Weekly CFO Buys Highlight: AuthenTec Inc. , Berry Petroleum Company, IA Global Inc , RCM Technologies Inc. , Jennifer Convertibles Inc.
AuthenTec Inc. (AUTH): CFO Gary R Larsen Bought 40,000 Shares
CFO Gary R Larsen bought 40,000 shares of AUTH stock on 12/08 at the average price of $1.53; the price of the stock has increased by 4.58% since.
AuthenTec is the world leader in providing fingerprint authentication sensors and solutions to the high-volume PC wireless device and access control markets. AuthenTec's award-winning sensors take full advantage of The Power of Touch by utilizing the Company's patented TruePrint technology to deliver the most convenient reliable and cost-effective means available for enabling touch-powered features that extend beyond user authentication. The Company's customers include: ASUSTeK Fujitsu HP Hitachi HTC Lenovo LG Electronics Samsung and Toshiba among others. AuthenTec Inc. has a market cap of $45.5 million; its shares were traded at around $1.6 with a P/E ratio of 19.88 and P/S ratio of 0.87.
Recently reported AuthenTec financial results for the third fiscal quarter ended October 3, 2008: AuthenTec’s quarterly revenue posted a 22 percent increase to $18.4 million when compared to the corresponding period one-year earlier and was in line with the company’s updated guidance range of $18.2 million to $18.5 million for the third quarter. On a non-GAAP basis, the company reported record net income for the third quarter of $1.4 million, or $0.05 per diluted share. This reflects a year-over-year improvement of 62 percent compared to net income of $859,000, or $0.03 per diluted share, in the third quarter of 2007 and beat third quarter estimates of $0.03 per share. AuthenTec, Inc. expects revenue in the fourth quarter to range from $12.5 million to $13.5 million. F. Scott Moody, chairman and chief executive officer of AuthenTec, commented during a recent conference call, “We will continue to aggressively manage expenses and be conservative with our cash. We generated record profits and cash flow in the third quarter on essentially the same revenues as the second quarter. If you take the midpoint of our fourth quarter revenue guidance, we are forecasting a loss of just over $500,000. To put that in perspective, this is less than 1 percent of our cash.
There have not been any other recent insider trades of shares of AUTH stocks.
Berry Petroleum Company (BRY): Exec VP and CFO David D Wolf Bought 14,500 Shares
Exec VP and CFO David D Wolf bought 14,500 shares of BRY stock on 12/09/2008 at the average price of $7.77; the price of the stock has increased by 12.87% since.
Berry Petroleum Company is an independent energy company engaged in the production development acquisition exploitation and exploration of crude oil and natural gas. Berry's principal reserves and producing properties are located in Kern Los Angeles and Ventura Counties in California. The company is also investigating several other basins which would establish another core area and provide for additional growth opportunities and diversification of the Company's predominantly heavy oil resource base. Berry Petroleum Company has a market cap of $297.95 million; its shares were traded at around $8.77 with a P/E ratio of 1.75 and P/S ratio of 0.51. The dividend yield of Berry Petroleum Company stocks is 4.48%. Berry Petroleum Company had an annual average earning growth of 27.6% over the past 10 years. GuruFocus rated Berry Petroleum Company the business predictability rank of 3.5-star.
Berry Petroleum Company’s 2009 capital budget of $100 million, according to Robert F. Heinemann, president and chief executive officer: At this level of investment in 2009, the Company is targeting production to average approximately 33,500 BOED. Production growth in 2009 will increase 3% over the 2008 estimated annual average. David D. Wolf, executive vice president and chief financial officer said, “Based on our commodity price assumptions, we expect discretionary cash flow to be in the $220 to $240 million range. We would expect excess cash flow of over $50 million which will be applied to debt reduction.”
Berry Petroleum Company is owned by 1 Gurus. Ron Baron owns 300,000 shares as of 09/30/2008, a decrease of 43.72% of from the previous quarter. This position accounts for 0.08% of the $15.41 billion portfolio of Baron Funds. Ken Heebner sold out his holdings in the quarter that ended on 09/30/2008.
Exec VP and CFO David D Wolf bought 39,300 shares of BRY stock from 11/7 to 12/9 the price ranging from of $7.77 to 38.5 the price of the stock has decreased by 77.22% since.
Insider Buys: Director William E Jr Bush ,Treasurer Steven Wilson , Director Thomas J. Jamieson , Director Ronald J Robinson each bought shares of BRY stock from 9/16 to 12/08 at a stock prices ranging from $7.19 to $32.3; the of the stock has increased by 21.19% since.
IA Global Inc (IAO): COO and CFO, Director Mark E Scott Bought 14,000 Shares
COO and CFO, Director Mark E Scott bought 14,000 shares of IAO stock on 12/08/2008 at the average price of $0.05; the price of the stock has decreased by 0.4% since.
IA Global Inc. is a broadly based Services Company with a dedicated focus on growth of existing business together with expansion through mergers and acquisitions in the Pacific Rim region. Their mission is to identify and invest in business opportunities apply their skills and resources to grow and enhance the performance of those businesses across all business metrics and to deliver accelerating shareholder value. IA Global Inc has a market cap of $10.12 million; its shares were traded at around $0.0498 with and P/S ratio of 0.35. IA Global Inc had an annual average earning growth of 21% over the past 5 years.
The company announced the following consolidated results for the six months ended September 30, 2008, as compared to the six months ended September 30, 2007: Revenues increased 193% to $35,052,315 up from $11,976,334. Gross profit increased 254% to $28,821,812 up from $8,134,061. Net loss decreased $4,776,794 to ($970,848) as compared to a net loss of ($5,747,642). This decrease reflects the revenue gains from new contracts and existing contracts at Global Hotline, Inc. Cash flow from operating activities increased $14,181,940 to $3,855,388 from a negative cash flow of ($10,326,552). EBITDA (earnings before interest expense, taxes and depreciation and amortization) increased $7,478,399 to $1,598,240 as compared to a net loss of ($5,880,159). Earnings per share was ($0.01) per share as compared to ($0.04) per share. The company’s CEO, Derek Schneideman, said, “At a macro level, the deepening world-wide financial crisis is impacting the Company’s revenue and profit projections. Therefore, the Company has revised its annual revenue guidance to $64 million, an increase of $25.3 million or 65% over the prior year."
.Insider Buys: 1) Director Brian David Nelson bought 41,936 shares of IAO stock on 09/10/2008 at the average price of $0.09; the price of the stock has decreased by 44.67% since. 2) Director Cara Eric La bought 10,000 shares of IAO stock on 08/27/2008 at the average price of $0.12; the price of the stock has decreased by 58.5% since.
RCM Technologies Inc. (RCMT): CFO Kevin D Miller Bought 11,421 Shares
CFO of RCM Technologies Inc. (RCMT) Kevin D Miller bought 11,421 shares on 12/10/2008 at an average price of $0.9.
RCM Technologies Inc. is a national provider of Business Technology and resource solutions in information technology and professional engineering to customers in corporate and government sectors. The company has grown its information technology competencies in the areas of resource augmentation e-business Enterprise Resource Planning support network and infrastructure support and knowledge management. RCM's engineering expertise is in the form of technical design field engineering field support procedures development and project and program management. RCM Technologies Inc. has a market cap of $11.5 million; its shares were traded at around $0.98 with a P/E ratio of 2.57 and P/S ratio of 0.05.
The Company announced revenues of $155.7 million for the thirty-nine weeks ended September 27, 2008, down from $165.4 million for the thirty-nine weeks ended September 29, 2007 comparable prior year period). Net loss for the thirty-nine weeks ended September 27, 2008 was $0.7 million, or $0.05 per diluted share, as compared to net income of $5.1 million, or $0.41 per diluted share, for the comparable prior year period. Net loss before stock-based compensation for the thirty-nine weeks ended September 27, 2008 was $0.5 million, or $0.04 net loss per diluted share, and excludes net stock-based compensation expense of $145,000. Net income before stock-based compensation for the thirty-nine weeks ended September 29, 2007 was $5.3 million, or $0.42 per diluted share, and excludes net stock-based compensation expense of $151,000. Net income for the 2007 period includes income of $480,000 ($800,000, net of income taxes of $320,000), or $0.04 per diluted share, from a legal settlement. No such income was realized during the 2008 period. Leon Kopyt, Chairman and CEO of RCM, commented, “The financial results for the third quarter fell short of expectations and were impacted by the softness and uncertainty of the global economy, a temporary slowdown in IT spending and higher expenses related to two recent acquisitions.”
CFO Kevin D Miller bought 2,300 shares of RCMT stock from 11/19 to 12/10, the price ranging from of $0.9 to $0.9; the price of the stock has increased by 8.89% since.
Jennifer Convertibles Inc (JEN): PRESIDENT, COO & CFO, Director, 10% Owner Rami Abada Bought 10,900 Shares
PRESIDENT, COO & CFO, Director, 10% Owner Rami Abada bought 10,900 shares of JEN stock on 12/09 at the average price of $0.39; the price of the stock has increased by 10.26% since.
Jennifer Convertibles is the owner and licensor of the largest group of sofabed specialty retail stores in the United States with stores located throughout the Eastern seaboard in the Midwest on the West Coast and in the Southwest. The company's stores specialize in the sale of a complete line of sofa beds and companion pieces such as loveseats chairs and recliners. Jennifer Convertibles Inc has a market cap of $3.18 million; its shares were traded at around $0.43 with and P/S ratio of 0.03.
Financial results for the fourth quarter and fiscal year that ended August 30, 2008: For the fourth quarter, revenue from continuing operations decreased by 16.3% to $30.8 million from the $36.8 million reported for the same period last year. For the fiscal year 2008, revenue from continuing operations decreased 9.7% to $120.9 million from the $133.9 reported in the same period last year. For the fourth quarter, the Company had a net loss of ($867,000), or ($0.12) per basic and diluted share, compared to net income of $1,741,000, or $0.22 and $0.20 per basic and diluted share, respectively, for the same period last year. For the fiscal year 2008, the net loss was ($3,329,000) or ($0.47) per basic and diluted share, compared to net income of $3,971,000 or $0.51 and $0.45 per basic and diluted share, respectively, for the same period last year. For the fourth quarter, operating margins from continuing operations decreased to 30.8% as a percentage of revenue from continuing operations compared to 33.0% for the same period last year. For the twelvemonth period, operating margins from continuing operations decreased to 29.3% compared to 31.3% for the same period last year. Harley J. Greenfield Chief Executive of Jennifer said, “Although I am certainly not pleased with the results achieved during fiscal 2008, I believe we have the right strategy in place, even in this unprecedented economy to provide customers merchandise at incredible values while maintaining good margins.”
There were no other recent insider trades of shares of JEN stocks.