According to proxy statement dated April 21, 1998
Matthew L. Gold, President owns 57.1 percent of common stock.
Bank of America owns 22.9 percent.
The rest of management owns 1 percent.
That means 81 percent of stock is in very few hands.
As of April 15, 1998 the company had 3,692,993 shares outstanding,
19 percent of which would be 701,668.
The company has 3 Directors one is a retired 4 star Navy Admiral, and one is a retired 4 star Air Force General.
U.S. Govt. work principally the Air Force, Army, Navy, and NASA as a percent of total sales: 1997 = 61% 1996 = 64% 1995 = 59%
On 3/21/97 the Company's UAW employees ratified a new 3 year agreement
ending a work stoppage that began July 22,1996. On 3/16/98 the company employed 1,936 persons, 1,365 of which are covered by the UAW.
The company's primary lender is Bank of America. On August 8, 1997
the co. executed a revolving credit agreement to borrow up to $20,000,000. As of December 31, 1997 the company had borrowed $16,427,130 from this credit facility at a rate of prime + 1.5%
Total debt as of 12/31/97 was $24,784,318. The company has retained a financial advisor to evaluate the sale of one or more of it's operating units.
If the company can continue to be profitable and reduce their debt,
this stock could be a winner. Their backlog supports the idea of future profitability. It appears their "labor problem" had a very negative impact on this company, as the UAW was on strike for 8 months. Production and shipments continued during this period through the use of management personnel and temporary workers. |
