Doug, You may get a chance to get IOMT at 15 again, but I'm not sure you'll want to. I was incredibly lucky in that I put in a sell limit at 39 1/2 for my last 100 shares (bought at 4 1/2), and it triggered last week. Since then the stock has tanked, on news that they had a contract cancellation (see below).
It looks like it could pull back to 10 or so. I'll wait for the next earnings report to see how they view their future. Looking at the insider trading pattern, it looks like management doesn't think the stock is worth more than about 10. I guess I'll watch from the sidelines for a while. jbk
biz.yahoo.com
Thursday February 1, 2:42 pm Eastern Time
Press Release
SOURCE: Isomet Corporation
Isomet Announces Contract Cancellation and Possible Write-Off
SPRINGFIELD, Va., Feb. 1 /PRNewswire/ -- Isomet Corporation (Nasdaq: IOMT - news), Springfield, Virginia announced today that it has been notified by its customer for laser plotter equipment of a cancellation of the contract and the customer's present inability to pay its current obligations to Isomet. While a major source of revenue to the Company over the last few years, the laser plotter is considered by Company management to be a mature product with diminishing potential contribution to the Company's revenue base.
There is substantial doubt concerning the collectability of accounts receivables and work in process inventory costs related to this customer. While the precise amounts that may not be collected cannot be determined at this time, the maximum exposure to the Company is estimated by management to be $1.9 million. The Company will make a determination of appropriate reserves, if any, to be included in its December 31, 2000 financial statements.
The manufacturing space and personnel resources that have been devoted to the laser plotter program will be utilized in the Company's rapidly growing acousto-optic and birefringent materials product areas for customers in laser and telecom related markets. |
