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American Pacific Corp. has a market cap of $45.7 million; its shares were traded at around $5.9 with and P/S ratio of 0.3. American Pacific Corp. had an annual average earning growth of 12% over the past 5 years.Hedge Fund Gurus that owns APFC: Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns APFC: Donald Smith of Donald Smith & Co..
Highlight of Business Operations:For our Fiscal 2011 first quarter, operating expenses decreased $884 to $11,423 from $12,307 for the prior fiscal year first quarter primarily as a result of reductions in corporate operating expenses. The most significant decreases in corporate expenses include decreases of $296 for audit expenses, $247 for stock options compensation, $174 for salaries, $182 for other professional services, and $119 for travel. These reductions in corporate expenses were offset by increases in board of directors expenses that include $282 associated with resolution of a potential proxy contest. Operating expenses for our business segments were consistent between the Fiscal 2011 and Fiscal 2010 first quarters.
Agreements with our Fine Chemicals segment customers typically include multi-year supply agreements. These agreements may contain provisional order volumes, minimum order quantities, take-or-pay provisions, termination fees and other customary terms and conditions, which we do not include in our computation of backlog. Fine Chemicals segment backlog includes unfulfilled firm purchase orders received from a customer, including both purchase orders which are issued against a related supply agreement and stand-alone purchase orders. Fine Chemicals segment backlog was $89,800 and $49,700 as of December 31, 2010 and September 30, 2010, respectively. We anticipate order backlog as of December 31, 2010 to be substantially filled during the next twelve months.
Our Aerospace Equipment segment is a government contractor, and accordingly, total backlog includes both funded backlog (contracts, or portions of contracts, for which funding is contractually obligated by the customer) and unfunded backlog (contracts, or portions of contracts, for which funding is not currently contractually obligated by the customer). We compute Aerospace Equipment segment total and funded backlog as the total contract value less revenues that have been recognized under the percentage-of- completion method of accounting. Aerospace Equipment segment total backlog and funded backlog were approximately $60,800 and $52,300 as of December 31, 2010 and $67,900 and $61,100 as of September 30, 2010, respectively. We anticipate the majority of funded backlog as of December 31, 2010 to be completed during the next twelve months, with any remainder to be completed in the fiscal year ending September 30, 2012.
Operating Cash Flows — Operating activities provided cash of $9,247 for the Fiscal 2011 first quarter compared to $18,107 for the prior fiscal year first quarter, a decrease of $8,860.
Investing Cash Flows — Fiscal 2011 first quarter capital expenditures of $2,493 reflect an increase of $1,394 from capital expenditures of $1,099 in the Fiscal 2010 first quarter. The increase in capital expenditures is related to our Fine Chemicals segment, in particular, additional equipment to support new a three-year core product agreement for the supply of anti-viral products and facilities improvements to enhance quality compliance.
LIQUIDITY AND CAPITAL RESOURCES. As of December 31, 2010, we had cash of $30,705. Our primary source of working capital is cash flows from operations. In addition, on January 31, 2011, we established an asset based lending credit facility which provides for a committed revolving credit line, up to a maximum of $20,000, based on our eligible accounts receivable and inventories. On January 31, 2011, we had availability under this facility of approximately $13,500. For further discussion of this facility, see below under the heading “ABL Credit Facility”. We believe that changes in cash flow from operations during our fiscal periods reflect short-term timing and as such do not represent significant changes in our sources and uses of cash. Because our revenues, and related customer invoices and collections, are characterized by relatively few individually significant transactions, our working capital balances can vary normally by as much as $10,000 from period to period.
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