>>> "In January 2006, we ( Orange 21 ) acquired for $6.1 million all of the equity interest of LEM and consolidated it. On December 31, 2010, we completed the sale of 90% of our equity interest in LEM to two LEM employees and two third party suppliers of LEM (“Purchasers”) in exchange for approximately $20,000." <<<
Does anyone on the message board know if the ORNG former CEO A. Stone Douglass ever ran an investment firm named "Unicorn Pension Management"?
Is Orange 21 using Mayer, Hoffman, MaCann PC as their accounting firm?
They were the Auditor on the last 10-K , I noticed.
I spotted this:
Here's some recent financial perf. info from Bloomsberg/Businessweek:
Orange 21 Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2011
Orange 21 Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2011. For the quarter, the company has reported net sales of $8,986,000 compared to $9,528,000 for the same period a year ago. Loss from operations was $2,638,000 compared to income of $618,000 for the same period a year ago.
Loss before income taxes was $2,948,000 compared to income of $455,000 for the same period a year ago.
Net loss was $2,951,000 compared to income of $408,000 for the same period a year ago. Diluted LPS was $0.23 compared to income of $0.03 for the same period a year ago.
The net loss for the three months ended June 30, 2011 include $2.0 million in other operating expenses primarily because the estimated future cash flows from the sale of certain licensed products would be insufficient to cover the remaining royalty obligations. For the six months, the company has reported net sales of $15,689,000 compared to $17,796,000 for the same period a year ago. Loss from operations was $3,979,000 compared to $271,000 for the same period a year ago. Loss before income taxes was $4,516,000 compared to $453,000 for the same period a year ago. Net loss was $4,522,000 compared to $529,000 for the same period a year ago. Diluted LPS was $0.36 compared to $0.04 for the same period a year ago.
I see the did their IPO in 2004. Roth Capital Partners was one of the underwriters, not my favorite.
I see they were hit with several class action suits in 2005. Here's one:
I think they settled them in 2007.
Can anyone add to this information?
They're buying whatever comes on the market in the hopes of taking it private. They have already lent the company millions of dollars in an attempt to keep it afloat.
It means they believe the company will do well and they will reap the dividends when it does. I would continue to pick up shares where you can. Great management team in place as well.
Although likely, I don't think a buyout by Costa Brava will be good for shareholders. They esentially own it now and they buy up shares as they come available. A buyout would likely be a $1 or less now, then they would recap it as a private company and likely do quite well with the brand. For now they are willing to let it stagnate along with the economy.
i own some of gatorz it has been on the tsx (canadian xch) for about 3 years. why not a large merger between no fear/orange 21/gatorz. totaly out of the question?
Orange21 refusal to merge with No Fear was a huge business mistake just like their refusal to get bought out by CB for $3.50 a share.
I wish No Fear and Gatorz the best of luck. Mark Simo will get the last laugh if No Fear/Gatorz ends up doing well.
I am from San Diego, CA (HQ for ORNG) and the word on the street is that there are talks about going private and being brought out.
this is the reason why the board of directors didn't do a reverse split to meet the NASDAQ requirement. being bought out and going private is much easier when you are not under the eyes of the SEC
Hopefully, the management can turn this company around or better yet Costa Brava will try to acquire/buy out Orange21 again like the unsuccessfully did 2 years ago