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Jeffrey Moore
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Jeffrey is a small time landlord and investor living in Lexington, KY; he recently graduated with a BA in general studies. As a die hard value investor, he finds micro and nano cap companies to be of great interest (and increasingly, the most undervalued). Check out his blog at... More
My blog:
Ragnar is a Pirate
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  • Questions for a gaming exec.
    I will be interviewing Bob Sturges, the CEO of Nevada Gold on Friday and will be posting the interview shortly thereafter. I thought it would be interesting to ask him some questions from the readers of this blog, so, feel free to email any to ragnarisapirate[at]
    Disclosure: Long UWN. This is not advice of any kind. This is not a recommendation of any kind. I have received nothing to write/post these notes. Always do a ton of your own research in regard to anything that I say, do, write, or so much as even think about.
    Tags: UWN
    Sep 19 3:36 PM | Link | Comment!
  • Esopus Creek Sues Syms.
    As a note to the SA editors, which, I don't want published. I know that I have submitted a lot of Syms articles that have note been published as SA articles, but, have been rejected, and then suggested to be put on my insta blog. While I am aware that these sorts of things are not really analysis, the reason that I keep submitting them is that they are pretty important news, which seems to be hard to come by, in relation to the company. I am not trying to be annoying in the matter and certainly don't want to waste your time. It may be that I didn't understand fully what you all want me to contribute. Just let me know, and I will be happy to send you stuff that you all will want to publish 100% of the time, so as to not squander either of our time.

    And now to the article:

    So... It looks like the "keeper of the gate" argument that I espoused here, here, and here- in regards to Esopus Creek keeping Syms from doing anything too crazy is playing out... Syms is being sued by Esopus Creek so that Esopus Creek can go through the books of the company. In their formal complaint, Esopus uses various examples of what appears to be mis-management of the company to build a case...
    This may well end turn out to be the start of one of the bigger developments for the company in recent memory... especially if it ends up making the exploration of strategic alternatives go a bit better.
    It will be interesting to see what happens. Do doubt, this will be one of the more interesting annual meetings ever.
    Disclosure: Long Syms. This is not advice of any kind. Always do a ton of your own research in regards to anything that I say, do, write, or so much as even think about.

    Disclosure: I am long SYMS.
    Tags: SYMSQ
    Jul 01 7:45 AM | Link | Comment!
  • Bailing Money At International Baler
    WOW! What a quarter International Baler had! To long time readers of Ragnar Is A Pirate , IBAL is no stranger (read here, here, and here). If you follow other blogs that like little companies, then you may have read these 2 write ups as well (here and here). It has long been one of my favorite stocks- so much so, that I actually felt the need to actually go and tour the facility. Finally, it is above a dollar a share, and on a ton of shares trading hands... over 39,000 when it normally has a daily volume around 2,000! For the first time in memory, the bid is above a dollar, and the ask is a whopping $1.25, and it is trading above book value.
    Highlights from their most recent quarterly filing:
    *A backlog of a whopping $4.055 million, which is up from $3.295 million last quarter, and 1.545 million last year. !HINT HINT! This should be really good for next quarter's earnings, as it doesn't take the company a ton of time to make and ship balers.
    *Sales were up over 28% YOY.
    *The deferred tax assets are now at ~$425K... It looks like they will be used up very soon.
    For the last 4 quarters, this company, which, after a big run up in price today now has a market cap just north of $5 million dollars, generated ~$454K in earnings. Which, ain't bad considering that over 1/2 that amount came from the last 3 months of operation... With the company's backlog improving, things are shaping up quite nicely, especially when you consider that the company is trading just above book value, and at ~11.5x earnings. I look for year over year earnings to continue to improve next quarter, and so long as the economy doesn't derail again, the trend to continue.
    Speaking of a glut of cash on hand and no debt, I won't be shocked if the company is either taken over by the Borens, a dividend is declared, or if the facility is improved. In the event that the company is taken private, it should only occur after the NOLs are used up (at this rate, less than a year). Furthermore, I would also think that it would be at a significantly higher price than we are currently trading at. In the event of the facility being improved, it would make the company a lot more profitable and more efficient (again, having been to the facility, I think that this would be a decent use of cash). If a dividend were declared, I wouldn't be upset either, as it would be a good signal to the investment community that operations are going well.
    All in all, I am happy being invested in this great little company. :)
    Disclosure: I am long IBAL. This is not advice of any kind. Always do a ton of your own research in regards to anything that I say, do, write, or so much as even think about.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Additional disclosure: I am long IBAL.ob
    Jun 13 5:07 PM | Link | Comment!
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