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Wednesday, 3 December 2003
December 3, 2003 Kensey Nash (KNSY)
Hello Friends! Thanks for stopping by. Please feel free to make yourself home here and browse through the various posts that you can find through the calendar on the left...just click on the dates and enjoy! Almost sounds like some kind of financial theme park? Anyhow, please do remember to discuss any ideas you may extract from this website with your financial advisor as it may or may not be suitable for your investment needs, and may or may not be profitable!

First, I got around some of the sitebuilder issues yesterday and sat at the iMac at my local coffee house and updated the main website. You can click on the link to the left of the BLOG to get there. Secondly, as my previous post reveals, I broke my resolve to stay at 25 stocks and purchased 400 shares of Kensey Nash this morning. Don't worry, it is actually DOWN a bit from where I bought it as I write, so my timing isn't perfect, and if after consultation, you feel you would like to buy some, looks like you may get and even BETTER price than me!

Currently KNSY is trading at $22.20 up $.63 or 2.92% on the day. According to money.cnn.com, KNSY "...designs, develops, manufactures and processes biomaterials products for the orthopedics, cardiology, drug/biologics delivery, dental and wound care markets."

On October 15, 2003, KNSY reported their first quarter results. This was carried by PRNewswire-First Call and reported by Yahoo.com. For the quarter ended September 30, 2003, total revenue was $12.4 million vs $8.9 million last year. Operating Income was $3.0 million vs $1.8 million last year and earnings/share were $.20 vs $.13 last year. These are all nice results from my perspective.

Looking at Morningstar.com for the "5-Yr Restated" results, we find that revenue has grown from $16.2 million in 1999, $19.8 million in 2000, $23.2 million in 2001, $29.0 million in 2002 and $44.0 million in 2003.

Earnings, however, have grown less rapidly from $.43/share in 1999 to $.76/share in 2003.

Free cash flow has been improving recently from $2 million in 2001 to $10 million in 2003. The Balance sheet looks beautiful with $15.0 million in cash per Morningstar, more than enough to pay off both the current liabilities of $6.1 million and long-term liabilities of $0.2 million combined. In addition, they report $50.4 million of other current assets.

Looking at Yahoo.com, we find that this is a small company with a market cap of $251.05 Million, the trailing p/e is reasonable at 26.29 (in my opinion), and the forward p/e (based on year ending 6/05) is at 21.79. However, with the fast growth rate, we find that the PEG ratio is at 0.90. Price/sales a bit steeper at 5.16.

There are only 11.45 million shares outstanding and 10.30 million of them that float. There are a LOT of shares out short as of 10/10/03 at 1.07 million, representing 10.4% of the float or 5.487 trading days. This is actually an improvement from the prior month when 1.12 million shares were reported out short per Yahoo. No dividend is paid.

I like this stock a lot. The growth is there, and the p/e is reasonable in the 20's with a PEG under 1.0. I am concerned that the stock price has not been as strong as the numbers seem to warrant and we shall certainly stay with our 8% stop and unload if the stock does not move in the right direction. As I have already noted, I am now a stockholder of this company, having purchased 400 shares this morning!

Please remember to consult with your investment advisor prior to taking any investment decision based on information presented on this website. You know I worry about you guys!

Thanks again for stopping by and if you have any questions, comments, or words of encouragement, please drop me a line at bobsadviceforstocks@lycos.com

Bob


Posted by bobsadviceforstocks at 11:52 AM CST | Post Comment | Permalink

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