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Entertainment Gaming Asia Inc. Message Board

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  • pjv2xyw9dww4b5 pjv2xyw9dww4b5 Nov 27, 2005 12:39 PM Flag

    Oh yea

    I looked for the bleakest AGI 10-K that I could find.

    In my opinion, it's the one for the year ending 06/30/2000 ( http://www.sec.gov/Archives/edgar/data/2491/000095014800002040/v65925e10-k.txt ).

    The number of AGI shares outstanding on 09/01/2000 was 10,253,296. Yahoo historical prices for AGI ( http://finance.yahoo.com/q/hp?s=AGI&a=08&b=15&c=2000&d=10&e=15&f=2000&g=d ) show that the market liked the 10-K, which was filed on 09/28/2000. Before seeing the next 10-Q, which was filed on 11/13/2000, AGI's price reached $6.47 on 10/17/2000, which puts a market capitalization of 10,253,296 x $6.47 = $66,338,825.12 on the entire company.

    On the bottom of page 31 of the 10-K, the Liquidity and Capital Resources section ends with, "Management believes that cash flow from operating activities, cash and cash
    equivalents held and the $80.0 million Revolving Credit Facility, as limited by
    the borrowing base, will provide the Company with sufficient capital resources
    and liquidity. At June 30, 2000, the Company had no material commitments for
    capital expenditures." This is better than what we find on page 12 of VNX's most recent 10-Q ( http://www.sec.gov/Archives/edgar/data/1004673/000114420405035305/v029205_10qsb.
    htm#LIQUIDITY
    ): "Accordingly, no assurances can be given that we will successfully obtain liquidity sources necessary to fund our operations in the upcoming year."

    AGI had total assets of $351 million on 06/30/2000. When the market had this as the most recent information, the highest market cap reached was $66 million. That's a market cap of 19% of total assets. VNX had total assets of $12,739,905 on 09/30/2005. The VNX market cap is over $50 million at $3 per share. That's a market cap of 380%+ of total assets.

    The AGI current ratio on 06/30/2000 was about 3.6. The VNX current ratio on 09/30/2005 was about 1.7.

    The most astonishing fact is that the market cap of AGI after the release of the 06/30/2000 financial statements was not that much higher, at its highest, than the current VNX market cap!

 
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