O.K. another lousy day in the market. We have had a very big run-up the last few months....and have profits to show for it and I suppose it is best to have a bit of a pull-back...but not too much, ok?
IDEXX Laboratories is having a nice day today. Currently per the NYTimes on the Web it is trading at $38.29 up $3.88 or 11.28% on the day.
IDXX according to CNN.Money, "...develops, manufactures and distributes products and provides services for veterinary, food and environmental markets."
The company reported their second quarter earnings today, and provided the impetus for the stock price appreciation: revenue increased 15% to $121.8 million from $105.7 million in 2002, earnings per diluted share for the quarter were $.47 vs $.37 for the quarter ending 6/30/02...an increase of 27%.
Morningstar shows a steady improvement in revenues reported from $263.0 million in 1997, $321.7 million in 1998, $358.4 million in 1999, $367.4 million in 2000, $386.1 million in 2001, and $413 million in 2002. The the current revenue rate, IDXX should be over $420 million in 2003.
IDXX is generating a lot of free cash and this has been improving since 2000 when $13 million free cash reported, $29 million in 2001, $88 million in 2002, and $94 million in trailing twelve months.
The company is also flush with cash with $175.4 million in cash dwarfing the $77.8 million in current liabilities and $5.8 million in long-term liabilities. In addition, they have $142.3 million of other current assets according to Morningstar.com.
According to Yahoo.com, there are 34.2 million shares outstanding and 32.4 million that float for a market cap of $1.18 Billion. The p/e is a moderate 24.06 and there are a few shares out short....3.06 million as of 6/9/03. This would amount to 10.74 trading days activity for the shorts to cover their borrowed shares.
I don't own any shares of this company, but I like this stock a lot...there isn't much NOT to like on this issue...and would be happy to add some to my portfolio...
Have a Happy Monday everyone...perhaps the Dow will trade UP this week? Remember, if you have any questions, comments, or words of encouragement drop me a line at bobsadviceforstocks@lycos.com or leave a comment right here on the website!
Bob