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Wednesday, 7 April 2004
April 7, 2004 Juno Lighting (JUNO)
Hello Friends! Thanks so much for stopping by. I hope that my commentary is helpful and stimulating in your thoughts about how to look at stocks for investment purchases. Please remember that I am an amateur investor, so PLEASE do your own investigations, I cannot be responsible for any of your investment decisions, and consult with your investment advisors.

The market is selling off today. I am sure that the Mid-East and Iraq situation is not reassuring the generally skittish investment crowd. I came across Juno Lighting (JUNO) which is going against the crowd and moving upwards today. I do not own any shares or have any options or leveraged postions in this equity. As I write, JUNO is trading At $33.50, up $3.15 or 10.38% on the day.

According to the money.cnn.com "snapshot" on Juno, their business' "...principal activities are to design, assemble and market a full line of recessed and track lighting fixtures for use in new construction and remodeling of commercial, institutional and residential buildings."

On March 24, 2004, JUNO announced 1st quarter 2004 results. Sales increased 16.9% to $50.9 million from first quarter 2003 sales of $43.5 million. Net income was $493,0000 ($.19/diluted share) compared to net income the prior year $13,000 ($.01/share).

Looking at the "5-Yr Restated" financials on Morningstar.com shows that revenue has been slowly but consistently growing from $160.9 million in 1998 to $194.0 million in the trailing twelve months. Earnings/share have been erratic but improved strongly the last few years from a loss of $(.71)/share in 2000 to a profit of $1.51/share in the trailing twelve months. Free cash flow has not been particularly growing the last few years but has remained consistently positive at $13 million in the trailing twelve months.

Balance sheet shows, per Morningstar, just $1.4 million in cash and $67.3 million in other current assets, plenty to cover the current liabilities of $37.2 million but the long-term debt of $304.6 million, while not due in the next twelve months, is of some concern. Hopefully, with the free cash flow, this will be reduced over time. At the same time, with the free cash flow being consistently positive, this does not appear to be an excessive burden for the company in my humble opinion.

I like to check "Key Statistics" on Yahoo for more information on the valuation of companies. This company is a TINY company with a market cap of $86.62 million. The trailing p/e is very reasonable at 15.84. Since apparently their are no estimates out there, we cannot calculate a PEG. The price/sales is also dirt-cheap at 0.39. Anything under 1.0 for the PEG or Price/Sales looks cheap to me!

Interestingly, there are only 2.60 million shares outstanding and only 900,000 of these that float. So the ability to trade this stock with adequate volume may be a problem. Only 4,000 shares are out short per Yahoo as of 3/8/04. No dividend is paid and no stock splits are reported on Yahoo.

This is an interesting stock with a very small float. Often, in my experience, some of these small stocks, if they can produce good earnings/news may end up being "rockets" as multiple buyers try to pick up shares that simply are just not available.

If we look at the Point and Figure Chart for JUNO from Stockcharts.com, we see that this "rocket" has ALREADY blasted off! It is up to you if you want to hitch a ride! As for me, I do have a stock I can buy since I sold my EXAC, but with SCHN close to a sell, I would really like to keep my cash intact (LOL my margin level), and wait and sit on my hands for now!

Thanks so much for stopping by! If you have any questions, comments, or words of encouragement, please feel free to email me at bobsadviceforstocks@lycos.com and I will try to get back to you....I may just answer you in an entry in the BLOG!

Regards!

Bob


Posted by bobsadviceforstocks at 12:09 PM CDT | Post Comment | Permalink

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