I reentered IPII this morning. Seems way oversold, but I could be trying to catch a falling knife. I gotta think they will be busy with work through out the gulf - hurricanes or not - and that this sell off was profit taking, fear, and herd mentality all rolled into one. Since there was no news or warnings, how else do you explain a 41% haircut in 3 weeks?
I am a little concerned there isn't a huge jump in volume to signal total capitulation or that the valuation is much lower after all this selling. It may be a trade that I cash in after a few months.
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Imperial Industries, Inc., through its subsidiaries, engages in the manufacture and distribution of building materials to building materials dealers and others located primarily in Florida, Mississippi, Georgia, Alabama, and to a lesser extent, other states in the southeastern part of the United States, as well as foreign countries. The company’s subsidiaries, Premix-Marbletite Manufacturing Co. and Acrocrete, Inc., manufactures and distributes stucco, plaster, roof tile mortar, and swimming pool finishes to building materials dealers, contractors, and others. These products are used in the construction or renovation of residential, multifamily and commercial buildings, and swimming pools. Just-Rite Supply, Inc., another subsidiary, distributes the company’s manufactured products, as well as gypsum, roofing, insulation, and masonry products manufactured by other companies. It offers its products through distributors and company-owned distribution facilities. Imperial Industries was founded in 1968 and is based in Pompano Beach, Florida.
From last 10-K:
The Company's net sales for the six and three months ended June 30, 2005 were $34,035,000 and $17,443,000, an increase of $7,317,000 and $2,648,000, or 27.4% and 17.9%, respectively, compared to the same periods in 2004. Demand for products sold by the Company was greater in the first six months of 2005 compared to the same period in 2004 primarily due to strength in the new housing and commercial construction markets in the Company's trade area in the Southeastern United States.
In 2004 the Company undertook a major capital project to expand and enhance the Premix manufacturing capabilities at its Winter Springs (greater Orlando area), Florida facility to more effectively serve its customer base, to gain production efficiencies and provide the capacity and opportunity to broaden its manufactured product lines and enter new markets. The installation of the equipment for the modernization project was completed in the second quarter of 2005, and aggregated approximately $1,600,000 in capital expenditures, of which $1,130,000 was financed with a commercial bank. In addition, the Company is evaluating further expanding the manufacturing capabilities of Premix to produce additional products.
Last news (6 weeks ago):
Thursday September 1, 10:03 am ET
Imperial Industries Says Gulfport Facility Slightly Damaged by Hurricane Katrina
POMPANO BEACH, Fla. (AP) -- Imperial Industries Inc., which sells stucco, roofing and other building products from facilities in the Southeast, said Thursday that a distribution facility in Gulfport, Miss., suffered minimal damage from Hurricane Katrina, but that all its other facilities sustained no damage and are fully operational. |
