Symbol changed to MBNDD (MBND, Financial) filed Quarterly Report for the period ended 2010-09-30.
Symbol Changed To Mbndd has a market cap of $28.2 million; its shares were traded at around $2.78 with a P/E ratio of 278 and P/S ratio of 0.1.
The Company, in the third quarter of 2010, earned income from operations of $3,743 versus an income from operations of $588 during the prior year s comparable period. Income from operations was $9,512 during the first nine months of 2010 compared to a loss from operations of $9,305 during the last nine months of 2009. For the third quarter of 2010, the HSP segment earned income from operations of $5,647, compared to income of $1,528 in the same period last year. For the nine months ended September 30, 2010, income from operations was $14,975 for the HSP segment, compared to a loss from operations of $5,962 in the prior year. This improvement is primarily due to increased incentive revenue, improved inventory control and reduced technician training expense. The MDU segment showed a loss from operations of $993 for the three months ended September 30, 2010 compared to income from operations of $36 for the three months ended September 30, 2009.primarily due to reduced DTV subsidies and reduced DTV MDU subscriber activations due to more stringent DirecTV credit standards. For the nine months ended September 30, 2010, loss from operations was $2,392 for the MDU segment, compared to a loss from operations of $346 in the same period last year. The MBCorp segment, which has no revenues, incurred a loss from operations of $911 for the three months ended September 30, 2010 and $3,071 for the nine months ended September 30, 2010 compared to losses of $976 and $2,997 for the same periods last year. The MBCorp segment loss is expected to continue in future periods as corporate overhead is expected to remain consistent with current levels. The HSP segment is expected to maintain its profitability throughout the balance of 2010. The Company plans to mitigate its loss in the MDU segment in future periods by growing its subscriber base at existing properties since the on-going selling, general and administrative expenses to service those subscribers is more fixed than variable.
The noncontrolling interest in subsidiaries was $0 on September 30, 2010 and December 31, 2009, after the Company purchased the remaining 20% of the issued and outstanding shares of common stock of all of the DTHC operating subsidiaries (DirecTECH) and reclassified $5,996 of noncontrolling interest to Multiband s controlling interest on December 17, 2009. The net loss attributable to the noncontrolling interest in subsidiaries for the three months ended September 30, 2010 and 2009 was $0 and $266, respectively. The net loss attributable to the noncontrolling interest in subsidiaries for the nine months ended September 30, 2010 and 2009 was $0 and $2,044, respectively.
The Company has federal and state net operating losses of approximately $67,000 and $50,000, respectively, which, if not used, will begin to expire in 2018. Changes in the stock ownership of the Company, has placed limitations on the use of these net operating loss carryforwards (NOLs). During 2009, the Company performed an IRC 382 study and determined that an ownership change had occurred. As a result of the ownership change, the amount of federal NOL available for future use is $41,613, consisting of annual federal limitations of $6,294 for the next five years and $634 for each year thereafter. The Company has determined there are also limitations on the state net operating loss carryforwards, but has not completed the analysis to determine the amount of the limitation. For the three months ended September 30, 2010 and 2009, the Company has recorded income tax expense of $1,573 and $372, respectively, related to federal and state taxes. For the nine months ended September 30, 2010 and 2009, the Company has recorded income tax expense of $3,756 and $574, respectively, related to federal and state taxes.
During the nine months ended September 30, 2010, the Company earned net income of $2,599 compared with a net loss of $12,207 during the nine months ended September 30, 2009. Net cash provided by operations during the nine months ended September 30, 2010 was $14,289 as compared to the net cash used by operations during the nine months ended September 30, 2009 of $2,937. Principal payments on current long-term debt, short-term debt, short-term debt to a related party and capital lease obligations over the next 12 months are expected to total $2,170.
Cash and cash equivalents totaled $4,912 at September 30, 2010 versus $2,240 at December 31, 2009. Working capital deficit at September 30, 2010 was $25,752 compared to $28,596 at December 31, 2009. Net cash used by investing activities totaled $1,562 for the period ended September 30, 2010, compared to $2,673 for the period ended September 30, 2009.
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Symbol Changed To Mbndd has a market cap of $28.2 million; its shares were traded at around $2.78 with a P/E ratio of 278 and P/S ratio of 0.1.
Highlight of Business Operations:
Selling, general and administrative expenses decreased 6.6% to $14,680 in the quarter ended September 30, 2010, compared to $13,774 in the prior year s quarter. Selling, general and administrative expenses were, as a percentage of revenues, 21.0% for the quarter ended September 30, 2010 and 19.3% for the same period a year ago. For the nine months ended September 30, 2010, selling, general and administrative expenses decreased 3.1% to $41,698 compared to $43,023 for the nine months ended September 30, 2009. As a percentage of revenue, selling general and administrative expenses were 21.4% for the nine months ended September 30, 2010, compared to 21.4% for the same period in 2009. Selling, general and administrative expenses as a percentage of revenue is comparable primarily due to decreased insurance and telephone expense of approximately $3,400 offsetting increases in wage and legal expense. In 2010, the Company renegotiated several contracts with telephone providers as well as changed its mobile phone policies. It also changed its workers compensation policy. The Company is self-insured for workers compensation claims up to $250 plus administrative expenses, for each occurrence involving workers compensation claims since the beginning of 2010. The Company anticipates that for the remainder of 2010, selling, general and administrative expenses will remain consistent with third quarter levels.The Company, in the third quarter of 2010, earned income from operations of $3,743 versus an income from operations of $588 during the prior year s comparable period. Income from operations was $9,512 during the first nine months of 2010 compared to a loss from operations of $9,305 during the last nine months of 2009. For the third quarter of 2010, the HSP segment earned income from operations of $5,647, compared to income of $1,528 in the same period last year. For the nine months ended September 30, 2010, income from operations was $14,975 for the HSP segment, compared to a loss from operations of $5,962 in the prior year. This improvement is primarily due to increased incentive revenue, improved inventory control and reduced technician training expense. The MDU segment showed a loss from operations of $993 for the three months ended September 30, 2010 compared to income from operations of $36 for the three months ended September 30, 2009.primarily due to reduced DTV subsidies and reduced DTV MDU subscriber activations due to more stringent DirecTV credit standards. For the nine months ended September 30, 2010, loss from operations was $2,392 for the MDU segment, compared to a loss from operations of $346 in the same period last year. The MBCorp segment, which has no revenues, incurred a loss from operations of $911 for the three months ended September 30, 2010 and $3,071 for the nine months ended September 30, 2010 compared to losses of $976 and $2,997 for the same periods last year. The MBCorp segment loss is expected to continue in future periods as corporate overhead is expected to remain consistent with current levels. The HSP segment is expected to maintain its profitability throughout the balance of 2010. The Company plans to mitigate its loss in the MDU segment in future periods by growing its subscriber base at existing properties since the on-going selling, general and administrative expenses to service those subscribers is more fixed than variable.
The noncontrolling interest in subsidiaries was $0 on September 30, 2010 and December 31, 2009, after the Company purchased the remaining 20% of the issued and outstanding shares of common stock of all of the DTHC operating subsidiaries (DirecTECH) and reclassified $5,996 of noncontrolling interest to Multiband s controlling interest on December 17, 2009. The net loss attributable to the noncontrolling interest in subsidiaries for the three months ended September 30, 2010 and 2009 was $0 and $266, respectively. The net loss attributable to the noncontrolling interest in subsidiaries for the nine months ended September 30, 2010 and 2009 was $0 and $2,044, respectively.
The Company has federal and state net operating losses of approximately $67,000 and $50,000, respectively, which, if not used, will begin to expire in 2018. Changes in the stock ownership of the Company, has placed limitations on the use of these net operating loss carryforwards (NOLs). During 2009, the Company performed an IRC 382 study and determined that an ownership change had occurred. As a result of the ownership change, the amount of federal NOL available for future use is $41,613, consisting of annual federal limitations of $6,294 for the next five years and $634 for each year thereafter. The Company has determined there are also limitations on the state net operating loss carryforwards, but has not completed the analysis to determine the amount of the limitation. For the three months ended September 30, 2010 and 2009, the Company has recorded income tax expense of $1,573 and $372, respectively, related to federal and state taxes. For the nine months ended September 30, 2010 and 2009, the Company has recorded income tax expense of $3,756 and $574, respectively, related to federal and state taxes.
During the nine months ended September 30, 2010, the Company earned net income of $2,599 compared with a net loss of $12,207 during the nine months ended September 30, 2009. Net cash provided by operations during the nine months ended September 30, 2010 was $14,289 as compared to the net cash used by operations during the nine months ended September 30, 2009 of $2,937. Principal payments on current long-term debt, short-term debt, short-term debt to a related party and capital lease obligations over the next 12 months are expected to total $2,170.
Cash and cash equivalents totaled $4,912 at September 30, 2010 versus $2,240 at December 31, 2009. Working capital deficit at September 30, 2010 was $25,752 compared to $28,596 at December 31, 2009. Net cash used by investing activities totaled $1,562 for the period ended September 30, 2010, compared to $2,673 for the period ended September 30, 2009.
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