Boss Holdings, Inc. BSHI
July 05, 2007 - 8:01pm EST by
anton613
2007 2008
Price: 7.50 EPS
Shares Out. (in M): 0 P/E
Market Cap (in M): 15 P/FCF
Net Debt (in M): 0 EBIT 0 0
TEV: 0 TEV/EBIT

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Description

How about a company that traces its origins to the 1800’s and sells gloves, balloons and pet toys? No complex nanotechnology or genome-specific pharmaceutical phase II drugs are to be found here. In this age of complex technology, when we honestly often don’t have a clue about the products that our companies sell, isn’t refreshing to invest in a simple company that we could explain to our five year old daughter in a few minutes? In addition, what if we could buy this straightforward company below net working capital and at a low multiple of rising earnings?

 

Work Gloves

      Boss Holdings, Inc. (Boss) has been operating in the work gloves and protective wear business segment since 1893. In addition, Boss conducts operations in the pet supplies business and promotional and specialty products business. Boss acquired a pet supplies business in 2002, a promotional and specialty products company in 2004, and a specialty lighting products business in 2005.  The pet supplies business has not been a significant contributor to operating income but the promotional and specialty products business has been a homerun.

Boss imports, markets and distributes gloves, boots and rainwear products in both the consumer and industrial markets, with each representing about half of sales in this segment. (The company ceased domestic manufacturing operations during 2000 and is now primarily an importer and marketer.)  The consumer market consists of retailers ranging from convenience stores to mass merchandisers as well as hardware, and grocery stores. The industrial market includes various commercial users of gloves and protective wear. These end-users include companies in the agricultural, automotive, energy, lumber and construction industries. These markets are very competitive but having participated in this segment for over 100 years, the Boss trade name is well known in the industry and provides a competitive advantage.

      Sales in the work gloves and protective wear segment have historically exhibited seasonal fluctuations. Cold weather months generally provide increased sales while warm weather historically results in reduced sales activity. Because of this seasonality, work gloves and protective wear sales tend to be higher in the Company’s first and fourth quarters while lower during the second and third quarters. (It is for this reason that the promotional business, with sales much stronger in the summer, has provided such a great complement to the glove business.)

      During the fourth quarter of 2002, the company entered into a trademark license agreement with Caterpillar Inc. under which the Boss markets work gloves and rainwear under the CAT® trademark. Sales of CAT® products have steadily increased since their introduction in 2003, with total sales of $2.2 million in 2006, representing 6% of domestic sales in the work gloves and protective wear segment for the year. Boss expects that the CAT® trademark will provide additional sales growth opportunities while allowing the company to introduce new products that are less sensitive to market pricing pressures. New products being introduced in 2007 under the CAT® trademark include tool belts, tool bags and hats with hands-free illumination.

Promotional Products

      During the third quarter of 2004,  Boss acquired Galaxy Balloons, Incorporated (“Galaxy”), a Cleveland, Ohio based company operating in the promotional and specialty products segment. Galaxy provides custom imprinted balloons, mini-sport balls, signature balls, exercise balls, beach balls and other inflatable products. In addition, Galaxy has broadened its product line to include various non-inflatable imprinted items including yo-yos, juggle balls, sport horns, fan-ta-sticks, holiday candles and ornaments. A broad based group of end-users, from banks to hotels to schools, purchase Galaxy’s custom imprinted products for advertising and promotional purposes. Examples include miniature footballs and basketballs thrown into the crowds at sporting events and helium filled balloons given to children at restaurants. The products offered by Galaxy provide customers with the opportunity to get their name in front of many potential customers for maximum exposure at a relatively small advertising cost.

          Based on results from prior years, management expects seasonal sales fluctuations in the promotional and specialty products segment. Historically, sales in this segment reach a low point during the first and fourth quarter of the year then build to a peak in late summer and early fall due to the sales of football related products. This is totally complementary to the glove business which has the opposite sales profile. To reduce the seasonality in the fourth quarter, Galaxy expanded its product line to include Christmas ornaments, candles and other products that sell well during the fourth quarter. During 2006 this strategy improved Galaxy’s fourth quarter results to its second most profitable quarter of the year. Galaxy continues to look for new products including those which could improve its seasonal variations. In 2007, Galaxy will be introducing a new line of beverage coolers and desk clocks with sport themes including baseball, soccer and basketball.

Pet Supplies

      The company operates in the pet supplies segment through two subsidiaries. The Warren Pet (“Warren”) division of the company’s Boss Manufacturing Holdings, Inc. subsidiary imports markets and distributes a comprehensive line of non-food pet supplies to various retail outlets. Products in this line include dog and cat toys, collars and leads, chains and rawhide products. Warren markets its product line primarily to discount and hardware retailers utilizing a network of regional distributors. Boss Pet Products, Inc. imports, markets and distributes pet cable restraints, shampoos and other pet chemical products. Boss Pet markets its products primarily to pet supply specialty retailers under the Prestige brand name. In addition, Boss Pet sells products to discount retailers under various privately labeled brand names.  Sales in the pet supplies segment have historically exhibited seasonal fluctuations. Spring and summer months tend to generate higher sales at retail as consumers spend time outdoors with their pets during warm weather months. Cold weather months generally produce lower sales at retail. Because of this seasonality, pet supply sales tend to be higher in the Company’s first and second quarters, with sales declining through the third and fourth quarters, which again complements the glove business.

 

Recent Performance

 

As you can see from the chart below, over the past few years there has been respectable growth in operating income with a strong contribution from the promotional business. In addition, the promotional business has demonstrated an excellent and consistent operating margin.

Operating Income (In Million)

 

 

200 6

 

2 005

 

200 4

Operating Income (Loss) by Segment  $ (000)

     

$

     

%

     

$

     

%

     

$

     

%

Work Gloves & Protective Wear

 

1,568

 

 

4.2

%

 

1,002

 

 

2.6

%

 

1,309

 

 

4.0

%

Pet Supplies  

 

126

 

 

2.0

%

 

356

 

 

5.1

%

 

211

 

 

3.5

%

Promotional & Specialty Products

 

1,485

 

 

14.9

%

 

1,192

 

 

13.0

%

 

627

 

 

14.7

%

Corporate & Other

 

(976

)

 

 

 

(1,029

)

 

 

 

(920

)

 

 

Total Operating Income

 

2,203

 

 

4.1

%

 

1,521

 

 

2.8

%

 

1,227

 

 

2.9

%

 

(Percentages are operating margins)

 

The company’s first quarter 2007 performance came in excellent with an EPS of 6 cents per share versus a loss of 3 cents per share last year. Gross margins improved in both the glove and pet supply business.

 

Diluted earnings for 2006 were $1.72 per share, but these results included a large tax benefit. The company had previously reserved against 100% of its NOL carryforward balance. Recognizing the excellent earnings trend, the company reduced its reserve for its NOL carryforwards by 25% of its $28 million NOL balance. Pre tax earnings were about $.81 per share. Given that the company will not be paying taxes for many years to come, it might be reasonable to value the company on a multiple of pre-tax earnings. On this basis the company is selling for less than ten times last year’s earnings. The company’s free cash flow (Net income plus depreciation and stock based compensation, less the deferred tax benefit and capital expenditures) was about $.92 per share in 2006. The company sells for about 8 times free cash flow.

 

There is no reason, at this point, to expect 2007 earnings not to be an improvement over 2006. The glove business should continue to provide good operating income and the promotional business should experience continued growth.

 

 

Balance Sheet

 

The balance sheet is essentially “bullet proof”.  The company has net working capital of about $8.15 per share (fully diluted for options and excluding deferred taxes), which is not bad for a company selling for about $7.50 per share! The current ratio is about 8:1 and the company has about $2.4 million of long term obligations versus a tangible book value of over $22 million.

 

Management

 

Management runs this company for the benefit of shareholders, which makes sense given that they own 72% of the shares outstanding. They pay themselves very reasonable salaries and appear to be focused on building the value of the company. Their strategic moves have been intelligent and very successful over the past few years. Their acquisition of the promotional business has not only been a natural complement to the glove business but has introduced significant growth and improved margins to a stogy old glove company.

 

The obvious negative is that given that management owns 72% of the company, the liquidity of the shares is poor. Buying a position requires time and significant patience.

 

Concerns

 

 

1) The shares have limited liquidity.

2) Management has control and may not be sensitive to the concerns of outside shareholders.

3) The pet accessory business has not been a great performer and requires more focus to improve profitability.

4) The company may decide to “go dark” and deregister its shares.

 

 

The Bottom Line:

 

Boss is a significantly undervalued stock with its shares selling for less than net current assets and at about eight times last year’s free cash flow. The company has effectively diversified it business over the past few years and can be expected to continue to grow its earnings. The company is in a simple and easily understood business that does not require a molecular biologist to run. What more could a value investor ask for?  (A little more liquidity in the stock would be nice, but no situation is perfect!)

 

Catalyst

1) Simple market recognition of the undervaluation of the shares.
2) Management decides to take the company private. (A task which could be easily accomplished given their large ownership stake.)
3) The company implements a dividend.
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    Description

    How about a company that traces its origins to the 1800’s and sells gloves, balloons and pet toys? No complex nanotechnology or genome-specific pharmaceutical phase II drugs are to be found here. In this age of complex technology, when we honestly often don’t have a clue about the products that our companies sell, isn’t refreshing to invest in a simple company that we could explain to our five year old daughter in a few minutes? In addition, what if we could buy this straightforward company below net working capital and at a low multiple of rising earnings?

     

    Work Gloves

          Boss Holdings, Inc. (Boss) has been operating in the work gloves and protective wear business segment since 1893. In addition, Boss conducts operations in the pet supplies business and promotional and specialty products business. Boss acquired a pet supplies business in 2002, a promotional and specialty products company in 2004, and a specialty lighting products business in 2005.  The pet supplies business has not been a significant contributor to operating income but the promotional and specialty products business has been a homerun.

    Boss imports, markets and distributes gloves, boots and rainwear products in both the consumer and industrial markets, with each representing about half of sales in this segment. (The company ceased domestic manufacturing operations during 2000 and is now primarily an importer and marketer.)  The consumer market consists of retailers ranging from convenience stores to mass merchandisers as well as hardware, and grocery stores. The industrial market includes various commercial users of gloves and protective wear. These end-users include companies in the agricultural, automotive, energy, lumber and construction industries. These markets are very competitive but having participated in this segment for over 100 years, the Boss trade name is well known in the industry and provides a competitive advantage.

          Sales in the work gloves and protective wear segment have historically exhibited seasonal fluctuations. Cold weather months generally provide increased sales while warm weather historically results in reduced sales activity. Because of this seasonality, work gloves and protective wear sales tend to be higher in the Company’s first and fourth quarters while lower during the second and third quarters. (It is for this reason that the promotional business, with sales much stronger in the summer, has provided such a great complement to the glove business.)

          During the fourth quarter of 2002, the company entered into a trademark license agreement with Caterpillar Inc. under which the Boss markets work gloves and rainwear under the CAT® trademark. Sales of CAT® products have steadily increased since their introduction in 2003, with total sales of $2.2 million in 2006, representing 6% of domestic sales in the work gloves and protective wear segment for the year. Boss expects that the CAT® trademark will provide additional sales growth opportunities while allowing the company to introduce new products that are less sensitive to market pricing pressures. New products being introduced in 2007 under the CAT® trademark include tool belts, tool bags and hats with hands-free illumination.

    Promotional Products

          During the third quarter of 2004,  Boss acquired Galaxy Balloons, Incorporated (“Galaxy”), a Cleveland, Ohio based company operating in the promotional and specialty products segment. Galaxy provides custom imprinted balloons, mini-sport balls, signature balls, exercise balls, beach balls and other inflatable products. In addition, Galaxy has broadened its product line to include various non-inflatable imprinted items including yo-yos, juggle balls, sport horns, fan-ta-sticks, holiday candles and ornaments. A broad based group of end-users, from banks to hotels to schools, purchase Galaxy’s custom imprinted products for advertising and promotional purposes. Examples include miniature footballs and basketballs thrown into the crowds at sporting events and helium filled balloons given to children at restaurants. The products offered by Galaxy provide customers with the opportunity to get their name in front of many potential customers for maximum exposure at a relatively small advertising cost.

              Based on results from prior years, management expects seasonal sales fluctuations in the promotional and specialty products segment. Historically, sales in this segment reach a low point during the first and fourth quarter of the year then build to a peak in late summer and early fall due to the sales of football related products. This is totally complementary to the glove business which has the opposite sales profile. To reduce the seasonality in the fourth quarter, Galaxy expanded its product line to include Christmas ornaments, candles and other products that sell well during the fourth quarter. During 2006 this strategy improved Galaxy’s fourth quarter results to its second most profitable quarter of the year. Galaxy continues to look for new products including those which could improve its seasonal variations. In 2007, Galaxy will be introducing a new line of beverage coolers and desk clocks with sport themes including baseball, soccer and basketball.

    Pet Supplies

          The company operates in the pet supplies segment through two subsidiaries. The Warren Pet (“Warren”) division of the company’s Boss Manufacturing Holdings, Inc. subsidiary imports markets and distributes a comprehensive line of non-food pet supplies to various retail outlets. Products in this line include dog and cat toys, collars and leads, chains and rawhide products. Warren markets its product line primarily to discount and hardware retailers utilizing a network of regional distributors. Boss Pet Products, Inc. imports, markets and distributes pet cable restraints, shampoos and other pet chemical products. Boss Pet markets its products primarily to pet supply specialty retailers under the Prestige brand name. In addition, Boss Pet sells products to discount retailers under various privately labeled brand names.  Sales in the pet supplies segment have historically exhibited seasonal fluctuations. Spring and summer months tend to generate higher sales at retail as consumers spend time outdoors with their pets during warm weather months. Cold weather months generally produce lower sales at retail. Because of this seasonality, pet supply sales tend to be higher in the Company’s first and second quarters, with sales declining through the third and fourth quarters, which again complements the glove business.

     

    Recent Performance

     

    As you can see from the chart below, over the past few years there has been respectable growth in operating income with a strong contribution from the promotional business. In addition, the promotional business has demonstrated an excellent and consistent operating margin.

    Operating Income (In Million)

     

     

    200 6

     

    2 005

     

    200 4

    Operating Income (Loss) by Segment  $ (000)

         

    $

         

    %

         

    $

         

    %

         

    $

         

    %

    Work Gloves & Protective Wear

     

    1,568

     

     

    4.2

    %

     

    1,002

     

     

    2.6

    %

     

    1,309

     

     

    4.0

    %

    Pet Supplies  

     

    126

     

     

    2.0

    %

     

    356

     

     

    5.1

    %

     

    211

     

     

    3.5

    %

    Promotional & Specialty Products

     

    1,485

     

     

    14.9

    %

     

    1,192

     

     

    13.0

    %

     

    627

     

     

    14.7

    %

    Corporate & Other

     

    (976

    )

     

     

     

    (1,029

    )

     

     

     

    (920

    )

     

     

    Total Operating Income

     

    2,203

     

     

    4.1

    %

     

    1,521

     

     

    2.8

    %

     

    1,227

     

     

    2.9

    %

     

    (Percentages are operating margins)

     

    The company’s first quarter 2007 performance came in excellent with an EPS of 6 cents per share versus a loss of 3 cents per share last year. Gross margins improved in both the glove and pet supply business.

     

    Diluted earnings for 2006 were $1.72 per share, but these results included a large tax benefit. The company had previously reserved against 100% of its NOL carryforward balance. Recognizing the excellent earnings trend, the company reduced its reserve for its NOL carryforwards by 25% of its $28 million NOL balance. Pre tax earnings were about $.81 per share. Given that the company will not be paying taxes for many years to come, it might be reasonable to value the company on a multiple of pre-tax earnings. On this basis the company is selling for less than ten times last year’s earnings. The company’s free cash flow (Net income plus depreciation and stock based compensation, less the deferred tax benefit and capital expenditures) was about $.92 per share in 2006. The company sells for about 8 times free cash flow.

     

    There is no reason, at this point, to expect 2007 earnings not to be an improvement over 2006. The glove business should continue to provide good operating income and the promotional business should experience continued growth.

     

     

    Balance Sheet

     

    The balance sheet is essentially “bullet proof”.  The company has net working capital of about $8.15 per share (fully diluted for options and excluding deferred taxes), which is not bad for a company selling for about $7.50 per share! The current ratio is about 8:1 and the company has about $2.4 million of long term obligations versus a tangible book value of over $22 million.

     

    Management

     

    Management runs this company for the benefit of shareholders, which makes sense given that they own 72% of the shares outstanding. They pay themselves very reasonable salaries and appear to be focused on building the value of the company. Their strategic moves have been intelligent and very successful over the past few years. Their acquisition of the promotional business has not only been a natural complement to the glove business but has introduced significant growth and improved margins to a stogy old glove company.

     

    The obvious negative is that given that management owns 72% of the company, the liquidity of the shares is poor. Buying a position requires time and significant patience.

     

    Concerns

     

     

    1) The shares have limited liquidity.

    2) Management has control and may not be sensitive to the concerns of outside shareholders.

    3) The pet accessory business has not been a great performer and requires more focus to improve profitability.

    4) The company may decide to “go dark” and deregister its shares.

     

     

    The Bottom Line:

     

    Boss is a significantly undervalued stock with its shares selling for less than net current assets and at about eight times last year’s free cash flow. The company has effectively diversified it business over the past few years and can be expected to continue to grow its earnings. The company is in a simple and easily understood business that does not require a molecular biologist to run. What more could a value investor ask for?  (A little more liquidity in the stock would be nice, but no situation is perfect!)

     

    Catalyst

    1) Simple market recognition of the undervaluation of the shares.
    2) Management decides to take the company private. (A task which could be easily accomplished given their large ownership stake.)
    3) The company implements a dividend.

    Messages


    SubjectQuestions
    Entry07/05/2007 10:26 PM
    Memberdavid101
    Anton,

    You win the prize for best classical value investing idea presented this year.

    1. Have you spoken with the CEO? Seems like he can go dark or do a take under at will.

    2. Will he continue to use cash flow to acquire businesses? Is Graziadio the Buffett of Kewanee?

    3. Have to ask the obvious question: How much of their glove business is tied to residential home building?

    David

    Subjectquestions
    Entry07/06/2007 08:02 AM
    Memberoscar1417
    I thought I was the only person in the universe that knew about this stock. I've been following them for years.
    Liquidity really is an issue. I have never been able to get a position. Daily dollar volume stays around $5000.
    In the late 90's, they got caught up in a roll-up blow-up scandal, and current management took control in the aftermath. For a few years after that, the company was overcapitalized in cash, and earnings were cyclical and anemic. They started their acquisition strategy and succeeded in acquiring several counter-cyclical sources of revenues and earnings. They blew through all of the cash and tapped a line of credit. Today the earnings picture is much improved, with the huge NOLs they generate cash far in excess of reported earnings. However, ultimately all of the lines of business are pretty mundane -- none of the margins or growth opportunities are spectacular.
    Let me ask you the questions I've always wondered about.
    1) Where do they find their M&A deals? The businesses sound like mom-and-pop retail businesses all over the country. How do they make terms with management at the subs to keep them performing?
    2) How can such a tiny company survive in the era of SOX? Typical SOX expenses are in the $100-500K per year range at a minimum, which would be a huge burden considering total annual operating income of around $2.2 million. Unless the regulators institute breaks for tiny companies, I have to imagine that they'll go dark at some point.

    Subjectoptions
    Entry07/06/2007 09:06 AM
    Memberoscar1417
    Oh yeah one more question, according to the latest proxy they have about 341K shares in options with a strike of $3.21, dilution of about 17%. With 72% ownership why does management need a big options overhang as well?

    SubjectDavid Questions
    Entry07/06/2007 10:04 AM
    Memberanton613
    Hi David,


    Thanks for the annual classical investing prize. In the current difficult environment for value investors, I will take whatever I can get!

    1) Deregistration is a real risk here. I think Graziadio is well aware of the issues involved and the cost of SOX. I think he would like to remain public, if he possibly can. The company does have almost 1,500 holders of record and cannot currently file a Form 15 and “go dark”. They need to reduce the number of holders of record to below 500 to deregister. Unfortunately, this can easily be accomplished by implementing a reverse split (usually followed by a split) to buy-out most of the small shareholders. This would require a proxy and some legal costs.

    I am less concerned about a take under or a buyout at a low price as we can legally contest this and I don’t think management wants this headache. Given there large ownership stake, they are better off buying out minority holders at a reasonable price and avoiding the lawsuit.

    2) Absolutely, I think Graziadio is always looking to purchase small straightforward businesses. (I don’t know if he is a Buffett, but I do give him tremendous credit for the promotional business acquisition.)

    3) I don’t think residential home building is material to their glove business. They are extremely well diversified across the economy.

    Thanks for your questions,


    Anton



    SubjectOscar Questions
    Entry07/06/2007 10:29 AM
    Memberanton613
    Hi Oscar,


    I guess two of us knew about this stock!

    1) I think their acquisitions come almost exclusively through personal contacts. I think they are constantly looking for opportunities from all of their contacts. When I first contacted Graziadio, many years ago, he never hesitated to ask me, from our first conversation to make sure to contact him if I had a potential acquisition opportunity for him. I think the management motivational terms vary by transaction.

    2) As I mentioned in my reply to David, Graziadio is extremely well aware of the SOX issues. I believe his preference is to remain public if he can find a way to keep the costs reasonable. The recent SEC decision to relax the Section 404 audit requirements for small companies will certainly help and may significantly reduce the costs of compliance.

    Even if they do deregister, I don’t think it will be horrible, that is if they continue to provide us with quarterly financial statements. I have had many of my companies file a Form 15 and continue to provide outside shareholders with excellent quarterly and annual information. And of course, I have had others “go dark” and provide absolutely nothing! This has forced us to use Delaware corporate law to get information. I am optimistic that we will be able to convince management in this circumstance to continue to provide us with good information. As for the liquidity of the shares post-deregistration, given the current liquidity of the shares, I don’t think it will be much worse on the pink sheets!

    Thanks,

    Tony


    SubjectOptions
    Entry07/06/2007 10:33 AM
    Memberanton613
    Oscar,

    I hear you and agree with your concern. They absolutely don’t NEED these options, but unfortunately they have them and there isn’t much we can do to take them away.

    Anton


    Subjectcontrol owners
    Entry07/06/2007 03:06 PM
    Memberoscar1417
    Thanks for your responses. To be honest I've been on the fence on this company for a long time. I suppose I could build up a decent position over a long time if I wanted to. But the quirkiness of the ownership concerns me.
    Going dark isn't really the largest concern, the largest concern is that the stock remains "perma-cheap" because of the ownership and lack of liquidity. Companies with 60%+ insider ownership can trade at a discount for years or decades. Consider Velcro, Fresh Del Monte, M&W, etc (though M&W recently got "unlocked".
    I've been looking at a micro-cap insurance company named Bancinsurance which is similar. It is very cheap, but is 65% owned by a family and the founder just passed away. The company will be left to his son, who is unproven. Sure, the company is cheap, but the dominant insiders may never develop an incentive to build shareholder value.
    Anyway thank you for the write up and the comments.

    SubjectOwners
    Entry07/06/2007 05:02 PM
    Memberanton613
    Oscar,

    I share your concerns, but I am optimistic that management is moving to realize value at Boss. The risk of being ignored while management collects salaries, bonuses and options always exists when insiders have a large controlling interest.

    (Good luck with Bancinsurance)

    Thanks,

    Anton

    Subjectinventory
    Entry07/06/2007 05:35 PM
    Memberfiftycent501
    thanks for the interesting idea.

    why do they turn inv so slowly?

    can they improve on this?

    do you think all of the inv is 'good?'

    last year it looks like they took a provision of about 6% for inv. is this consistent with years past and have they been conservative in this estimate?

    thanks

    SubjectInventory
    Entry07/06/2007 07:38 PM
    Memberanton613
    Fiftycent,

    As an importer, with significant lead times required to receive shipments, Boss has made a conscious effort over the years to maintain inventory sufficient to meet customer orders quickly, especially in the most popular styles. Over the past few years the company has maintained a fairly stable turnover ratio with some improvement occurring with the purchase of the promotional business. There probably is not much room for significant improvement. I have no reason to suspect that the inventory is not “good”. The inventory reserve has been fairly stable over the past few years. It grew from about $630,000 in 2003 to $799,000 in 2004 with the acquisition of the promotional business. There has been no issue with the adequacy of inventory reserves over the past five years that I am aware of.


    Period Ending: 2006 2005 2004 2003 2002

    Inventory Turnover 2.54 2.63 2.38 2.26 2.22


    I hope this is helpful,


    Anton

    SubjectSpeaking with Managment
    Entry10/04/2007 11:47 AM
    Memberbentley883
    Your idea is interesting and I have invested a fair amount of my time looking at the company. However, management has not been responsive in returning any of my calls. I know someone else also had this problem. Do they realize that if management is not open to having any dialog with potential investors it says something about how they view shareholders and they are likely to just move on to look at other names? Any thoughts?

    SubjectRe: Re: Author Exit Recommendation
    Entry03/02/2015 11:03 PM
    Memberanton613

    The business has simply hit a plateau. The shares remain statistically cheap, but I have lost patience with management.

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