RIMG: Rimage Corporation

What makes this stock appealing?

High ROIC, Earnings Yield, recent insider buying, down 19% over the prior 52 weeks

RIMG: 06-09 average ROIC = 10.65%

18%= Earnings yield = EBITDA – average capital expenditures over past 4 years/EV

52 week change negative -19%

Slight Share count reduction over the past 3 years

Recent insider buys ~ 5, 000 shares purchased ~15 over the past week

SGA/Sales = 27%

SGA/GP = 56%

Interesting Value based insider Activity reported 06/08/11

Quotes on all the stocks below

BLD:  Baldwin Technology:

2,800 shares purchased @ 1.35

Chairman : NATHE GERALD A

http://shadowstock.blogspot.com/search?q=bld

BWS: Brown Shoe Company,

3,000 Shares Purchased @ 1.90

Pres. & Chief Executive Offcr. : SULLIVAN DIANE M

http://shadowstock.blogspot.com/search?q=bws

CKEC: Carmike Cinemas,
3,750 Shares purchased @ 6.81
6,250 Shares purchased @ 6.76
President and CEO : PASSMAN S DAVID III

http://shadowstock.blogspot.com/search?q=ckec

DWCH: Datawatch Corporatio

1,250 Shares purchased @ 5.57
2,000 Shares purchased @ 5.52
10% Ownership  and vice chairman : MAHONEY DAVID

http://shadowstock.blogspot.com/search?q=dwch


ELSE: Electro-Sensors,
500 shares purchased @ 4.54
10% Ownership : Swenson Nicholas John

http://shadowstock.blogspot.com/search?q=else


ESCA: Escalade,
500 shares purchased @ 5.75
10% Ownership : GRIFFIN ROBERT E

http://shadowstock.blogspot.com/search?q=esca

MPET:
25,000 shaes purchased @ 1.59
10% Ownership : PETTIROSSI RONALD
 
http://shadowstock.blogspot.com/search?q=mpet
 
MERC: Mercer International
30,000 shares purchased @ 12.00
10% Ownership : WITTS GRAEME
 
QBAK: Qualstar Corporation
4,816   shares purchased @ 1.80
President & CEO : GERVAIS WILLIAM J
 
RIMG: Rimage Corporation

1,000 shares purchased @ 13,81
 President & CEO : Black Sherman L

http://shadowstock.blogspot.com/search?q=rimg

TBAC:

18,737 shares purchsed @ 1.90
16,118 shares purchsed @ 1.90

Chief Accounting Officer : Talley Joseph Charles Jr

http://shadowstock.blogspot.com/search?q=tbac

CLUB: Town Sports Internat

900 shares purchased @ 6.50
10% Ownership : BRUCKMANN BRUCE

http://shadowstock.blogspot.com/search?q=club


VHI: Valhi, Inc. 
15,000 shares purchased @ ~ 43.40
Chairman of the Board : SIMMONS HAROLD C

http://shadowstock.blogspot.com/search?q=vhi

Notable reported insider Micro Value Buys 08/22/11

ICCC :  ImmuCell Corp.  10% Ownership : Tomsche David Scott   (Industry= Diagnostic Substances ) 15,000  shares purchased for $87,000 @5.80 

Strong recent diversified group of insider purchases.

Previous mentions:

http://shadowstock.blogspot.com/search?q=iccc

Market Cap: 19.32M

Enterprise Value: 16.03M

RIMG:  Rimage Corp.    Chief Financial Officer : Stewart James R    (Industry =  Computer Peripherals) purchased   1,000 shares for $13,155  @13.18

Market Cap: 129.55M
Enterprise Value: 5.83M

Previous mentions

http://shadowstock.blogspot.com/search?q=rimg

WLFC: Willis Lease Finance    SVP, Chief Financial Officer : Forsyth Bradley Stew    (Industry = Rental & Leasing Services) purchased   500 shares for $4,095 @ 8.19

CRC: Chromcraft Revington    CEO : Butler Ronald H   (Industry =Home Furnishings & Fixtures) purchased    1,500 shares for $1,830  @ 1.22

Intrinsic Value greater than Market Price

Relative valuation is one method of valuation that compares the stock/company valuation to similar competitors or as I did in the previous days post to the company’s historical valuation.


http://www.shadowstock.com/121910ReviewPost.html

But with the market more normalized or even stretched valuations the intrinsic value becomes more critical and useful in buying a business/stock at an opportunistic price. When I say intrinsic value as most of you know the valuation method is just a discount of the future cash flows. So a company is worth the present value of future cash flows the company can produce.

So for this post I’m focused on future free cash flow coupled with other important metrics to create a margin of safety.

Discount rates, estimated timing and amount of future cash flows are next to impossible to determine with 100% certainty. Modifying any of the inputs will dramatically change the valuation. This is why many value investors correctly in my opinion focus on the balance sheets as opposed to projecting future earnings.

So this is how I began my pool of stocks to mine for companies selling below intrinsic value.

Strong balance sheet and shareholder friendly capital structure; Enterprise value (Price + Total Debt) – Cash/Price <1.20 or specifically from 1.15(HWG) down to .42 (RIMG); Stable or reduced share count over the past few years, Reduction of total debt from 2007 compared to the TTM

Only companies with top line growth as measured by quarterly YOY revenue growth

Free Cash flow measures that justifies stock trading below the intrinsic value or PV of future FCF

At this point FCF was my focus. The future free cash flow measure helps justify the stocks trading below the intrinsic value or PV of future FCF.

These were some of the ideas that met all the above criteria along with additional metrics.

EVI: EnviroStar, Inc (1.06 to 1.20 days range on 12/17/10)

Current EBITDA+Average 4 year Capital Expenditures/EV= 24.262%

Average FCF over the past 3 years divided by the current enterprise value = 23.3193%

Average FCF over the past 5 years divided by the current enterprise value = 23.32%

HWG: Hallwood Group Inc. (26.47 to 26.50 days range on 12/17/10)

Current EBITDA+Average 4 year Capital Expenditures/EV= 41.35%

Average FCF over the past 3 years divided by the current enterprise value = 29.95%

Average FCF over the past 5 years divided by the current enterprise value = 17.12%

GPIC: Gaming Partners International Corporation (5.81 to 5.98 days range on 12/17/10)

Current EBITDA+Average 4 year Capital Expenditures/EV= 23.42%

Average FCF over the past 3 years divided by the current enterprise value = 16.50%

Average FCF over the past 5 years divided by the current enterprise value = 5.50%



TRCI: Technology Research Corp (3.57 to 3.60 days range on 12/17/10)



Current EBITDA+Average 4 year Capital Expenditures/EV= 20.38%

Average FCF over the past 3 years divided by the current enterprise value = 20.51%

Average FCF over the past 5 years divided by the current enterprise value = 15.39%



RIMG: Rimage Corporation (15.80to 16.11 days range on 12/17/10)

Current EBITDA+Average 4 year Capital Expenditures/EV= 14.13%

Average FCF over the past 3 years divided by the current enterprise value = 16.97%

Average FCF over the past 5 years divided by the current enterprise value = 20.06%

AHCI: Allied Healthcare International (2.54to 2.60 days range on 12/17/10)

Current EBITDA+Average 4 year Capital Expenditures/EV= 14.30%

Average FCF over the past 3 years divided by the current enterprise value = 9.05%

Average FCF over the past 5 years divided by the current enterprise value = 10.86%

Additional data on the above ideas

Click to view the stock quotes on the above ideas

Deep Value Data Minning:Share Count,Debt,Mean Reversion, Cash, GP% among other dimensions

Specific dimensions were selected in attempt to find companies with share holder friendly management.

Okay I got lazy tonight so click to see the ideas with useful decision making data

please click to view

Some of the filtered attributes over the 2007 to TTM periods  had

1) reduction in total debt

2) increase  in cash

3) reduction in share count

4)increase in GP%

5) decrease in price over the prior 3 months and 52 weeks

then I drilled down further and asked additional questions before introducing: These are a few for  tonight but will introduce more with additional information

MFLX: Multi-Fineline Electronix Inc

Industry= Printed Circuit Board
Current price = 20.21
Market Cap = 486.84M
EV = 388.24M

Mean Reversion Potential: 3 month return = -24%, 52 week return = -16%, 34% below 5 year high

Total Debt:  current balance = 174.06Ml reduced from the 2007  177.29M
Cash: current 98.62M increased from the  2007 62.09M balance
Share Count: 24.34M TTM slightly reduced from  24.83M for 2007
GP%: 13.6 % versus the 2007 rate of 9.2% but down from 2010, 2009 and 2008 of 16.10%,14,50%, and 14.30% respectively
EV/Sales: TTM =.90, 2010 = .91, 2009 = .93, 2008 = .50, 20007 = .98, 2006 =1.16
Revenue: YOY Quarterly increase was 36%

value based  institutional ownership (Royce & Kennedy)  and last  insider activity were sales at ~ 29 in May.

some additional candidates worth a look based on simultaneous increase in Cash, Lowering debt, lower share count, and improving GP% along with countless other positive and attributes.

AEY: ADDvantage Technologies Group Inc

Current  price = 2.57

Market: 26.14M
Enterprise Value : 29.74M
industry = Electronics Wholesale

UFI: Unifi Inc

Lexmark International Inc. (LXK)

Rimage Corporation (NasdaqGS: RIMG )

Deep Value Insider Purchases

RIMG: Rimage Corporation

"helps  businesses deliver digital content directly and securely to their customers, employees, and partners"

Market Cap : 83.72M and Enterprise Value: 16.93M 

At this time the market is placing a low valuation on the business. Yahoo has a current   enterprise value at 16.93 million if you add current liabilities it's closer to 37 million. So the market is giving us TTM sales of 82 million and 42 million in gross profit for a 16 million enterprise value or 37 including current liabilities.

The current market price is 8.26 per share versus per share value of current assets less current liabilities of 9.35. EV to book and sales are trading at historical lows. Current dividend yield is 8.20%

Last week insiders made some purchases

10/05/10 insider buys worth a closer look

Click to view quotes on the below small cap value reporting insider buys on 11/05/10


Additional data on the stocks below



IRIS:IRIS International IncInternational Inc

Industry = Scientific & Technical Instruments

Corp. VP, CMO : Ginsburg Philip reported purchase of 900 shares @ 9.86 on 11/05/10


Current price $9.86

SGA/GP = .64
SGA/Rev = .33
reasonable SGA expense

EV/S = 1.54

YOY Quarterly revenue growth = 19.50%

Short % Float = 3.90%

Average FCF over prior 3 years / current EV = 5.75%

CFFO/EV = 6.86%

EBITDA/EV = 7.35%

NTA % growth over the  past 12 months = 10.62%

Price/EV = 1.15

52 week % change = -6.45%

Share count reduction over the prior 3 years

Per Share Data
CFFO = 0.59
FCF = 0.47
Cash = 2.22 
EBITDA =   0.63
AR = 1.25


ITI: Iteris, Inc. Common Stock

EV = $55,746,800


10% Ownership : MILLER LLOYD I III:
 60,969 shares purchased at $1.41 reported  on 11/05/10

contiues to add to his position

FCF/EV = 14.20%


EV/Rev = 0.9432
EV = $55,746,800

SGA/Rev = .26
SGA/GP = .68

52 week change = -3.31%
Cash 24% of price
22% owned by insiders

(KONA) KONA GRILL INC

insiders continue to buy shares
Bakay Berke KONA GRILL INC 10% Ownership repored


RLH Red Lion Hotels CORP


more insider buying by Columbia Pacific Opportunity Fund
7,200 shares purchased @ 7.48- 7.99


DGSE : DGSE COMPANIES INC

more insider buying reported by 10% Ownership : NTR METALS

1,200 shares purchased @ 4.20-4.25

insider ownership = 37.59%

RIMG Rimage Corporation

more insider buying by two insiders

President & CEO : Black Sherman 2,000 shares reported purchased


Sr VP, Marketing & Strategy : Wells Christopher 330 shares reported purchased


 

 

Select Insider Purchases Reported 11/10/10

RIMG: Rimage Corporation Sr VP, Marketing & Strategy : Wells Christopher reported 170 shares @ 15.40
continued buying over the past two weeks, cash is 68% of the price, EV per share is 6.69
YOY quarterly revenue change was 12.50%

RLH: Red Lions Hotels Corporation 22,105 shares were reported purchased by 10% Ownership : Columbia Pacific Opportunity Fund at ~ 7.50

DGSE    DGSE Companies  (Jewlery Stores); 2,400 shares reported purchased @ ~ 4.40
by 10% Ownership : NTR METALS, LLC

QLTI    QLT Inc., a biopharm    Biotechnology 4,300 shrares @ 5.60 by 10% Ownership : AXIAL CAPITAL MANAGEMENT, LLC

Relative Valuation

Relative valuation: estimates the value of an asset (company) by looking at the pricing of comparable assets relative to a common variable like earnings, cash flow book value or sales. The main focuses for this short post are companies with relative discounted valuation using their historical results in an attempt to find potential discounts to normalized results.


I started with companies below 100 million. At that point I only included strong balance sheets as evidenced by Enterprise value / Market Capitalization less than 1.60 and reducing total liabilities from 2007 to the TTM. Stable or reduced shares outstanding over the past 4 years were also included in this filter.

At this point I only accepted companies with a short balance as a percentage of float less than 5%. Enterprise to revenue less than 1.50 was also added. SGA (Selling General and administrative) /Revenue  less than .50 or 50% (SGA/Revenue <.50).

The list was now getting much smaller from the original .

But let’s now use this more focused list to further examine companies selling at a discount to their historical valuation (relative valuation) using sales and books to market capitalization. These balance sheet and income statement accounts are less susceptible to overly aggressive management.

The ideas below are extremely cheap based on the multiple financial metrics but please do the additional due diligence.

The next step was to include only companies with an average 2006 – 2009 P/S ratio less than the current TTM P/S and the average 2006 – 2009 P/B ratio less than the current TTM P/B.

HWG: The Hallwood Group Incorporated

Current Price on 12/02/ was $22.50 (36.9 Million)

EV per share = 28.52 (43.347 Million)

Average ROIC 06 to 09 was 4.5% , TTM ROIC is 26.66%

Average P/S 06 to 09 was .80 , TTM is .20

Average P/B 06 to 09 was 1.78 , TTM is .50



ITI: Iteris, Inc

Current Price on 12/02/ was $1.47 (51.15 Million)

EV per share = 1.58 (54.10 Million)

Average ROIC 06 to 09 was 13.19% , TTM ROIC is 4.50%

Average P/S 06 to 09 was 1.50 , TTM is .9

Average P/B 06 to 09 was 2.23 , TTM is 1.0



GPIC: Gaming Partners International

Current Price on 12/02/ was $5.88 (48.48 Million)

EV per share = 4.38 (35.90 Million)

Average ROIC 06 to 09 was 6.77% , TTM ROIC is 12.53%

Average P/S 06 to 09 was 1.15 , TTM is .8

Average P/B 06 to 09 was 2.10 , TTM is 1.2


There were a few additional candidates for example RIMG ($15.28), INOD ($3.01), ADGF ($4.50), NATH ($15.99), EVI ($1.08),SVT ($8.93),SPRO($2.29), HSKA($.44),ELSE ($4.07)

Click to get quotes and additional data from Yahoo

Intrinsic Value ... Why Bother

A repost of my recent Gurufocus article

http://www.gurufocus.com/news/180131/intrinsic-value--why-bother

Calculating intrinsic value is great if it was dependable and possible to calculate accurately. The 1938 thesis by John Burr Williams, "The Theory of Investment Value," was groundbreaking and introduced us to fundamental analysis. He proposed calculating intrinsic value of a stock by discounting all future cash flows to the present. No argument, as investors we know this.

But chances are we don't come close to the true present value as the future is speculative. Change any of the inputs and we get widely different present value calculations. The timing of future cash flows, growth rates, discount rates, future shares outstanding or future debt, terminal value and ultimately the market's interpretation of its risk and fair value.

So what can we do? Give up? No. We can try to reduce the portion of our investment thesis that's based on forecasting or speculating. Lets attempt to increase our odds of determining fair value at least in the short term. We could try a few approaches. But for this article I'm going to lean on the teachings of Ben Graham. We all know this is not the only approach to reach for alpha.

Having said that we will start with the balance sheet. This starting point to determine fair value is easier in comparison to forecasting future cash flow, discount rates, growth rates and the other inputs: cash, receivables, inventory, prepaid expenses, property plant and equipment, long-term investments.

So if we can come up with a reasonable fair value of these assets and compare it to our liabilities we may be a step closer. Once we make adjustments like the fair value of real estate, equipment or inventory, and then include our liabilities, we have a number. That number is kind of like book value but adjusted up or down for fair market value of real estate and the certainty of items like cash or net receivables. Once we have a value we will compare that value against the market's value for the stock.

The difference between step one of our more certain estimate versus the market must be reconciled and challenged. Can this variance be justified by our intrinsic value estimates of future cash flows discounted to the present? So the market is assigning a premium or discount versus our step-one calculations using the balance sheet. Hopefully, this will help us to uncover over-looked value with more certainty and make the discounting future cash flow a more reasonable and useful portion of the valuation process.

Joel Greenblatt made the point to his students that if you can find a company that is undervalued, in time the market will recognize and adjust. Two examples of Ben Graham-like stocks that reported additional insider buying (06/18/12) and are sitting on assets that could prove the markets value as temporary insanity:

The LGL Group (LGL) was founded in 1917. LGL manufactures electronic components.

The per-share current book value is $9.65. But within that $9.65 book value per share is cash of $5.15, net PPE of 1.79, inventory of 2.24, and AR of 1.83. Furthermore, current assets less current liabilities is $6.62 per share. current price is $6.52.

Real estate owned: One building in Orlando Florida along with 7 acres of land. Two buildings in Yankton, South Dakota, located on 11 acres of land.

Market Cap: $17.93M

Enterprise Value: $7.82M

Historical low valuations based on EV/Sales at .33 and EV/Book at .45. coupled with strong insider buying.

Rimage Corporation (RIMG)

"Helps businesses deliver digital content directly and securely to their customers, employees and partners"

Market Cap: $83.72M

Enterprise Value: $16.93M

At this time the market is placing a low valuation on the business. Yahoo says it has a current enterprise value of $16.93 million; if you add current liabilities it's closer to $37 million. So the market is giving us TTM sales of $82 million and $42 million in gross profit for a $16 million enterprise value or $37 million including current liabilities.

The current market price is $7.87 per share versus per-share value of current assets less current liabilities of $9.35. EV to book and sales are trading at historical lows. Current dividend yield is 8.20%.

The second week of June insiders made additioinal purchases.

Value Based Insider Buying (08/11/11)

Quotes on the stocks below

RIMG: Rimage Corporation    President & CEO : Black Sherman purchased 1,000 shares for $13,017 @ 13.02

Industry = Computer Peripherals   

EV/Revenue = .14

YOY Quarterly revenue change = -9.50%

Market Cap: 130.29M

Enterprise Value : 3.85M

Gross Profit (ttm): 43.51M

EBITDA (ttm): 13.82M

ITI : Iteris, Inc.   10% Ownership : MILLER LLOYD I  purchased 5,300 shares for $ 5,671 @ 1.07  Industry = Communication Equipment

Sr. Vice President : MCKHANN GREG   Purchased 8,000 shares for $ 8,750 @ 1.10        

KSWS :   K-Swiss Inc.  10% Ownership : LOUIE MARK      500 shares purchased for $ 3,365 @ 6.73 Industry = Textile - Apparel Footwear & Accesso   

RT:  Ruby Tuesday, Inc.   10% Ownership : CLAYTON KEVIN T     5,000 shares purchased for    $38,750  @7.75 Industry = Restaurants

SYNL: Synalloy Corp.  CEO & President : BRAM CRAIG C  (Industry = Steel & Iron)    363 shares purchased for  $3,636 @ 10.13

CENX :  Century Aluminum Co.    10% Ownership : Glencore AG    (Industry =  Aluminum)    503,343 shares purchased for $4,686,123 @ 9.31

HNH : Handy &Harman Ltd.     10% Ownership : SPH Group Holdings LLC    13,826 shares purchased for   $173,109 @12.05    

          

Micro Cap Value with annual improving financials and negative one year price returns

My focus covered the time period 2008/2007 up to the current period. Only companies reducing debt, buying back shares, increasing their cash balance and having a one year drop in their stock price.

Click for quotes on the stocks below


VSNT: Versant Corporation

Current price = 11.60

Average FCF from 2008 to the TTM/Current Enterprise value =56.65%
Average ROIC 2008 to the TTM = 13.78%
Total liabilities reduced from 2008 compared to the TTM
Positive net insider buying
YOY quarterly sales increase of 22.80%
Share buybacks 2007 to 2010

Prior mention of VSNT:

Market Cap: 34.25M
Enterprise Value: 10.44M
Enterprise Value/Revenue: 0.63
Enterprise Value/EBITDA: 5.04
Revenue: 16.67M
Qtrly Revenue Growth (yoy): 22.80%
Gross Profit (ttm): 13.65M
Total Cash: 23.14M
Total Cash Per Share: 7.84
Current Ratio: 6.01
Book Value Per Share: 10.93
52-Week Change: -2.85%52-Week High (Jan 28, 2011)3: 14.22
52-Week Low (Aug 24, 2011)3: 9.96
50-Day Moving Average: 10.90
200-Day Moving Average: 12.33
Shares Outstanding: 2.95M
Float: 2.32M
% Held by Insiders: 9.32%
% Held by Institutions: 27.50%


AIRT: Air T, Inc
Current  Price = 7.71

Prior Mention of AIRT

Average FCF from 2008 to the TTM/Current Enterprise value =19.39%
Average ROIC 2008 to the TTM = 13.46%
Total liabilities reduced from 2008 compared to the TTM
Slight positive net insider buying
YOY quarterly sales increase of 10.20%
Share buybacks 2007 to 2010

Market Cap: 18.86M
Enterprise Value: 12.30M
Trailing P/E: 9.38
Price/Book (mrq): 0.73
Enterprise Value/Revenue: 0.14
Enterprise Value/EBITDA: 3.52
Revenue: 84.90M
Qtrly Revenue Growth: 10.20%
Gross Profit: 14.29M
EBITDA: 3.50M
Total Cash: 6.66M
Total Cash Per Share: 2.72
Current Ratio (mrq): 4.99
Book Value Per Share (mrq): 10.60
52-Week Change: -14.05%
52-Week High(Jan 14, 2011)3: 10.50
52-Week Low(Aug 5, 2011)3: 5.78
50-Day Moving Average3: 7.98
200-Day Moving Average3: 9.00
Shares Outstanding5: 2.45M
Float: 2.33M
% Held by Insiders1: 4.87%
% Held by Institutions1: 25.50%

UTMD: Utah Medical Products Inc
Current Price = 26.05

Average FCF from 2008 to the TTM/Current Enterprise value =5.79%
Average ROIC 2008 to the TTM = 15.41%
Total liabilities reduced from 2008 compared to the TTM
Slight positive net insider buying
YOY quarterly sales increase of 65.30%
Share buybacks 2007 to 2010

Market Cap: 94.67M
Enterprise Value: 114.97M
Trailing P/E: 14.95
Price/Book: 2.38
Enterprise Value/Revenue: 3.89
Enterprise Value/EBITDA: 9.92
Revenue: 29.58M
Qtrly Revenue Growth (yoy): 65.30%
Gross Profit (ttm): 13.21M
EBITDA: 11.59M
Total Cash (mrq): 6.35M
Total Cash Per Share: 1.75
Current Ratio (mrq): 1.71
Book Value Per Share: 11.00
52-Week Change: -6.29%
52-Week High (Oct 7, 2010)3: 30.46
52-Week Low (Jul 21, 2011)3: 24.52
50-Day Moving Average3: 26.01
200-Day Moving Average3: 26.93
Shares Outstanding5: 3.63M
Float: 3.25M
% Held by Insiders1: 15.18%
% Held by Institutions1: 52.90%

BDR: Blonder Tongue Laboratories, In  
Current Price = 1.22

Average FCF from 2008 to the TTM/Current Enterprise value =3.08%
Average ROIC 2008 to the TTM = 2.35%
Total liabilities reduced from 2008 compared to the TTM
positive net insider buying
YOY quarterly sales decrease of -12.08%
Share buybacks 2007 to 2010

Market Cap: 7.58M
Enterprise Value: 9.52M
Trailing P/E: 8.97
Price/Book (mrq): 0.35
Enterprise Value/Revenue: 0.32
Enterprise Value/EBITDA: 4.62
Revenue: 29.85M
Qtrly Revenue Growth (yoy): -12.80%
Gross Profit: 12.26M
EBITDA: 2.06M
Total Cash: 1.46M
Total Cash Per Share: 0.24
Current Ratio (mrq): 6.02
Book Value Per Share: 3.53
52-Week Change: -38.69%
52-Week High (Nov 4, 2010)3: 2.84
52-Week Low (Aug 29, 2011)3: 1.12
Shares Outstanding5: 6.21M
Float: 3.62M
% Held by Insiders: 41.58%
% Held by Institutions: 11.10%

QUAD: Quad/Graphics, Inc.
Current Price = 21.07

Average FCF from 2008 to the TTM/Current Enterprise value =3.64%
Average ROIC 2008 to the TTM = 0%
Total liabilities reduced from 2008 compared to the TTM
positive net insider buying
YOY quarterly sales increase of  171%
Share buybacks 2007 to 2010

Market Cap: 996.38M
Enterprise Value: 2.60B
Price/Sales: 0.21
Price/Book: 0.68
Enterprise Value/Revenue: 0.55
Enterprise Value/EBITDA: 4.08
Revenue (ttm): 4.77B
Revenue Per Share (ttm): 101.20
Qtrly Revenue Growth (yoy): 171.50%
Gross Profit): 810.20M
EBITDA (ttm): 637.90M
Total Cash (mrq): 16.60M
Total Cash Per Share: 0.35
Current Ratio: 1.46
Book Value Per Share: 31.33
52-Week Change: -56.29%
52-Week High (Sep 24, 2010)3: 49.11
52-Week Low (Sep 6, 2011)3: 17.68
Shares Outstanding5: 47.29M
Float: 22.75M
% Held by Insiders1: 20.20%
% Held by Institutions1: 46.10% 

RIMG: Rimage Corp

Current Price = 14.02

Average FCF from 2008 to the TTM/Current Enterprise value =234%
Average ROIC 2008 to the TTM = 7.12%
Total liabilities reduced from 2008 compared to the TTM
positive net insider buying
YOY quarterly sales decrease of -9.5%
Share buybacks 2007 to 2010

Market Cap: 132.77M
Enterprise Value: 13.69M
Trailing P/E (ttm, intraday): 17.75
Price/Book (mrq): 1.01
Enterprise Value/Revenue: 0.15
Enterprise Value/EBITDA: 0.99
Revenue: 89.71M
Qtrly Revenue Growth: -9.50%
Gross Profit: 43.51M
EBITDA: 13.83M
Total Cash (mrq): 119.08M
Total Cash Per Share: 12.57
Current Ratio: 7.94
Book Value Per Share: 13.62
52-Week Change: -9.26%
52-Week High (Oct 19, 2010)3: 18.25
52-Week Low (Sep 6, 2011)3: 12.63
50-Day Moving Average3: 13.70
200-Day Moving Average3: 14.42
Shares Outstanding5: 9.47M
Float: 9.32M
% Held by Insiders1: 1.36%
% Held by Institutions1: 77.40%

SRDX:  SurModics Inc.
Current Price = 10.37

Average FCF from 2008 to the TTM/Current Enterprise value =6.36%
Average ROIC 2008 to the TTM = 2.22%
Total liabilities reduced from 2008 compared to the TTM
positive net insider buying
Share buybacks 2007 to 2010

Market Cap: 181.72M
Enterprise Value: 147.38M
Price/Sales: 2.66
Price/Book: 1.11
Enterprise Value/Revenue: 2.23
Enterprise Value/EBITDA: 11.45
Revenue: 66.18M
Revenue Per Share: 3.80
Qtrly Revenue Growth: -3.40%
Gross Profit: 60.47M
EBITDA: 12.87M
Total Cash: 34.35M
Total Cash Per Share: 1.96
Current Ratio: 6.73
Book Value Per Share: 9.01
52-Week Change: -5.12%
S&P500 52-Week Change3: 8.03%
52-Week High (May 16, 2011)3: 15.50
52-Week Low (Nov 16, 2010)3: 8.29
50-Day Moving Average3: 10.37
Shares Outstanding: 17.52M
Float: 12.91M
% Held by Insiders1: 17.26%
% Held by Institutions1: 54.70%