namo Posted November 11, 2015 Share Posted November 11, 2015 I was counting on this board to tell me when the 10Q would be out... I ended up checking and it came out mid-October. Not much in there though: - no share buybacks in the last months - SODI spent roughly 300k on the proxy fight As a consequence, the NI is negative and the CFO barely positive. - no hint of a strategic change Revenues and other figures are similar to the previous quarter (revenues slightly lower). Link to comment Share on other sites More sharing options...
portfolio14 Posted November 11, 2015 Share Posted November 11, 2015 Thanks namo. - SODI spent roughly 300k on the proxy fight What the f*! This definitely made the lawyers rich. >:( Link to comment Share on other sites More sharing options...
NeverLoseMoney Posted November 25, 2015 Share Posted November 25, 2015 They repurchased 65k shares at $4.30 per share: http://www.sec.gov/Archives/edgar/data/91668/000121390015009057/f8k112015_solitrondevices.htm Item 8.01. Other Events. On November 20, 2015, Solitron Devices, Inc. (the "Company") acquired 65,027 shares of its common stock at $4.30 per share for an aggregate price of approximately $280,000. The purchase was made pursuant to the Company's previously announced stock repurchase program that was approved initially in May of 2015 for repurchases up to $500,000 of its outstanding common stock and expanded in July of 2015 to cover repurchases of up to $1,000,000 of its outstanding common stock. After giving effect to this transaction, the Company may repurchase up to an additional $720,000 of its outstanding common stock from time to time through February 29, 2016 pursuant to the stock repurchase program. Purchases may be made through the open market or in privately negotiated transactions as determined by the Company's management and in accordance with the requirements of the Securities and Exchange Commission. The timing and amount of any additional shares to be repurchased will depend on a variety of factors including price, corporate and regulatory requirements, and other conditions. Any future repurchases the Company undertakes pursuant to the stock repurchase program may be reported on a subsequent Form 8-K or periodic report on Form 10-Q or Form 10-K as the Company deems appropriate. Link to comment Share on other sites More sharing options...
namo Posted January 15, 2016 Share Posted January 15, 2016 10Q out NI 20 vs 260 last year CFO 482 vs 766 (9 months) CFO 441 vs 84 (3 months) thanks largely to good collection of account receivables this quarter Not a good quarter, and they warn the next one might be so-so as well, due to few contract awards to SODI's big clients (Raytheon & co) - as mentioned in the previous 10Q. Hopefully it picks up later in 2016. They slashed working hours by 10 % in response to that. Still 67k in legal expenses - let's hope that goes to 0 next quarter. Link to comment Share on other sites More sharing options...
valueyoda Posted January 15, 2016 Share Posted January 15, 2016 It was a dissapointing quarter for sure. However, the legal expenses should abate and historically Saraf has tightened expenses during a decline in the order book. I applaud the company for finally buying back stock and having the dividend in place (and now should be a good time to step up the repurchase program), but I think the company should think more about what it wants to be in the future. Shevach Saraf is aging and the company hasn't been able to execute a growth plan. Therefore, the full utilization of the NOLs at this point seems unlikely. I am leaning now more towards an outright sale of the company to an industry competitor or a private equity buyer. Link to comment Share on other sites More sharing options...
wachtwoord Posted April 3, 2016 Share Posted April 3, 2016 Doesn't the amount of issued shares need to equal the amount of outstanding shares plus the amount of treasury shares? "Common stock, $.01 par value, authorized 10,000,000 shares, 2,571,234 and 2,232,977 shares issued and outstanding, net of 273,230 shares of treasury stock as of November 30, 2015 and 2,459,062 and 2,185,832 shares issued and outstanding, net of 338,257 shares of treasury stock as of February 28, 2015, respectively" So in November 30 2015, there were 2,571,234 issued of which 2,232,977 were outstanding. The difference between those number is 328,257 shares. Then how come there were only 273,230 shares in the treasury? What happened to the other shares? (I feel like I'm missing something obvious). Link to comment Share on other sites More sharing options...
writser Posted April 4, 2016 Share Posted April 4, 2016 It's a sloppy error. For feb '15 treasury stock should be 273.230 (as it was in the past few reports). Last November they bought back 65.027 shares in a private transaction, making the new number of treasury shares 338.257. They switched the numbers around. Link to comment Share on other sites More sharing options...
wachtwoord Posted April 4, 2016 Share Posted April 4, 2016 It's a sloppy error. For feb '15 treasury stock should be 273.230 (as it was in the past few reports). Last November they bought back 65.027 shares in a private transaction, making the new number of treasury shares 338.257. They switched the numbers around. Thanks! Link to comment Share on other sites More sharing options...
wachtwoord Posted June 15, 2016 Share Posted June 15, 2016 Other years the 10k was out by now (end of May). Does anyone have any information on that? (Tim Eriksen?) Link to comment Share on other sites More sharing options...
namo Posted June 15, 2016 Share Posted June 15, 2016 They filed to say the 10K would be delayed. Link to comment Share on other sites More sharing options...
wachtwoord Posted June 15, 2016 Share Posted June 15, 2016 They filed to say the 10K would be delayed. I missed that one thanks! They did right they anticipate to file within 15 days of the 29th of May. That's already passed so I expect their 10K any day now. Link to comment Share on other sites More sharing options...
namo Posted June 15, 2016 Share Posted June 15, 2016 It came out. Initial thoughts: not great. Over the quarter: Operating loss (60) Net loss (43) CFO 128 (thanks to working capital improvements) Large backlog decrease No stock repurchase Expenses to come to improve their inventory system Link to comment Share on other sites More sharing options...
Ballinvarosig Investors Posted July 22, 2016 Share Posted July 22, 2016 Another public company falls under control of COBF forumites! http://finance.yahoo.com/news/solitron-devices-inc-announces-change-212000519.html Link to comment Share on other sites More sharing options...
wachtwoord Posted July 23, 2016 Share Posted July 23, 2016 Another public company falls under control of COBF forumites! http://finance.yahoo.com/news/solitron-devices-inc-announces-change-212000519.html Ok so they bought him out for 2.85M for a reduction of the diluted outstanding shares of ~620,000 shares, so roughly 25% above current market price of SODI. That sounds acceptable. Paying $200k in reimbursement to Gillman I don't like so much. I'm curious about the wages the new board of directors will assign to themselves compared to the previous wages (including options). I hope Tim will do what he preached now he's in control (and I believe he will, SODI is my second position for a reason). Overall, great news! Link to comment Share on other sites More sharing options...
namo Posted July 23, 2016 Share Posted July 23, 2016 Very interesting, and it raises so many questions (which unfortunately we can't get answers to)! I didn't like the reimbursement of expenses either. I can't help but speculate whether the seemingly degraded performance of the company (see the latest 10Q which came out just a few days ago) may have been tied to the Board pushing Mr Saraf out. Note: I have no evidence to substantiate it. As a shareholder, I hope the new management improves the operational performance - and the capital allocation of course. But I have actually sold part of my position in recent months, to redeploy the capital elsewhere, even if SODI remains cheap. Link to comment Share on other sites More sharing options...
Sunrider Posted July 24, 2016 Share Posted July 24, 2016 So new book value after 2.850+0.200 of cash out the door is about $4.36/share. What are people's views on whether this business will continue to perform operationally? How important are Saraf's industry expertise and his ties to customers? No backlog increase last quarter could either mean him not selling because he was distracted negotiating his exit or customers stepping back because they are "loyal" to him. Views? Thank you - C. Very interesting, and it raises so many questions (which unfortunately we can't get answers to)! I didn't like the reimbursement of expenses either. I can't help but speculate whether the seemingly degraded performance of the company (see the latest 10Q which came out just a few days ago) may have been tied to the Board pushing Mr Saraf out. Note: I have no evidence to substantiate it. As a shareholder, I hope the new management improves the operational performance - and the capital allocation of course. But I have actually sold part of my position in recent months, to redeploy the capital elsewhere, even if SODI remains cheap. Link to comment Share on other sites More sharing options...
portfolio14 Posted July 28, 2016 Share Posted July 28, 2016 I'm out of it. My original thesis was: it's an average but profitable annuity-like business + a pile of cash + NOL SODI has never lost money since emerged from bankruptcy until now. Apply Occam's razor, there is a high chance it has something to do with the CEO leaving. So, the original premise is broken. It may still be cheap, but my margin of safety is gone. This gives me a very pedestrian annualised return after holding it for 4 years. :( Link to comment Share on other sites More sharing options...
Hielko Posted July 28, 2016 Share Posted July 28, 2016 I wonder if anyone knows what the status is on the NOLs? Did Sharaf leaving trigger a change in control according to IRS rules? Link to comment Share on other sites More sharing options...
oddballstocks Posted July 28, 2016 Share Posted July 28, 2016 I wonder if anyone knows what the status is on the NOLs? Did Sharaf leaving trigger a change in control according to IRS rules? After talking to someone who was an expert on this issue I've come to the conclusion that most of the market misunderstands how these work. It's extremely unlikely the NOL's were invalidated. Link to comment Share on other sites More sharing options...
Hielko Posted July 28, 2016 Share Posted July 28, 2016 I wonder if anyone knows what the status is on the NOLs? Did Sharaf leaving trigger a change in control according to IRS rules? After talking to someone who was an expert on this issue I've come to the conclusion that most of the market misunderstands how these work. It's extremely unlikely the NOL's were invalidated. You think so? As far as I know there has been a decent amount of movement in the holdings of >5% shareholders of Solitron in the past 3 years, and those movements are added to the changes in ownership that occurred because of Sharaf selling. See http://scholarship.law.wm.edu/cgi/viewcontent.cgi?article=1005&context=tax for a full discussion of the IRS rules. Link to comment Share on other sites More sharing options...
maybe4less Posted August 29, 2016 Share Posted August 29, 2016 Anyone seen any notes from the Annual Meeting last Friday? Link to comment Share on other sites More sharing options...
wachtwoord Posted August 29, 2016 Share Posted August 29, 2016 Anyone seen any notes from the Annual Meeting last Friday? No but would be very interested! Link to comment Share on other sites More sharing options...
wachtwoord Posted November 21, 2016 Share Posted November 21, 2016 Anyone seen any notes from the Annual Meeting last Friday? No but would be very interested! Does anyone have more information? Link to comment Share on other sites More sharing options...
TBW Posted November 22, 2016 Share Posted November 22, 2016 Revs were weak and looks to be that they sold less product to Lockheed. Was that to be expected? Removing legal and CEO costs this still would have been a loss of about 500k from my calcs. Backlog however is steady yoy. Is there a silver lining to this q that I am unaware of? No position myself. I applaud the guys for a successful activist campaign and removing entrenched management. Hoping this is just a blip rather than more difficult biz conditions. Trying to get up to speed. Link to comment Share on other sites More sharing options...
Hielko Posted November 22, 2016 Share Posted November 22, 2016 Or maybe replicating the work the previous CEO did and the connections he had is proving more difficult that people expected. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now