From the Baker article:
IFCI is a network builder and component supplier in one of the highest growth niches around. At $25 or so, it is also a great value play.
I found a lot on their website about building networks but nothing anywhere about developing components. I suspect they get their parts from a number of suppliers and put them together in networks --- Lucent was mentioned in one place.
Description of company from their website:
ifci.net
International FiberCom, Inc. is a comprehensive broadband network development company with more than 3000 employees working from 57 offices in 20 states, Brazil and the U.K. IFCI delivers end-to-end Internet solutions to a who's who list of telecommunication service providers. International FiberCom's engineering arm is one of the world's premier providers of broadband planning and design services. Our Infrastructure Development Group constructs and installs networks across the country, in cities small and large. The Systems Integration Group plans, designs and installs local area and wide area networks, structured cabling systems and premised-based voice and data networks. When customer requirements call for something other than traditional copper-fiber solutions, our Wireless Division provides proprietary wireless technologies to make the connection.
International FiberCom and the Internet
The Internet is nothing more than INTERconnection of NETworks. International FiberCom plans, engineers, constructs, equips, installs, tests, certifies and maintains the next generation networks that make up the Internet. From the small office voice-data network to the cross-country backbone, International FiberCom's professionals deliver proven solutions using state-of-the-art technology.
Fiber Optics
International FiberCom is a leading provider of fiber network development services to the telecommunications industry. From long-haul city-to-city links to metropolitan distribution networks, IFCI's Infrastructure Development Group delivers a unique blend of leading edge technology and time tested installation methods to develop quality networks, safely and ahead of schedule.
Wireless
International FiberCom's Wireless Division addresses the wireless carriers needs through its AeroComm subsidiary. AeroComm's proprietary wireless technologies enable carriers to gain advantages over competitors by providing proven, cost-effective solutions to their transmission problems.
From the Baker article:
This is exactly what blue-chip companies like AT&T (NYSE:T), PF.Net, Cox Communications (NYSE:COX), Level Three (NASDAQ:LVLT), Cablevision (NYSE:CVC), Next Link (NASADQ:NXLK) , Time Warner (NYSE:TWX) and Adelphia (NASADQ:ADLAC) are doing. These companies were International Fibercom’s top customers last year.
The company is highly focused on installing cable and telecom services. I don't really see this as a "picks and shovels" play, but more a play on the guys who deliver them. Nothing wrong with that but it won't command the margins of the components players.
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From their latest 10-Q:
Debt:
. As of June 30, 2000, total line of credit borrowings were $65,237,986.
Gross margins 29.1%
Growth through acquisitions:
REVENUES. Revenues for the three months ended June 30, 2000 increased $30.7 million, or 68.5%, to $75.6 million from $44.9 million for the same period in 1999. This increase was comprised of revenue growth of $29.2 million in the infrastructure development segment, $1.0 million in the equipment distribution segment and $573,000 in the wireless technologies segment.
Revenues for the six months ended June 30, 2000 increased $63.1 million, or 82.4%, to $139.7 million for the same period in 1999. This increase was comprised of revenue growth of $62.9 million in the infrastructure development segment, $203,000 in the wireless segment and relatively no change in the equipment distribution segment.
The revenue increase for the infrastructure development segment for the three months ended June 30, 2000, compared to the same period in 1999, consisted of
$8.6 million of revenues generated from subsidiaries acquired subsequent to June 30, 1999 and $20.6 million of revenues generated from internal increases in
contract activity resulting from increased demand for infrastructure development services. The revenue increase for the infrastructure development segment for the six months ended June 30, 2000, compared to the same period in 1999, consisted of $27.4 million of revenues generated from subsidiaries acquired subsequent to March 31, 1999 and $35.5 million of revenues generated from internal increases in contract activity resulting from increased demand for infrastructure development services.
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Recent 144s don't seem out of the ordinary:
John Kealy, Director: sold 10K, holds 80K
Joseph Kealy, Chairman/president: sold 75K, holds 1,814,446
John Morbeck, Director: sold 10K, holds 60K.
James Jensen, Director: sold 10K, holds 325K
Kenneth Wiltse, EVP: sold 2,597
Douglas Kimball, EVP: sold 1,716 , holds 195,000
Anthony Baumann, COO: sold 1,355, holds 47,434
Gregory Hill, VPFinance: sold 1,528, holds 10,106
Terry Beiriger , Sec-Treas: sold 3,000, holds 126,661
Richard Seminoff, director: sold 10,000, holds 135,000
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