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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (21660)	7/12/2005 10:59:33 AM
From: David	Respond to of 78683

RE: SPOR There were some unbelievable buying opportunities recently -- under $3.00 per share -- and it still appears to be a bargain. A large holder was dumping and I was able to pick up a sizable position between $2.90 and $3.17 per share. But the volume dried up for now. SPOR is a $15 million to $20 million per year business that you can pick up for around $2.5 million net of cash (that's even before considering inventory and receivables). I hope their one-time expenditures i.e. Tomlison pay-offs, inventory write downs and SEC expenses, have cleared. Ten years ago the company made money on $15 million sales revenue (I think around $1.5 million. If they can return to profitability this is quite a bargain priced company. The current manager graduated from the ranks and may have been a Tomlison pick, and I have concerns about his abilities in turning the company around. The company also annouced that the board authorized hiring an investment banking firm to look into enhancing shareholder value and mentioned a possible de-listing senario -- which I am not in favor of. Nevertheless, the company, from a balance sheet perspective,looks like a real bargain.