ALANCO TECHNOLOGIES INC. (ALAN, Financial) filed Annual Report for the period ended 2009-06-30.
Alanco Technologies Inc./TSI PRISM is the leading provider of RFID real-time tracking technologies for the corrections industry. TSI PRISM systems track and record the location and movement of inmates and officers resulting in enhanced facility safety and security and significant staff productivity improvements. Utilizing proprietary Radio Frequency Identification tracking technology TSI PRISM provides real-time inmate and officer identification location and tracking both indoors and out and is currently utilized in prisons in Michigan California Illinois Ohio Missouri and Virginia. The Company also participates in the data storage industry through its wholly owned subsidiary Excel/Meridian Data Inc. a manufacturer of Network Attached Storage systems. Excel delivers uniquely scalable manageable and cost-effective storage solutions for all network storage customers. Alanco Technologies Inc. has a market cap of $13.2 million; its shares were traded at around $0.44 with and P/S ratio of 0.7.
On September 15, 2009 the Company announced that it had completed a financing with several independent accredited investors. The financing was comprised of the sale of 135,000 shares of convertible Series E Preferred Stock. The proceeds received by the Company from the offering were $541,000, net of approximately $62,000 in related expenses. The Series E shares accrue a 5% cash dividend and are convertible into twelve (12) shares of the Company’s Class A Common Stock. The Powers, Preferences, Rights and Limitations of the Series E Preferred Stock were included as attachments to an 8-K filed September 17, 2009. See Shareholders’ Equity footnote to the Notes to Consolidated Financial Statements for the fiscal year ended June 30, 2009 contained in Item 8 of this 10-K for additional discussion of the Series E Preferred Stock.
Backlog Orders - The Company operates using system order contracts that it considers to be firm and non-cancelable and extended maintenance contracts not longer than twelve months. Under this method, the Company had an order backlog as of June 30, 2009 of approximately $700,000. That backlog does not consider the estimated revenue from 19 U.S. Immigration Detention Facilities, previously announced by the Company, which are currently being designed and planned under an award to Northrop Grumman Corporation to provide RFID inmate tracking systems. At June 30, 2008, the backlog order value was approximately $5.5 million. Research & Development - The Company estimated that the ATSI operations spent approximately $400,000 in research and development expenditures, recorded as selling, general and administrative expense, during fiscal years 2009 and 2008, respectively.
Backlog Orders - The Company operates using order contracts that it considers to be firm and non-cancelable. Under this method, the Company had unfulfilled contracts as of June 30, 2009 and 2008 of approximately $8.5 and $8 million, respectively. Research & Development - The Company estimates it spent approximately $300,000 and $250,000 in research and development expenditures, recorded as selling, general and administrative expense, in fiscal years 2009 and 2008, respectively.
Research & Development - The Company estimates it spent approximately $75,000 and $100,000 in research and development expenditures, recorded as selling, general and administrative expense, for fiscal years 2009 and 2008, respectively.
The Company was notified by Nasdaq on September 15, 2009 that the Company failed to comply with the minimum bid price of $1.00 per share requirement for continued listing as set forth in NASDAQ Marketplace Rule 4310 (c) (4) (the “Rule”). Therefore in accordance with the Rule, the Company will be provided 180 calendar days or until March 15, 2010, to regain compliance. If the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive trading days, NASDAQ Staff will provide written notification that it complies with the rule. If compliance with this Rule cannot be demonstrated by March 15, 2010, Staff will determine whether the Company meets the NASDAQ Smallcap Market initial listing criteria as set forth in Marketplace Rule 4310 (c), except for the bid price requirement. If it meets the initial listing criteria, Staff will notify the Company that it has been granted an additional 180 calendar days to meet the $1.00 minimum bid price requirement. If the Company is not eligible for an additional compliance period, Staff will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal Staff’s determination to delist its securities to a Listing Qualification Panel.
Read the The complete ReportALAN is in the portfolios of Robert Bruce of Bruce & Co., Inc..
Alanco Technologies Inc./TSI PRISM is the leading provider of RFID real-time tracking technologies for the corrections industry. TSI PRISM systems track and record the location and movement of inmates and officers resulting in enhanced facility safety and security and significant staff productivity improvements. Utilizing proprietary Radio Frequency Identification tracking technology TSI PRISM provides real-time inmate and officer identification location and tracking both indoors and out and is currently utilized in prisons in Michigan California Illinois Ohio Missouri and Virginia. The Company also participates in the data storage industry through its wholly owned subsidiary Excel/Meridian Data Inc. a manufacturer of Network Attached Storage systems. Excel delivers uniquely scalable manageable and cost-effective storage solutions for all network storage customers. Alanco Technologies Inc. has a market cap of $13.2 million; its shares were traded at around $0.44 with and P/S ratio of 0.7.
Highlight of Business Operations:
The Company was notified by Nasdaq on September 15, 2009 that the Company failed to comply with the minimum bid price of $1.00 per share requirement for continued listing as set forth in NASDAQ Marketplace Rule 4310 (c) (4) (the “Rule”). Therefore in accordance with the Rule, the Company will be provided 180 calendar days or until March 15, 2010, to regain compliance. If the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive trading days, NASDAQ Staff will provide written notification that the Company complies with the rule. If compliance with this Rule cannot be demonstrated by March 15, 2010, Staff will determine whether the Company meets the NASDAQ Smallcap Market initial listing criteria as set forth in Marketplace Rule 4310 (c), except for the bid price requirement. If it meets the initial listing criteria, Staff will notify the Company that it has been granted an additional 180 calendar days to meet the $1.00 minimum bid price requirement. If the Company is not eligible for an additional compliance period, Staff will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal Staff’s determination to delist it securities to a Listing Qualification Panel.On September 15, 2009 the Company announced that it had completed a financing with several independent accredited investors. The financing was comprised of the sale of 135,000 shares of convertible Series E Preferred Stock. The proceeds received by the Company from the offering were $541,000, net of approximately $62,000 in related expenses. The Series E shares accrue a 5% cash dividend and are convertible into twelve (12) shares of the Company’s Class A Common Stock. The Powers, Preferences, Rights and Limitations of the Series E Preferred Stock were included as attachments to an 8-K filed September 17, 2009. See Shareholders’ Equity footnote to the Notes to Consolidated Financial Statements for the fiscal year ended June 30, 2009 contained in Item 8 of this 10-K for additional discussion of the Series E Preferred Stock.
Backlog Orders - The Company operates using system order contracts that it considers to be firm and non-cancelable and extended maintenance contracts not longer than twelve months. Under this method, the Company had an order backlog as of June 30, 2009 of approximately $700,000. That backlog does not consider the estimated revenue from 19 U.S. Immigration Detention Facilities, previously announced by the Company, which are currently being designed and planned under an award to Northrop Grumman Corporation to provide RFID inmate tracking systems. At June 30, 2008, the backlog order value was approximately $5.5 million. Research & Development - The Company estimated that the ATSI operations spent approximately $400,000 in research and development expenditures, recorded as selling, general and administrative expense, during fiscal years 2009 and 2008, respectively.
Backlog Orders - The Company operates using order contracts that it considers to be firm and non-cancelable. Under this method, the Company had unfulfilled contracts as of June 30, 2009 and 2008 of approximately $8.5 and $8 million, respectively. Research & Development - The Company estimates it spent approximately $300,000 and $250,000 in research and development expenditures, recorded as selling, general and administrative expense, in fiscal years 2009 and 2008, respectively.
Research & Development - The Company estimates it spent approximately $75,000 and $100,000 in research and development expenditures, recorded as selling, general and administrative expense, for fiscal years 2009 and 2008, respectively.
The Company was notified by Nasdaq on September 15, 2009 that the Company failed to comply with the minimum bid price of $1.00 per share requirement for continued listing as set forth in NASDAQ Marketplace Rule 4310 (c) (4) (the “Rule”). Therefore in accordance with the Rule, the Company will be provided 180 calendar days or until March 15, 2010, to regain compliance. If the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive trading days, NASDAQ Staff will provide written notification that it complies with the rule. If compliance with this Rule cannot be demonstrated by March 15, 2010, Staff will determine whether the Company meets the NASDAQ Smallcap Market initial listing criteria as set forth in Marketplace Rule 4310 (c), except for the bid price requirement. If it meets the initial listing criteria, Staff will notify the Company that it has been granted an additional 180 calendar days to meet the $1.00 minimum bid price requirement. If the Company is not eligible for an additional compliance period, Staff will provide written notification that the Company’s securities will be delisted. At that time, the Company may appeal Staff’s determination to delist its securities to a Listing Qualification Panel.
Read the The complete ReportALAN is in the portfolios of Robert Bruce of Bruce & Co., Inc..
