Google Finance
EDGAR Filing
July, 20, 2011
2010 Data
Check list:
1.Major Business.
Founded at 1982. It is known for ART 1200EPX device which is a signal-averaged electrocardiography device (SAECG), However, its main revenue is from other stuff.
(1) Sensor used in ECG device. around 50% of revenue
(2) Subassembly and medal component for defense industry. 30% of revenue.
Divisions:
(1)Micron Products: Sensors.
(2)Micron Integrated Technologies(MIT) : Medal and plastic product.
U.S. 50%, Canada 30%. Europe: 10%. U.S sales declined while Asia sales grow very well.
Top 3 customers account for over 50% of sales.
2.Balance sheet.
Recent Price: $4.34, Tangible book value: $5.54, Share outstanding: 2.79m, Market Cap:$12m.
Current asset: $10.4m, Current liability: $1.7m, Debt: $0, Inventory: $3.1m, Cash: $2.4m.
Current ratio > 5.
3.Credit facility.
Not important
4.Financial data by years.
Revenue, Earning, FCF, FCF-WC, Dividend.
Optional: FCF-WC, SG&A, R&D.
Revenue/Price ratio.
Dividend policy
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 24.3 | 23.4 | 21.1 | 22.5 | 19.5 | 19.3 | 12.9 | 11.1 | 7.7 | 7.2 | 7.2 |
| OP Income | (1.4) | 0.6 | 0.6 | 0.6 | 1.8 | 3.2 | 2.4 | 2.4 | 1.6 | 0.9 | 0.3 |
| Income/s | (0.48) | 0.19 | 0.14 | 0.13 | 0.47 | 0.80 | 0.59 | 0.60 | 0.48 | 0.26 | 0.07 |
| FCF | (2.8) | 0.6 | 2 | 0.9 | (0.4) | 0 | 0.5 | (0.1) | 0.9 | 0.6 | 1.4 |
| Cash | 1.4 | 4 | 3.7 | 2.3 | 1.7 | 2.1 | 1.9 | 1.8 | 2.1 | 1.8 | 1.9 |
| Debt | 0 | 0 | 0 | 0.6 | 0.7 | 0.2 | 0 | 0 | 0 | 0 | 0 |
| Dividend | 0.12 | 0.12 | 0 | 0 | 0 | 0.06 | 0.12 | 0.11 | 0.05 | 0 | 0 |
5.Cost structure
Leasing obligations. Flexible cost structure or fixed cost structure? Cost controls.
6.Insider holding, options, Insider trading info, share buy back.
Russell Chambers seems the founder. At 1990, he is no more chairman of the board
At 1994, He owns around 340k shares, around 9%.
At 2000, He owns around 488k shares, around 16%.
At 2005, He convert shares to Chamber Medical Foundation: 351k, around 13%.
At 2010. Chambers Medical Foundation owns 276k, around 10%.
Julius Tabin: Director since 1982. 124k, 4.4%
Jason Chambers(son of Russel): 67k. 2.4%.
7.Management compensation.
James E. Rouse, CEO since 2002. $270k at 2010. $230k at 2009.
8.Employee numbers. Revenue/Employee. Compensation/Employee.
at end of 2011: 116 full time + 16 part time.
at end of 2010: 107 full time + 9 part time. 200k revenue per employee.
9.Industry comparison.
Major competitors in the same industry. Whether the business is competitive?
10.Auditor
CCR LLP. (Carlin, Charron & Rosen LLP) $30m revenue. Seems OK.
11.Major events.
(1) 2006 create MIT
12.Comments.
(1) Over the past 10 years, the sales has been tripled. Even compared with pre 2000 $10m annual revenue, it is more than doubled.
(2) Income comparable to 2000 recession. Kind of low for current price.
(3) FCF wasn't changed that much in 10 years. Major reason is CAPX spending for grows.
(4) Book value is over current price.
Updated Apr 30, 2012:
(1) Book value: $5.02, recent price $3.06.
(2) The major reason for 2011 lose is the wirelessDx expansion. Expense increased over $1.7m.
