EnviroStar, Inc. (Public, AMEX:EVI)

SEC Filing


Year End June 30.
Dec. 13, 2010
Q1 2011 data

1.Major Business.
 Dry cleaning. Industrial laundry equipment. Steam boiler.

2.Price, Book value, Share outstanding, Market Cap.
Recent price $1.10. Book value: $1.08. Shares: 7.03m.  Market Cap: $7.7m

3.Current ratio. Debt/Current Asset ratio. Debt maturity and interest. Inventory level.
Current ratio > 3. Total debt: 0.  Inventory $1.7m. Cash 6.9m.

4.Revenue, Earning, Deficit check. Revenue/Price ratio.
       2010     2009     2008     2007     2006    2005    2004    2003    2002   20001    ave

(1) 19.6m   23.2m   22m      22m     19.5m  17.8m   14m    13.7m  13.3m   15m     

(2)  0.06      0.07      0.09      0.13       0.11     0.10      0.08    0.09      0.07      0.04    0.084 

(3)  0.08      0.22      (0.02)    0.25      0.29     0.07      0.06     0.16      0.18     (0.02)  0.125

(4)  6m                                                                                                                   (0.8m)*

(1)Revenue, (2) income, (3)FCF, (4)cash balance.
*Including $1.16m debt.

5.Free Cash flow
ref 4. 

6.Dividend history. Dividend policy.
2008     2007    2006    2005       2004 
$0.04   $0.08    $0.08   $0.095   $0.05

7.SG&A, R&D expense.
n/a

8.Insider holding. Management compensation. Options. 
Steiner Family: 4.2m share 60%. CEO Michael Steiner hold 30%. He and his mom, dad William(director) co-hold rest 30% 

Venerando: CFO hold 210k share 3.1%

Top 2 officer( Michael + William): 
2010 $0.65m.  2009: $0.65m. 2008: $0.53m  2007: $0.48m


9. Insider trading info, stock buy back.

n/a

10.Employee numbers. Revenue/Employee. Compensation/Employee.
Currently 29 employees, down from 33 in 2008. Revenue/Employee around $0.7m.  

11.Industry comparison.
Major competitors in the same industry. Whether the business is competitive? 

12.Major events.
Nov. 1998:  Merged with Metro-Tel. Sticker changed from MTF to DCU at Nov. 1999. Venerando is the owner of MTF and became CFO in DCU.

2004: Alan I.  Greenstein joined DCU and purchased 1.5m shares from Steiner family. at later that year. His own transportation company file for bankruptcy. 

2005. For some reason, Alan return 0.5m shares back to Steiner family.

2006: Alan return back another 0.5m shares back to Steiner family. and rest 0.5m became under his wife's name. Very strange.

2008: Jan. Alan Greenstein resigned. 420k shares appears under a company controlled by Alan and no more under his wife's name. 

Dec. 2009: change name from Dryclean USA(sticker:DCU) to EnviroStar(sticker:EVI).

13.Concerns.
1) No current dividend.

2) Average income is a little bit low for current price

Dec. 30, 2010
Bought at $1.08

Imation Corp.(NYSE:IMN)

Oct 27 2010

Q3 2010 and 2009 data

Check list:



1.Major Business.
Spin off from 3M at 1996. 
1)Optical discs: 40%-45%. Magnetic tape: 25%. Total 70%
2)Flash, HDD, RDX: 15%
3)Electrics: 15%

2.Price, Book value, Share outstanding, Market Cap.
Current price $9.90. Book value $15.5. Shares: 37.9m. Market Cap:$382m

3.Current ratio. Debt/Current Asset ratio. Debt maturity and interest. Inventory level.
Current ratio > 2. No debt. Inventory: $250m. 
Current asset $884-Total liability $468=$416>$382. Net nets.
Cash $257m. Cash per share $6.78

4.Revenue, Earning, Deficit check. Revenue/Price ratio.
                    2010 3Q      2009          2008          2007         2006         2005           2004
Sales:          $1.06B      $1.65B       $1.98B      $1.90B      $1.37B     $1.09B      $1.11B
Restruct:     $11.7m       $26.6m     $28.9m      $33.3m     $11.9m     $1.2m         $25.2
Earning:       ($11m)     ($27.7m)    ($9.3m)      $53.5m     $75m        $81m         $36.5m


5.Dividend history.
Paid dividend from 2003 to 2008. from 32c to 64c a year.

6.Free Cash flow
FCF minus dividend for the past five years should be positive.

7.SG&A, R&D expense.
No big hike on SG&A number. In a down turn, management would take action to cut cost.

8.Management compensation. Options. 
A reasonable management compensation compare to other companies. 

9.Buy back, insider holding and trading info.
All insider holds only 1.6m(4.25% ) shares. Highest is 200k

10.Employee numbers. Revenue/Employee. Compensation/Employee.
Q3 2010     2009       2008       2007      2006     2005
      1120     1210       1570       2250      2070     2100
 
11.Industry comparison.
Check major competitors in the same industry. Whether the business is competitive? 

12.Major events.
1. 2009: solve lawsuit with Philip for $49m

13.Concerns.
1. Currently no dividend.
2. The restructuring cost are rather regular than one time. Give 2008 and 2009 huge number of employee reduce it is reasonable. Need to know why 2007 and 2004 are high.
3. The numbers of revenue for 2008 and earlier is different in 2009 report. Make it is harder to study.
4. There are over 100m in asset are tax benefit which is hard to understand.
5. Insider holding is really low and maybe normal for a tech company. But it makes less incentive for them resuming dividend. 


13.Other links.
http://seekingalpha.com/article/171396-imation-a-cheap-branded-tech-company-with-strong-balance-sheet