Double L, this is a stock certainly worth
some discussion.I am not quite sure what to make of what is
found with quick research. I find both
positive points and negative points, but am
having some difficulty deciding which is
greater, and some difficulty deciding if what
I read is actually positive or negative.
A concern is eighty-six percent of their
revenue being generated from the post office.
They are experiencing some difficulties with
maintaining USPS contracts, but there is
nothing to indicate this is the fault of
ALPE itself. These contract difficulties
do explain their moving from profit last
year into loss this year, compounded by
their Chile venture.
Some reading material:
http://www.sec.gov/Archives/edgar/data/1092807/000101041203000381/kclb.txt
This statement is really weird. I am not
quite sure what to make of this:
"The consideration exchanged under the CLB
Agreement was negotiated at "arms length,"
between Alpine Aviation and CLB, with the consent of the Board of Directors, with
Mr. Mallette abstaining."
This document:
http://www.sec.gov/Archives/edgar/data/1092807/000101041203000381/ex10-2.txt
There you discover they own sixteen aircraft
with only three not cashed out. This is
very positive.
PROPERTY AND EQUIPMENT
Year 2002 1,868,233
Year 2003 19,036,085
Total Liabilities
Year 2002 830,094
Year 2003 12,046,955
Those figures are in keeping with their
recent purchases of aircraft.
Another document:
http://www.sec.gov/Archives/edgar/data/1092807/000101041203000261/q703.txt
Read these two sections in that document:
NOTE 15 - CONCENTRATIONS
Results of Operations
This is really a stock with mixed reviews!
Greatest concern I have is loss of those
USPS contracts which represent almost all
of their revenue.
Their problems with those contracts, again,
well explain their current loss situation,
made worse by the Chile expansion.
Appears they have those contracts again,
but what if they lose them again?
I would expect them to move back into a
profitable condition with those contracts
secured again. However, will this last?
Comparing their news releases for January,
surprisingly, I found all they state to
appear to be quite true. All the numbers
in those articles match with what is in
their SEC filings. They make no outlandish
claims but rather seem to be telling the
truth as it is, even when negative.
Overall, this company appears to be quite
honest and forthcoming in their filings.
They have been in business longer than most
posters here are old. They do have a long
history of being profitable. These past
few quarters are the only "bad times" they
seem to have.
Recent activity shows a hint of volume
leaning toward a price uptrend. Looks to
me prices are about as low as they will
fall, based on prior history.
Right now, as I write this, I am thinking,
"I should buy some of this stock."
Looks like you have found a hidden gem.
Not sure yet, but does appear so.
Help me out here, what are your thoughts?
Purl Gurl