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Miles P. Jennings  

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  • CyberOptics Makes Breakthrough In 3D Optics Sensor Technology [View article]
    March 9, 2015
    First public demonstration of MRS-equipped inspection equipment:
    http://bit.ly/1E6zcRY
    (a one-minute YouTube video)
    Mar 9, 2015. 03:03 PM | Likes Like |Link to Comment
  • Eastern Company: Worth Latching Onto [View article]
    Here are JLTV videos for the 3 bidders:
    Oshkosh Defense: http://bit.ly/1CI1JKA
    AM General: http://bit.ly/1CI1JKC
    Lockheed Martin: http://bit.ly/1CI1LC8
    Feb 18, 2015. 06:30 AM | Likes Like |Link to Comment
  • The Eastern Company: A Value Play With Major New Product Potential [View article]
    Current News on Joint Lightweight Tactical Vehicle program: http://bit.ly/1CRNNmp

    AM General (Private)
    Oshkosh (OSK)
    Lockheed Martin (LMT)

    In the past Eastern Co.'s Eberhard Mfg. provided latches and closure mechanisms for the Humvee upgrade program.
    Feb 10, 2015. 04:55 PM | Likes Like |Link to Comment
  • CyberOptics Makes Breakthrough In 3D Optics Sensor Technology [View article]
    wndeatherage-
    You would have to examine the terms of his employment contract with the company. Perhaps a summary of those terms has been filed with the SEC.
    Jan 28, 2015. 10:57 AM | Likes Like |Link to Comment
  • The Eastern Company: A Value Play With Major New Product Potential [View article]
    Glad to see that Eastern rejected Synalloy's letter of intent to acquire Eastern for $19+ per share.

    Eastern has planned carefully for developing their various businesses over the long term. Why a pipe manufacturer would be a good fit with Eastern escapes me, except perchance if Synalloy likes the advanced composite materials business of Eastern (CCV) or its Frazer & Jones specialty castings business.

    Eastern would bring a lot to Synalloy but, indeed, what Synalloy would bring to Eastern is problematical.
    Jan 15, 2015. 07:52 PM | Likes Like |Link to Comment
  • The Eastern Company: A Value Play With Major New Product Potential [View article]
    Today Eastern received a letter of intent to purchase the company for $19 per share from Synalloy (SYNL). Although Eastern has not replied to the bid, I would doubt that they would accept such a low-ball offer.

    There are many growth dynamics going on in their businesses, not the least of which is the Joint Lightweight Tactical Vehicle (JLTV) potential. Eastern was part of the HUMVEE upgrade of a few years ago, and their Eberhard Mfg. division is the leading mfr. of latches and truck hardware used in the JLTV program.

    Here is a summary of the JLTV program per Wikipedia:
    http://bit.ly/1BXe4f5
    The multi-year program is for around 65,000 vehicles with a price around $400,000+ per vehicle.

    With over 150 years of manufacturing, I seriously doubt that such a tender, if made, would be approved by Eastern's board. The company has the resources to protect shareholders' interests.
    Jan 9, 2015. 08:28 PM | Likes Like |Link to Comment
  • CyberOptics Makes Breakthrough In 3D Optics Sensor Technology [View article]
    I just added the following section to the article:
    Subsequent Release of Investor Presentation

    In early November CyberOptics updated its investor presentation (PDF)http://bit.ly/1xE6aWS. For the first time, the company provided images of its 3D multi-camera sensors and MRS features. Note in particular pages 11-22. Now that the company is entering its marketing phase, I suspect there might be performance data available at some point. Also, note images on page 25 labeled "Image captured with Breakthrough 3D Sensor with MRS Technology".
    Nov 16, 2014. 05:02 AM | Likes Like |Link to Comment
  • Why Isn't Anyone Talking About Newmont? [View article]
    Last week Gary Goldberg, CEO of Newmont, purchased 5,000 shares of NEM at 18.80.
    Nov 11, 2014. 07:39 AM | Likes Like |Link to Comment
  • Why Isn't Anyone Talking About Newmont? [View article]
    Who knows, maybe Newmont will use some of the $1.4 billion mine sale proceeds to buy back some stock.
    Nov 10, 2014. 08:34 PM | Likes Like |Link to Comment
  • Newmont Mining: Gold Price Will Remain The Main Driver Unless Conga Problem Gets Solved [View article]
    The possibility of a new partner in Conga might suggest that the new partner will earn their way in by absorbing ongoing costs until they have contributed as much as BVN and NEM. Having ownership of the massive Conga resource potential is a long-term asset for Newmont. Let's see, who would be a good partner with the World Bank, Newmont, and BVN?
    Nov 10, 2014. 08:16 PM | Likes Like |Link to Comment
  • CyberOptics Makes Breakthrough In 3D Optics Sensor Technology [View article]
    Just by coincidence, today, Oct. 30, 2014, a new CyberOptics' patent application was published as follows:
    "Enhanced Illumination Control for Three-Dimensional Imaging" by Paul R. Haugen, #US 20140320633.
    http://bit.ly/1E5iLVN

    This relates to the earlier patent that I included in my article above. Here is a key statement from today's patent application:
    "...in each embodiment of the present invention, the performance of the height image sensor is enhanced by using a digital structured light projector to enhance the dynamic range of the sensor to accommodate the wide range of reflectivities found on circuit boards."

    It is worth noting that these patent applications are not just speculative or way in the future. The company said that they have already received a pre-launch MRS order which is planned for delivery in early 2015.

    CyberOptics will be changing the way circuit board fabricators inspect their products. In one patent application I saw where the new MRS method will eliminate the need for motion control equipment, thereby increasing the assembly line inspection time by over 60%.
    Oct 30, 2014. 08:50 AM | Likes Like |Link to Comment
  • Newmont Mining: Conga Project Could Be Delayed For Another Four Years [View article]
    Newmont has a very interesting potential at the Yanacocha mine. ENGARITE. Apparently Newmont has solved the puzzle of Engarite/Copper production.
    http://bit.ly/1wr5HYm’s-verde-bioleach-proj...
    [This link may not open up. Just click on the December 2013 newsletter. It's there.]

    Also, my guess is the majors' stock prices have already priced in any of the concerns you mention. As an example, when Conga was first developed, Newmont soared to the 60/share area. Now the stock is 22. Newmont holders are not paying for Conga and know about planned gold mining cutback at Yanacocha, but I do suspect that the market has considered the potential of Engarite as a wild card for Newmont's Yanacocha mine. Note the source of this information---Newmont's newsletter/blog.
    Oct 20, 2014. 08:58 AM | Likes Like |Link to Comment
  • Coeur Mining: No Silver Polish Needed [View article]
    Link to Investor Day presentation today, Oct. 6th:
    http://bit.ly/1xhCjme
    Oct 6, 2014. 12:08 PM | Likes Like |Link to Comment
  • Coeur Mining: No Silver Polish Needed [View article]
    Since I was following Coeur Mining before they discovered Kensington, I'm surprised I didn't say 1913. I've asked SA to make the correction.
    Oct 6, 2014. 10:19 AM | Likes Like |Link to Comment
  • Coeur Mining: No Silver Polish Needed [View article]
    Coeur Mining is making progress on reducing its cost of production. For the June quarter this year the company's cost of silver production was 14.31 vs. 14.88 year over year. For gold its second-quarter cost was 1,008 this year vs. 1,227 last year. All-in sustaining costs per equivalent silver ounce was 19.89.

    For reference, First Majestic (AG)---a pure silver mining company---had second-quarter all-in sustaining costs of 18.18 per silver equivalent ounce. However, I don't think that AG carries any silver hedges except for some forward sales on certain metal byproducts.

    Reflecting in part the somewhat lower AISC for First Majestic, its stock is trading at 1.46x book value compared with Coeur's 0.29x ratio to book. It seems that Coeur's 71% discount to book value makes Coeur materially undervalued. For reference, Coeur's book value per share as of June 30, 2014 was 16.01.

    In other words, First Majestic's price to book is 5x that of Coeur Mining.

    It would be interesting to enter various financial ratios for all the 21 companies on the list. However, I just tried to quantify relative trading prices in the stocks during this period of sharp gold and silver price declines.
    Oct 5, 2014. 05:20 PM | Likes Like |Link to Comment
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