Well you have better luck than I because I often get partial executions under 100 shares. In any case that is a nice and quick percentage increase.
PS. Was surprised to receive notification that a small order for SPAN shares had filled yesterday at $18.02. It had been sitting on the books for a month or so since my last purchase. But I saw nothing on Yahoo which showed a trade that low. It's a pleasant surprise which I can't explain--but has happened on rare occasions in my TDAmeritrade accounts.
The most promising thing I read was Mr Ferguson's statement that he expects the second half to exceed the first half in sales and net. That would suggest total sales for the year would be well over $60mm and profits over $1.16. That's not real good historically in that EPS has been higher than that for 2008 through 2013. In fact much higher like $1.70-1.80 ish. With $12mm going to that one retail customer last year, the Greenville factory is turning out about the $ value of it's production before 2012. That leaves plenty of room for expansion right now and the drop is primarily in higher volume/lower margin business.
I'll probably dig a little deeper and make another post, but, while not a real encouraging quarter from my perspective, it was OK and not fear inspiring. I'm a bit interested in why medical support surfaces seem to be declining over the past couple of years, but will have to dig deeper to see about that.
I think they'd get a lot more productivity out of their workers if their chair cushions weren't so damn comfortable
I see your point. They now have two factories and I'd like to see the other near Toronto/Buffalo, NY. As I've described, the factory in Greenville is quite modern and efficient looking but constrained by land availability. No one has told me they considered building for a second floor or even if such an expansion would be efficient. Lot's of light weight product moving rapidly in and out of the building would have to be easily transported between floors.
Now that I think more about it, the latest addition which contains the outgoing loading docks leads near the larger parking lot about 20 feet higher than the building. I suppose that end could be extended and made into shipping with trucks moving onto the current parking area while internal lines could extend into the addition which is currently used for storage/shipping. Or a second floor for nothing more than storage/shipping
on the E side of the building.
So I can see the current factory producing more product. Again, I think SPAN is a sales driven organization. And from the stories I've heard, it started out that way, became more production oriented, and then returned to sales recently. Thus plans for growth are largely opportunistic market opportunities. If sales says they need something to sell easily, the product is designed and built to meet their demands. And that leads to a somewhat reactionary bias rather than progressive growth plans as you've suggested, 123.
I wish they had a growth plan that they can/could articulate. Love the dividends, special dividends, and balance sheet. I have put this company away in an IRA and set it up to drip.
Yes, I suppose that might be the correct explanation. I forget that there is a guy responsible for making the market in such a lightly traded stock.
So he wants to lower the price to one cent above my limit order at $17.57 and buys one share or 5 shares listed at $17.58? What good does that do the market maker?
I do think I understand your "...crossing the spread with a market order." Since there is often a huge spread between the offer and accept prices, someone who puts in a market order is apt to pay a significant premium to the average SPAN price.
Maybe the market maker is simply establishing a more intermediate price which would not be as out of the norm with the trade of one or 5 shares? I notice that after the markets close there is often a buy price way below the close and a sell price way above. And often my limit order is above the listed buy price, so apparently is not being recorded by whomever Yahoo uses to provide figures. At least I think that's true.
It looks like one share traded this morning. I think that may be the market maker screwing with someone to cost you commission dollars for floating a limit order out there rather than crossing the spread with a market order.
Nice story skip
My first investment was in 1981, Dome Petroleum. It turn out not to be such a good investment, buying oil at the top, but i learned from that, and the next 5 years after that first investment I learned a lot about investing.
5 shares traded in the first hour this morning. That seems wonderful to me as I would presume that is someone just becoming comfortable with investing. At least it reminds me of my first trade of one $9 share of American Heritage Life Insurance co of Jacksonville in 1959. It fascinated me and was a good investment for 40+ years when the company sold out to Allstate. Whomever bought or sold 5 shares is learning to be patient, to understand that SPAN will not display continuous upward prices, and they will get a bit of feel for how the people who buy shares can become exuberant followed by depressed and then exuberant again. And maybe a long boring stretch in between.
That's how AHL acted as it often did not trade on some days even as late as 2000. It was begun in 1957 by the owners of Winn Dixie stores and sold life insurance to their employees. I learned that since I received 9% return on average over the next 40 years, the executives made a good living as did agents all over the south, and they had a fancy high rise office building in the Jacksonville suburbs, someone was paying for all that. Clearly the policy buyers.
I have known all my life what life insurance was about as a result.
Wow, that was a bunch of typing. Thanks for the updates. I will have to read through them a couple more time to absorb everything. I am glad you made it safely.
I'm having more trouble than usual with both Yahoo and the laptop. If you don't object, I think I might move over to Investor Village where I can write more easily.
I want to break up my thoughts as I am using my laptop in a motel with a poor WIFI connection and this computer wants to regularly move the cursor into the middle of what I just typed for some unknown reason. So if you run across extra letters in the text, that is the reason though I usually catch it nowadays. Also every once in a while, everything I've just written seems to disappear never to be found again.
I started to tell you that Coggins impressed me again. The poor results of late 2014 never really bothered me. I knew that the big retailer's business was lost on bid (to a Chinese company which was required to produce in the US as a condition of being awarded the business) and I did learn that SPAN had obtained that business several years ago on a design of it's own for laminated mattress overlays. The fact that SPAN prospered on a much lower revenue base actually reassured me of the company's fundamental strength. Mr Ferguson pointed out that they currently are producing 60% of the product which goes to the retailer and that they hoped to regain the other 40% in the future.
I would guess that to be a second choice, actually. I would think SPAN really would prefer to fill it's fairly modern factory with higher margin business from multiple customers in the medical business and to supplement that with a more diverse group of customers in the commercial lineup--none of whom would become so dominant that they could hurt SPAN so much with the loss of a single order.