BOBS 3Q was very good. They had the Rock concert income in 2011 but SS sales were up excluding that 2011 extra income. In 2013, I am looking for USD$1.20/shr and cash flow of $1.50. We are selling at 6.3x cash flow and 8x times earnings at $9.50. They have an excellent balance sheet and the tax liability may go away. They bought a company back in 1996 that did not pay its taxes and got stuck with a USD$6 million liability which they are disputing. They pay it off over 12 years. BOBS has good management and important franchise assets in Bobs, Pizza hut, and KFC restaurants in Brazil, the home of the world cup in 2014 and Olympics in 2016--business will be unbelievable.
There are only 100 shareholders according to SEC docs and 5 of those are my accounts. No wonder they went to the pink sheets--good for them. Earnings could really break out in the next few years. In the meantime it is very cheap, well diversified, and growing. We also have the possibility of YUM buying the company at $22/shr.