Earnings Updates 10/31/2014

Telecommunications Systems (TSYS) earnings update.

TSYS announced Q3 2014 (September 30, 2014) earnings after the close last night. Revenues were $95.3 million, down a tad from $96 million last year and adjusted EPS was $.05 the same as last year. Overall an OK quarter. Our valuation was $6.88 up from $6.81 last year and $6.12 last quarter. TSYS is trading at 47% of our valuation. Shares closed at $3.19 on 10/30. This is still a HOLD. We are up 133% on TSYS

Alphatec Holdings (ATEC) earnings update

ATEC announced Q3 2014 (September 30, 2014) earnings after the close last night. Revenues were $51 million compared to $50.2 million last year. Non-GAAP EPS was a loss of $.01 compared to a profit of $.01 last year. More significantly, EBITDA was up 22% from $6.7 to $8.2 million. Our valuation came in at $2.95 compared to the previous $3.00. ATEC closed at $1.57 on 10/30. ATEC is trading at 53% of our valuation. ATEC is still a BUY.

Synacor (SYNC) earnings update

SYNC announced Q3 2014 (September 30, 2014) earnings after the close last night. Revenues were $26.2 million down slightly from $26.5 million the prior year. They had a Non-GAAP loss of about $1.4 million compared to a loss of $.4 million last year. SYNC’s valuation rose from last quarter to $5.58, but was still lower than last years $6.01. Shares closed at $1.76 on 10/30. SYNC is trading at 32% of our valuation. SYNC is still a BUY.

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