>The recent movement (or lack thereof) has been disappointing at best. Does anyone have any information they can share?
daddy-o.
i'll admit, my enthusiasm has been deflated a bit too. then again, SFSK may be a decent defensive posture in this market. i'm taking a whacking on the shins with intel. on paper, anyway.
sorry i can't be of more help,
-chris.
via today's san diego union-trib.
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Safeskin gets a hand
By Don Bauder
February 28, 1999
Safeskin, the maker of medical rubber and latex gloves, has been "skinned by Wall Street but still is safe," says Richard J. Moroney of Dow Theory Forecasts in Hammond, Ind., and he's issued a buy recommendation.
The shares were sliced 60 percent between July and December and now trade at one of the lowest multiples to earnings and cash flow since the stock went public in late 1993, Moroney says.
He says Safeskin has 60 percent of the powder-free glove market in the United States.
Safeskin took a fourth-quarter charge of $15 million to cover the costs of moving equipment from California and Malaysia to facilities in Thailand.
Without that charge, operating earnings rose 30 percent in the quarter, and per-share earnings before charges were up 41 percent for the full year, as sales rose 30 percent.
However, the company has added more than $122 million in debt, $70 million of which went to buy back shares.
"Safeskin represents a defensive stock trading at a good value," Moroney says.
uniontrib.com |
