Another of our private subscription stocks got bought out last night. ANGI got an offer from IAC Corp for $8.50 a share in cash or stock of the new company created by the merger of Home Advisor and ANGI.

ANGI stock soared past the buy-out price this morning and we sold it at $9.10.

PRIVATE SUBSCRIPTIONS

We stopped publishing our free weekly CSI Blog after 10 years of publishing at the end of 2015. We are following our 6 remaining open positions until the end.

In late 2015 we started offering a paid subscription service which is similar to the Blog, but we tell you exactly what stocks we bought—and sold every day, with a weekly summary of activity, open positions, how many shares we own and their valuations.

Here is the list of private subscriptions positions I have bought and sold since December 2015.

Syneron Med. 46% gain on Buy-Out

RocketFuel, 140% gain in 4 months

Lantronix, 135% gain

Undisclosed spinoff, 1% gain

HLIT, 74% gain on our remaining position

Ceragon, 48% gain

Imation, 31% gain

Mitel, 15% gain

SGI, 70% gain on BUY-OUT.

AVID, 55% gain (this was a trading position-in addition to our long-term holding)

HLIT, 85% gain. We sold 75% of our position here.

UVE, 36% gain.

ATEC, 71% gain. (This was a trading position-in addition to our long-term BLOG holding)

United Online, 6% loss (take-under)

If you are interested in becoming one of our private paid subscribers, please e-mail me at daveosowski@gmail.com. It is NOT CHEAP though.

We averaged a 58.4% gain on our 13 sold stocks (12 winners and 1 small loser) in our private portfolio since January 1, 2016. We have 19 open stock positions with 13 stocks up, and 6 down.

CSI FREE BLOG

Of our closed out positions on the Blog, since inception, we have had 70 winners, 17 losers for an 80.5% win-rate with an average gain of 38%.

Since we have only 6 remaining 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.

April 2017 Legacy Portfolio

One of our private subscription stocks, Syneron Medical (NASDAQ-ELOS) got a take-over offer from APAX this morning at $11 a share. While we thought the price was too low, we will take our 45% profit in just over 1 year and move on.

We stopped publishing our free weekly CSI Blog after 10 years of publishing at the end of 2015. We are following our 6 remaining open positions until the end.

In late 2015 we started offering a paid subscription service which is similar to the Blog, but we tell you exactly what stocks we bought—and sold every day, with a weekly summary of activity, open positions, how many shares we own and their valuations.

Here is the list of private subscriptions positions I have bought and sold since December 2015.

RocketFuel, 140% gain in 4 months

Networking company, 129% gain (sold 90% of holdings)

Undisclosed spinoff, 1% gain

HLIT, 74% gain on our remaining position

Ceragon, 48% gain

Imation, 31% gain

Mitel, 15% gain

United Online, 6% loss (take-under)

SGI, 70% gain on takeover.

AVID, 55% gain (this was a trading position-in addition to our long-term holding)

HLIT, 85% gain. We sold 75% of our position here.

UVE, 36% gain.

ATEC, 71% gain. (This was a trading position-in addition to our long-term BLOG holding)

If you are interested in becoming one of our private paid subscribers, please e-mail me at daveosowski@gmail.com. It is NOT CHEAP though.

We averaged a 58.2% gain on our 12 sold stocks (11 winners and 1 small loser) in our private portfolio since January 1, 2016 and are up 6.2% on our other 19 open positions (13 stocks are up and 6 are down).

.Here is our Blog portfolio track record since 2006:

Annual performance:

2016 +18.3%

2015   +8%

2014   +11.5%

2013   +47.9%

2012   +30.9%

2011   (.6%)

2010   +37.6%

2009   +88.9%

2008   (46.5%)

2007   +11.1%

2006   +14.4%

Average gain of 20.5%

Compound annual gain of 15.2%

Of our closed out positions on the Blog, since inception, we have had 70 winners, 17 losers for an 80.5% win-rate with an average gain of 38%.

Since we have only 6 remaining 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.

AVID announced Q4 2016 earnings. Decent I think. All numbers are Non-GAAP. Revenues were $105 million compared to $121 million last year and Operating income was $21.2 million compared to $13.6 million last year. Net debt increased $8 million from 9/30/2016 to $148 million. Our valuation came in at $18.54, down from $22.03. Guidance for Q1 is revenue of $100-105 million and EBITDA of $8-14 million. For the full year 2017 guidance is revenue of $405-$435 million and EBTDA of $45-$55 million. I see another year to get this up to a reasonable share price.

Alphatec reported Q4 2016 earnings. Revenues were $27.1 million compared to $26.7 million last quarter. They reported a loss of $4.7 million and Adjusted EBITDA was a loss of $2.2 million compared to $3.4 million positive EBITDA last year. My valuation fell to $16.50 from $18.78. There may have been some inventory write-offs in Q4, but it is not clear from the press release. I was expecting better. Again, I will wait another quarter or so, on this one.

ATEC also announced a “financing”. They are basically selling 9.2 million shares at $2. This knocked my valuation down to about $9 from $16.50. They are at the point where they have to cut their losses, or sell the company for $6 to $9 a share before it is worth nothing.

Synacor announced Q4 2016 earning. Not bad. Revenues were $34.9 million compared to $32.4 last year. They lost about $2 million (Non-GAAP). My valuation fell to $5.66 from $6.19. Gross margin fell from 54% to 48%–on seasonal product mix. Guidance for Q1 was weak. Revenues of $26 to $28 million and an EBITDA loss of $3 to $4 million which includes the AT&T startup costs. Full year 2017 guidance was much more encouraging, Revenues of $160 to $170 million and EBITDA of $6 to $10 million. So it looks like another couple of quarters until we actually see the AT&T impact, but then it should be dramatic. The conference call was upbeat and they announced a number of new deal wins. The analysts seemed pleased.

PRSS announced Q4 2016 earnings. The turnaround continues. Revenues were up 7.5% to $43.7 million Net income was $2.9 million compared to $.8 million last year. But 2016 earnings were increased by $1.8 million of accrual reversals from prior periods. My valuation fell from $10.68 in 2015 to $10.15. Not a big decrease, but still not going in the right direction. They have $2.63 of net cash which is around 90% of the stock price. This should be taken private as the market values the business at essentially nothing.

March 2017 Legacy Positions:

I sold another 25% of my position for a 167% gain. Combined the 2 trades netted 129%

I sold 50% of another stock yesterday and booked a 110% gain. I bought it at the end of last November.

If you would like to subscribe, please e-mail me at daveosowski@gmail.com for the details.

Last week we had one of our private subscription stocks jump 20% on earnings and another jump over 40% in one day on earnings.

Please e-mail me at daveosowski@gmail.com if you are interested in subscribing.

We sold 20% of one of our private subscriber stocks today. We think it may go higher yet.

If you are interested in our private subscription service, please e-mail me at daveosowski@gmail.com

We have sold 10 of our private positions in 2016 since December 2015 when we discontinued the Blog..

HLIT-74% gain on our remaining position

Ceragon-48% gain

Imation—31% gain

Mitel-15% gain

United Online-6% loss (take-under)

SGI—70% gain on takeover.

AVID-55% gain (this was a trading position-in addition to our long-term holding)

HLIT-85% gain. We sold 75% of our position here.

UVE-36% gain.

ATEC-71% gain. (This was a trading position-in addition to our long-term holding)

If you are interested in becoming one of our private paid subscribers, please e-mail me at daveosowski@gmail.com. It is NOT CHEAP though.

We averaged a 42.3% gain on our 10 sold positions in our private portfolio since January 1, 2016 and are up 7.2% on our other 19 open positions (13 stocks are up and 6 are down).

Here is our Blog portfolio track record since 2006:

Annual performance:

2016 +18.3%

2015   +8%

2014   +11.5%

2013   +47.9%

2012   +30.9%

2011   (.6%)

2010   +37.6%

2009   +88.9%

2008   (46.5%)

2007   +11.1%

2006   +14.4%

Average gain of 20.5%

Compound annual gain of 15.2%

Of our closed out positions on the Blog, since inception, we have had 70 winners, 17 losers for an 80.5% win-rate with an average gain of 38%.

Since we have only 6 remaining 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.

Concurrent announced Q2 (12/31/2016) earnings in February. They rebounded from a poor Q1. Our valuation snapped back to $13.83 from $9.49 in Q1 and $13.68 for Q2 2015. Revenues were $15.5 million, cash was $2.03 per share, EBITDA was $700,000 and the net loss was $88,000 and Non-GAAP net income was $220,000. Overall not bad. This company needs to be sold. It has traded at a discount for too long and management has shown no talent in getting the share price up.

Bridgeline announced Q1 (12/31/2016) results in February. Another disappointing quarter. Revenue fell from $4.2 million to $4 million while they managed to cut their net loss from $1.348 million to $.408 million. Our valuation fell from $1.53 to $1.38. It looks like their recurring revenue is now just shy of $7 million a year. With a market cap of about $14.5 million, we think this is still undervalued, but the persistent share dilution over the years (shares have doubled since 2009) and the decline in sales from about $24 million to the current $16 million or so, have killed this stock. Expect more of the same next quarter. We are holding on here in the hope of recouping some of our cost either on a buy-out, or maybe they actually start creating some value. Maybe we get lucky and the stock gets run up over $3.00 again like last year, even if only for a few hours.

February 2017 Legacy Positions:

In addition to the 10 stocks we have sold since we began offering private subscriptions, of which 9 have been winners with an average gain of 42%, below is the distribution of our 19 current portfolio holdings:

If you would like to subscribe, please e-mail daveosowski@gmail.com for the particulars.