Yes...I am still following TransNet, and I have not sold any of my position. I haven't put out any updates because I simply don't have any NEW concrete information to distribute at this time.
I talked with Steve Wilk, the President of TransNet for about 15 minutes by phone earlier this week. I first asked about the timing of the 10-K, and he indicated that it would be out within the legally-required 90 day time period, which is by the end of September.
I pressed him to possibly move this up, but he indicated that his people have their assignment and he doesn't want to micro-manage this activity. From my point of view, he is being a good leader, even if he is not being a great IR guy...and I'd rather invest in leaders.
I asked about several of the company's growth initiatives, and he indicated that their efforts to gain more "network reengineering" projects in the state and municipal government and educational marketplace were moving well, and implied that the company had gained new contracts.
In earlier press releases and MD&A's the company had indicated that the second half of calendar 1996 should see the impact of new contracts gained earlier in the year. He indicated that the Company still supported that projection.
Our conversation moved to a discussion of some of the recent consolidations in this industry. While Wilk specifically did not say that TRNT was party to any discussions, he did state that his "primary job is to enhance shareholder value". From previous conversations he has indicated a strong awareness of the intrinsic value of the company, and from this I strongly suspect that would not be acquired at current market prices.
I will shortly be putting out an update of my earlier Systems Outsourcing Segment Overview, and will include notes from my conversation with Wilk in this piece. I will also update my TRNT Analysis as soon as I have the 10-K, so this will be out in early October. I expect that the first quarter's results will released sometime around the beginning of November. |
