Its too bad they have the company leveraged up like a #$%$ poor south american country with debt to equity of 80:1, negative cash flow from operations and negative free cash flow. Will leverage it more when they buy some other company down the road. Stock is good to $14 however between now and 2015.
Honestly, the financials have been doing nothing but improving and there is a lot more room than $14 between now and 2015.. the 350 million in sales is a CONSERVATIVE estimate from the management team w/out acquisitions.
"Working capital has increased $20.4 million from December 31, 2011. The principal movements have been a net increase of cash of $0.9 million, and receivables and inventory of $31.3 million, being partially offset by increased accounts payable, accrued expenses and other current liabilities and short-term notes payable totaling $11.9 million. This increase in working capital helped support year-over-year growth of 44% in revenue.
Our current ratio of 2.4 and our other working capital ratios remain strong as we move through this growth pace. Inventories increased since the end of 2011, as we've ramped up production at our operations and the supply chain has responded to our scheduled increases. Raw material includes inventory truck chassis which has allowed us to improve production throughput by reducing the impact of delayed deliveries from manufacturers. Increased working process and finished goods reflects the improvements of the pipeline of product shipment in the next quarter as some of the longer lead times in the backlog prepare to ship.
Slide 9 shows our capitalization and liquidity position. Total debt increased in the year by approximately $6.9 million or $5.1 million net of cash. The composition of this, however, is now quite different, since during the year, we were paid $6.6 million of long-term, mostly acquisition-related debt but expanded our short-term revolver-based debt to support the growth increase. 2012 EBITDA was $18 million, equal to 8.7% of sales, which provides a strong interest coverage ratio of 7.3x, and at December 31, 2012, our debt-to-EBITDA ratio have improved to 2.7x, from 3.8x a year ago. "