Q2 Highlights / Conservative Guidance
Revenues $ 36.7m (up 27%)
Net Income $ 14.0m (up 59%)
EPS .53 (up 66%)
Revenue growth and margin expansion both contribute to higher results
Balance sheet continues to improve -- June 2011 Cash from Operations hits $9.6m
Debt, net Cash to Ebitda leverage continues to decline:
March 2011 2.7x
June 2011 2.3x
Ability to refinance August 2013 isn't a problem today nor in August 2013
Company consistently generating $10m quarterly from Operations
EPS Guidance Conservative
June 2011 actual .53
Sept 2011 guidance .49 <--- likely will be higher as revs growing sequentially
FY 2012 guidance 1.88
Based on June 2011 actual and Sept 2011 guidance easy to see EPS north of $ 2.00 (up 30%)
Fair Value = 8.0x PE = $15.00 <--- using Company guidance
10.0x PE = $20.00 <--- reflects actual results tracking $2.00 EPS