Tough market but I’ve made a point to add WRLS. The company provided convincing results just reported on April 29. I will make it short for tonight so these are some major points that convinced me to introduce.
Recurring service revenue up 24% year over year
Board increased stock repurchases to 5 million
Balance sheet continues to improve increasing cash balance to 23.8 million
Recent diversified group of insider buying as the quiet period is over after the results were reported on April 29.
9.189 million was expended on share buybacks from 09/30/08 to 06/30/09 with share prices ranging from $1.40 to a high of $2.00. These were large buybacks at very opportunistic prices as the current price over $3.00 and enterprise value of $2.00.
Total shares count was reduced from 2004 compared the current TTM.
Margin expansion
YOY quarterly revenue growth of 20.90%
Cash is 65% of price.
Total debt reduced from 2007 and 2005 versus the current obligations
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