Of our closed out positions on the Blog, since inception, we have had 71 winners, 17 losers for an 80.7% win-rate with an average gain of 38.4%.
Since we now have only 5 stocks in our “portfolio” we will be discontinuing the portfolio performance metrics in 2017. We will continue to update on the remaining stock positions individually in 2017.
PRSS. Lloyd Miller who owns 20% of PRSS has had enough. He filed a Form 13D/A in November pushing for a sale of the company. About time. I doubt we will get out with a profit, but it is possible.
AVID announced Q3 earnings. Not bad, not great but the market seemed to like them. Revenue was $105.3 million compared to $119 million last year which included $12 million of the SEC mandated accounting BS. GAAP net income was $72,000 compared to $9.1 million (including the $12 million noted above. Adjusted EBITDA was $11.4 million compared to $5.5 million last year. Q4 guidance is revenues between $103 million and $113 million and adjusted EBITDA of $14 million to $20 million. My valuation crept up to $16.95 from $16.50. Still a Buy here. https://finance.yahoo.com/news/avid-technology-announces-q3-2017-210500993.html
SYNC reported Q3 2017 earnings. They were good in my opinion, but they released into a bad market day and no one seems to care. Revenues were up 14% to $36.3 million from $31.7 million last year and $31.2 million last quarter. On a Non-GAAP basis they lost about $500,000 even though they reported a profit which included a gain on the sale of an investment of $1.9 million. Net cash fell about $1.5 million to $16.5 million. My valuation rose to $5.81 from $5.32. The best part was that their Q4 guidance is revenue of $46 to $51 million and adjusted EBITDA of $2 to $4 million ($1.8 million this quarter). If they hit the low end of the guidance my valuation will jump to over $7.50 a share. I guess nobody believes it because the stock did nothing. Still a BUY around $2.50. https://finance.yahoo.com/news/synacor-delivers-14-percent-revenue-210500361.html
ATEC announced final Q3 earnings. About as pre-announced. Revenues were $23.1 million compared to $26.7 last year and they lost $3.1 million compared to $13.7 million last year. Adjusted EBITDA was $1.1 million compared to $.7 million last year. Cash was down to $15.4 million down from $19.1 million at June 30th. They received $1.7 million after the quarter from warrant exercises and expect $3.5 to $4 million before 1/1/2018 from the Nuvasive guys. My valuation came in at $5.93 down from the previous $7.42. They did not give guidance other than to say next quarters sales should be higher. I think my valuation for ATEC is very conservative, but it needs to start rising over the next couple of quarters or I may have to sell it. HOLD. https://finance.yahoo.com/news/alphatec-holdings-inc-host-earnings-173000250.html
.November 2017 Legacy Positions:
Share Current Lifetime Current Price to Prior
Stock Cost Price Gain Value Value Value
BLIN $19.76 $2.59 (87%) $7.01 37% $7.20
SYNC $2.56 $2.45 (4%) $5.81 42% $5.32
PRSS $4.01 $1.81 (55%) $5.37 34% $6.49
ATEC $7.06 $2.62 (63%) $5.93 44% $7.42
AVID $8.35 $6.73 (19%) $16.95 40% $16.50