June 3, 2010 52-Week Low Wrap-Up: Athens Bancshares, Northwest Pipe, Sharps Compliance, Pride International

June 3, 2010 52-Week Low Wrap-Up: AFCB, NWPX, SMED, PDE

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Jun 04, 2010
Today, 28 companies set a new 52-week low. Of these companies, these are the companies that look interesting based on my initial research:


Athens Bancshares (AFCB, Financial)


Athens Bancshares is the holding company for Athens Federal Community Bank, a federally chartered, FDIC-insured savings bank, which was organized in 1934. The bank is headquartered in Athens, Tenn., and provides financial services to individuals, families and businesses through its seven banking offices located in southeast Tennessee.


Northwest Pipe (NWPX, Financial)


Northwest Pipe manufactures pipes and tubes. The company's water transmission segment manufactures and markets large diameter, high pressure welded steel pipes used primarily for water transmission and treatment in North America. The tubular products segment manufactures electric resistant welded steel pipes for use in construction, agricultural, and industrial applications. The company also manufactures traffic signpost products and propane tanks. The company has not been able to file its two most recent required reports due to an ongoing internal investigation of certain accounting matters, including certain revenue recognition practices. The last report it filed was on August 7, 2009.Northwest's CEO resigned on April 2, 2010 and the company’s President has assumed the role.


This is all evidence that points to serious mistakes, real fraud, negligence, ineffectiveness, or all of the above. Given all the above, the current share price may represent an excellent opportunity for purchase given the potential for forced or irrational selling due to the company’s inability to timely file its last two required reports.


Since investors have not seen a balance sheet or income statement for slightly over nine months, there is a large amount of uncertainty surrounding the value and the company and therefore the company should be valued by tangible book value or on a liquidation value. From their balance sheet as of June 30, 2009, the tangible book value per share is $29.43.


Sharps Compliance (SMED, Financial)


Sharps Compliance is a provider of solutions for the proper disposal of medical waste by industry and consumers.


Pride International (PDE, Financial)


Pride International is an offshore drilling contractor. It provides contract drilling services to oil and natural gas exploration and production companies through the use of mobile offshore drilling rigs in the United States and international waters. Pride provides the rigs and drilling crews and is responsible for the payment of operating and maintenance expenses. In addition, it also provides rig management services on a range of rigs, consisting of technical drilling assistance, personnel, repair and maintenance services and drilling operation management services.The Company’s customers include oil and natural gas companies, state-owned national oil companies and independent oil and natural gas companies. As of February 19, 2010, the Company operated a fleet of 23 rigs, consisting of two deepwater drill ships, 12 semisubmersible rigs, seven jackups and two managed deepwater drilling rigs. In August 2009, Pride completed the spin-off of Seahawk Drilling, Inc.