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Stocker & Yale OTC-BB: STKR, (http://www.stkr.com) Current revenues around $13 million annually, 3.36 million shares outstanding reulsting in a marketcap of $13,44m. In the float is a tiny 0,9 million shares. Insiders have been buying heavily under $2 all over 1999 (http://biz.yahoo.com/t/s/stkr.ob.html) and together control about 70% of the company's shares. CAGR (Compound annual growth rate) in revenues is above 10% but more may be expected in the future (see below). PSR (Price / Sales Ratio) is at 1.00 and Gross margin is at 35%. Debt/Equity is at 2.29 but the company has always been able to service its debt and the company did not engage in floorless convertible debenture or preferred financings, which is a big plus for an OTC company. Its most recent quarterly earnings PR can be retrieved at: biz.yahoo.com BUSINESS DESCRIPTION Stocker & Yale is a diversified Company engaged predominantly in the production of lighting systems for measuring and inspection equipment in the microscopy and machine vision markets. It's LASIRIS subsidiary (http://www.stkr.com/lasirisprf.htm) which they acquired in 1998 is actively engaged in the production of phase masks for fiber bragg gratings, fiber grating writers and also make fiberoptic gratings itself. Its capabilities include lasers, optics and holography. The whole company Stocker & Yale seems to undergo a succesful transition from a medical equipment & scientific instrumentation company with some areas of interest in illumination and machine vision towards a more growth oriented business focus related to fiberoptic components. Fiberoptic related revenues increased 95% over FY1999. For the years of FY2000 an even greater acceleration is expected by management. All things being considered, it appears as if they are trying to gain a foothold into the telecom industry. biz.yahoo.com The company recently acquired Amercian fiberoptic production assets from the German optical firm SCHOTT. "The purchase of this additional production equipment will increase Stocker & Yale's fiber optic production capacity by 400%....This added capability will also allow us to penetrate new markets such as the medical and telecom industries that call for specialty fiber based components". When interviewed briefly over the phone, the CFO acknowledged that Stocker & Yale is aware of the recent expiration of a key GLW (Corning Inc.) patent for phosphorous optical fibers which is a key formula for the type of fiberoptic cabling (short and longhaul) used in the telecom industy. This asset purchase seems to be related to this recent development on the patent front. Stocker & Yale seems to be actively considering entering the merchant manufacturing business of fiberoptic preforms and fibers and may partially emerge as another FBCE (Fibercore) or Spectran in this area, ultimately supplying cable manufactureres and infrastructure providers. biz.yahoo.com Stocker & Yales Lasiris subsidiary seems to offer all "building" blocks required for the production, development and deployment of fiber-bragg gratings in the telecom industry. Not only can it offer phase mask writing machines, it also mastered the expertise to develop high-quality phase-masks, a key ingredient to the production of fiber bragg gratings. These are optical components and a potentially competetive technology to DWDM thin-film optical filters. Lasiris also mastered a design improvement that results in improved spectral purity of the produced gratings. While I currently do not have an overview over all the advantages and drawbacks of fiber bragg gratings over traditional thin-film optical filters as DWDM channel seperation devices, sources indicate that channel seperators with densities smaller than 100GHZ are extremely difficult to implement in thin-film optical filter designs, whereas current fiber bragg gratings would be easier to manufacture in stable quantities. While Stocker & Yale has seen better days in the past when it was a $7 stock on the NasdaqSC, it went to a tough restructuring shedding parts of its operations to concentrate on fiberoptics, illumination, machine vision and photonics. The company plans to move back to the Nasdaq if feasible later this year. Since this is right now a bulletin board company there's considerable risk with this investment. However the potential reward may be equally astonishing. IMHO a PSR (Price/Sales Ratio) of 5 would not sound unreasonable for a photonics related company.. | ||||||||||||
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