Ok, I've kind of re-awaken to FOCS also, but I still feel funny posting to thread that has "solid company" in its header.
Anyway I've noticed some new SEC filings including 10-Q from May 15
sec.yahoo.com
Highlights (lowlights) include:
1) Balance sheet still bleeding all over the place-- second Quarter 1997 was $883,045 or a net loss of $0.03 per share, as compared to a net loss of $849,584, or a net loss of $0.04 per share for the Second Quarter 1996. Focs lost $1,716,207 in 6 months of Fiscal 1997 bringing working capital down to $2,946,141 at March 31, 1997
2) Of the amount Wessoe Varec owes FOCS, they paid 250,000 in March and the payment schedule for the balance of 690,000 is being negotiated but things are unclear due to Wessoe being taken over.
3) FOCS and Wessoe have actually talked to some Florida AST owners!! They quoted prices but have yet to make sales.
4) In March FOCS directly sold to Amoco 9 Oilsense 4000's and anticipates selling them 9 more by June. They note price of freon has gone up, so they are hopeful that they might selling to other companies.
5) The alcahol sensor on a chip has entered a "production integration" phase but FOCS cautions they may never sell anything from this
6) Other sensor on a chip possibilities being invesitaged including one on gasoline dispensors with Gilbarco, and some new MYSTERY application. Quote:
The Company recently entered into a development agreement with a major supplier of industrial control equipment for a sensor for a specific high volume application. This agreement was for a short-term evaluation of the applicability of the sensor in this
market. As a result of this initial testing and evaluation, completed in early May 1997, Management anticipates a
further product development contract which ultimately could lead to sensor sales in the million units per year
range, although there can be no assurance that this will occur
Next I noticed a May 14 Def 14 A proxy statement:
edgar-online.com
Here there are just lowlights--The company is proposing a reverse stock split that looks like a 1 for 5. The way I figured this ratio is that they are also considering issuing new shares--either 10 million if the split fails or 2 million if the split passes.
All in all, I'd say the company does have the potential to stick around a little longer. They currently have working capital of close to $3 million and new developments seem to make new shares somewhat attractive. The main question remains can they develop their markets faster then they dilute the value of the shares? |
