Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : MHCO: Moore-Handley, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: a128 who wrote (9)	3/12/2007 7:13:38 PM
From: a128	Read Replies (2) \| Respond to of 16

It appears that somehow....Shareholders equity has declined significantly. It was $14.158 million at 9/30 and they earned $257k for the quarter. So, it SHOULD be $14.415 million. Instead, it now shows $12.228 million which is a DECREASE of $2.187 million. They have a history of buying back stock so maybe thats what happened. Still, the weighted avg sharecount hasnt dropped very much. (Maybe it happened late in the year ?) As for the operating results, their full year EPS came in near the lower end of my 65-78 cent expectation despite sales for the quarter being down a whopping 14.3%. They earned 68 cents for the year up modestly from 66 cents last year. This is their 3rd straight year of growing EPS. 68,66 & 62 cents for the last 3 years. It appears book value per share has decreased but without knowing exactly what happened, its hard to say for sure. Im speculating its possible that the company bought back shares from a director or something. At say $6.75, that would reduce the sharecount by 324,000 shares. But, if it happened late in the quarter it wouldnt show up in the weighted average sharecount. IF thats the case, their per share book value will have increased because they may have bought back shares at a discount to book value. (Book was $8.59 diluted at 9/30) Im suprised their sales fell so much but pleased they still remained solidly profitable in the 4th quarter. Looks like someone sold 2000 at $6.40 shortly after the release. Then a 140 share trade was repeated about 20 times at the same price. Their diluted, weighted average sharecount decreased to 1.624 million from 1.647 million at 9/30. If they indeed did buyback stock, that count should go down a great deal next quarter and hopefully make EPS gains easier to come by.