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Tuesday, 3 June 2003
June 3, 2003 United Financial Mortgage UFM
It is far tooo late to be writing a BLOG but it is a long story. My son the high school senior had his buddy Craig over and they decided to teach me how to play a new type of Poker. Anyway, being down only about $2, I finished up and asked them if they wanted to learn more about stocks instead. I pulled up this CNN.money site and sure enough tried the AMEX since I had scanned the NYSE and NASDAQ earlier. Looking at stocks near $10, I saw United Financial Mortgage....and it pretty much fits the bill.

UFM had a great day...closed at $8.05 on volume of 139,400 shares (ave volume 6,545 shares.) Stock is of a SMALL company with market cap of $31.5 million. That is how much it would cost you if you bought ALL the shares!

Anyhow, the stock was up $1.25 for the day (representing an 18.38% gain!) Reasonably priced, it trades at a p/e of 11.53...but does not pay a dividend.

On March 17th, UFM announced results for the third quarter. Revenues, per Yahoo, "increased 148.6% to $15,879,449 from $6,388,773 for the quarter ended January 31, 2002. Net income rose 199.5% to $1,543,193 or $.39 per diluted share for the most recent quarter, as compared with $515, 330 or $.13 per diluted share for the corresponding period last year." This stock ROCKS. I mean these are HUGE numbers...what with all the refinancing and home purchase one can understand where THIS came from.

This is also a very YOUNG company so the risk is also increased....but probably so is the OPPORTUNITY. Looking at the last few years on Morningstar.com we find NO revenue in 1999, $10.9 million in revenue for 2000, $14.9 million revenue for 2001, and $22.6 million revenue for 2002. This is a 50% gain each year!! With $15 million reported for the latest quarter...this works out if we extrapolate to $60 million/year rate.

There are ONLY 4 million shares outstanding so this is a TINY company. Per Yahoo only 1.4 million shares float. The p/e is CHEAP, the news is GREAT and the stock is on fire. Sounds like a deal to me...I don't own any shares...but I am tempted to pick up some in the a.m. if there is something I need to sell....otherwise I will just need to sit on my HANDS! Good night everyone. Bob


Posted by bobsadviceforstocks at 10:38 PM CDT | Post Comment | Permalink

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