from nt-10q yesterday, looks like they lost $1.1 million in the 3/13 quarter..
and another $800,000 in the June '13 quarter. Dont think their financing is resolved but not sure.
Quarters are horrible...especially given the former CEO's guidance....but much is already built into the price I guess. Well, pretty obvious why the CEO was dumped. Looks like he never took off his rose colored glasses.
It was only a $300K operating loss. I suspect the $800K loss in Q1 also has a non-cash component to it. They are sitting on over $3M in cash as of March 31. Company is not in as bad a shape as I thought.... just managment.
james, yup, the operating loss is not all that bad, only $312,000. But that was on their best revenue quarter in what, the past four years. They actually had $10 million in sales for the quarter, up almost 40% sequentially, and they still lost a ton.
We know from the last report that most of these sales that lifted revenue were 'one time pushouts' that management said to expect in their last earnings call.
The biggest negative, imo, is that in spite of the huge revenue bump up, Gross margins dropped dramatically, from around 25% in the December quarter, to 16% in the March quarter.
So, if sales revert lower going forward, TPCS could show some big losses. They already stated that they expect an $800,000 loss in the June quarter...we will see what operating losses, revenue and margins on that are shortly. That should tell a lot.
Tangible book value has fallen down from $11.3 mil in December, to $10.1 mil in March, and that will go down to around $9.3 million in June. Shares outstanding, meanwhile, are rising at about 1 million shares per year, up to currently $20 million. So as of June 30, we have about .51/share in tangible book...but that may continue to go down in upcoming quarters.
Anyway, I'm saying it may be a good value play here, but its not without risks. Be nice to know why margins dropped so much on higher sales....that would tell a lot about their prospects.