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MBND Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: April 6, 2011 09:38PM
MBNDD (MBND) filed Annual Report for the period ended 2010-12-31. Multiband Corp. has a market cap of $44.9 million; its shares were traded at around $4.37 with a P/E ratio of 10.6 and P/S ratio of 0.2.
Highlight of Business Operations:
As of June 30, 2010, (the most recently completed fiscal second quarter), the aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was $13,385,564, based on the average bid and asked price of such common equity of $1.54.
The Company had a net income attributable to Multiband Corporation and subsidiaries of $14,694 for the year ended December 31, 2010, a net loss attributable to Multiband Corporation and subsidiaries of $9,650 for the year ended December 31, 2009 and a net income attributable to Multiband Corporation and subsidiaries of $945 for the year ended December 31, 2008. Included in our 2008 net income are amounts earned under certain contractual arrangements with DTHC prior to the date we acquired ownership of DTHC s operating subsidiaries (see Note 2).
The Company had a working capital deficit of $12,303 and $28,596 as of December 31, 2010 and 2009, respectively, primarily due to the acquisition of the former DTHC operating entities. The reduction in the working capital deficit between years was a result of the net income earned during 2010.
Annually, the Company tests for impairment of its goodwill and intangible assets without a defined life. We tested for impairment of the HSP and MDU segments which had goodwill at December 31, 2010 using standard fair value measurement techniques. The Company recorded an impairment charge of $25 on the goodwill related to the US Install purchase as of December 31, 2010. The Company concluded there was no goodwill impairment as of December 31, 2009. For the year ended December 31, 2008, the Company recorded an impairment charge of $50 on the goodwill related to the US Install purchase and impaired the remaining goodwill balance of $17 from a previous acquisition. Also, pursuant to the abandonment of a right of entry intangible asset, the Company recorded an impairment charge of $65 for the year ended December 31, 2008. However, should we in future periods experience a significant decline in profitability, or our stock price declines and remains depressed, and/or should the business climate for satellite providers deteriorate, impairment to our goodwill could occur. If impairment occurs, it could be materially adverse to our results of operations in those periods.
Stocks Discussed: MBND,