Re: hurricanes, as crass as it may seem to think of beneficiaries of natural disasters, they do happen. IPII will most likely benefit, too. From their recent 10-Q:
biz.yahoo.com
The Company's business is related primarily to the level of construction activity in the Southeastern United States, particularly the states of Florida, Georgia, Mississippi and Alabama. The majority of the Company's products are sold to contractors, subcontractors and building materials dealers located principally in these states who provide building materials for the construction of residential, commercial and industrial buildings and swimming pools... The four hurricanes that struck Florida and other parts of the Southeastern United States in the third quarter of 2004 caused a significant amount of property damage throughout the State of Florida which caused a temporary reduction in construction activity and demand for Company products in a majority of the Company's trade areas during that quarter. Subsequently, construction repairs and rebuilding of damaged property have had a favorable effect on product demand and sales of Company products...
Also, a significant portion of the Company's sales are generated from the areas impacted by the four hurricanes that struck Florida and other parts of the Southeastern United States in the third quarter of 2004. Although the Company suffered no significant damage to its facilities, the disruption in operations caused by the hurricanes resulted in lost sales and lower productivity for that period. Subsequently, hurricane cleanup and recovery efforts have given way to rebuilding in the damaged areas and the Company has realized an increased demand for its products since the third quarter of 2004 which has had a favorable impact on 2005 first quarter sales...
Net sales for the three months ended March 31, 2005 increased $4,669,000, or approximately 39.2% compared to the same period in 2004. The increase in sales and greater demand for Company products is principally due to greater strength in the new housing and commercial construction markets in the Company's trade areas compared to the same periods last year. In addition, the Company believes it has realized an increase in demand for its products in the first quarter of 2005 compared to 2004 attributed in part to the rebuilding needs caused by the storm damages inflicted by four hurricanes in the third quarter of 2004...
Plus this snip from their recent PR about gearing up for demand, regardless of hurricanes:
In addition, the Company opened a new distribution facility in St. Augustine, Florida in May 2005 in a continuing effort to increase market share in the Company's rapidly growing trade area. The Company now has eleven building materials distribution facilities and is evaluating the establishment of other distribution facilities in selected markets within the Southeastern United States.
S. Daniel Ponce, Imperial's Chairman of the Board, stated, "The 2005 first quarter results reflect the continued high level of demand for our products in the construction industry and the eighth consecutive profitable quarter for the Company. The Company has completed the installation of the equipment for the plant modernization project for its Winter Springs, Florida (Greater Orlando Area) manufacturing facility, which is expected to impact operating efficiencies by the end of the second quarter. We also believe the new St. Augustine distribution facility will become an important addition to the Company. We remain committed to profitable growth and are evaluating other strategic measures to enhance shareholder value."
Impressive Yahoo stats:
VALUATION MEASURES
Market Cap (intraday): 23.56M
Enterprise Value (15-May-05)³: 31.96M
Trailing P/E (ttm, intraday): 8.14
Forward P/E (fye 31-Dec-06)¹: N/A
PEG Ratio (5 yr expected)±: N/A
Price/Sales (ttm): 0.36
Price/Book (mrq): 3.35
Enterprise Value/Revenue (ttm)³: 0.53
Enterprise Value/EBITDA (ttm)³: 7.64
FINANCIAL HIGHLIGHTS
Fiscal Year
Fiscal Year Ends: 31-Dec
Most Recent Quarter (mrq): 31-Mar-05
Profitability
Profit Margin (ttm): 4.90%
Operating Margin (ttm): 6.45%
Management Effectiveness
Return on Assets (ttm): 15.97%
Return on Equity (ttm): 54.68%
Income Statement
Revenue (ttm): 59.94M
Revenue Per Share (ttm): 24.47
Revenue Growth (lfy)³: 34.60%
Gross Profit (ttm)²: 17.15M
EBITDA (ttm): 4.18M
Net Income Avl to Common (ttm): 2.94M
Diluted EPS (ttm): 1.20
Earnings Growth (lfy)³: 285.30%
finance.yahoo.com
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