launching of a high speed Internet service in Logan, Utah using the MMDS technology. This information was obtained from their web site at
emceebrd.com
In researching this company, I found positives and negatives that I've listed below
Positives
From their web site, Emcee has been in business for 38 years. They are a Nasdaq listed stock (not OTC which I've sworn off)
Their SEC filings are current -
sec.gov
The number of outstanding shares has held steady at around 4m (9m authorized) since 1996 so it doesn't appear that anyone has gone crazy printing shares.
PE ratio is 14.
Current Assets - $8.97m. Of this amount $1.3m in cash and cash equivalents. $2.2m in treasury Bills and $1.32m in accounts receivable.
Current liabilities - $.58m
Long term debt - $.72m
Shareholders Equity - $8.72m
Retained Earnings - $7m
Debt to Equity Ratio - .09
The current share prices (1 9/32) is near the 2 year low.
Float - 2.6m (from freerealtime.com)
23% held by institutional investors (from freerealtime.com)
Negatives
The stock price over the last two years has not been pretty.
The EPS for the last three quarters has really sucked. (.01, .00 and .01)
Income from operations during these quarters actually showed a loss, but interest income kept the numbers positive.
Listed assets included $3.7m in inventory (but has not increased recently). This seemed a little high to me for $8m in annual sales.
I have not verified that status of the high speed internet access project.
So what do you think? Is this the only Internet stock left that isn't overpriced? Or is it already overpriced?
I've got mixed feelings.
th |
