Stock repurchase - just about done
...respectively, bringing the total amount authorized for
the stock repurchase program to $2,500,000. As of December 31, 2012
the Company has acquired a total of 3,102,135 shares of its common
stock at an aggregate purchase price of $2,394,294.
(Avg of .77)
Historically, special dividends had been declared
in the fourth quarter and paid in the following year. During 2012, the
special dividend was paid in the third quarter.
(so be patient)
During the years ended December 31, 2012, 2011 and 2010 Asian sales
amounted to 14%, 10%, and 11% of the Company’s total gross sales.
I think it is possible, if 1st qtr '13 equals or exceeds 4th qtr '12. a dividend of .015 per share would be a total cash outflow of about $480k, against a net income of about $657k. That would still leave about $170k of extra cash. (and since their cash and hand and receivables alone are more than total liabilities, they have some flexibility.) It might not happen in the first quarter, but it might in the 2nd or 3rd qtr
I don't think there will be a dividend increase. They are investing in new equipment and the money they borrowed to do the stock repurchase has a 5 year amortization, meaning there will be very large principal payments. The company is very conservative and probably won't increase the dividend until more of the debt is paid down.