no debt, over $2.50 in cash, patented polymer technology. lots of real option value with their technology licensing business deals with Chiquita, Air Products, Monsanto, and biotech start-up. Update (8/2/07): Sell off on inline earnings and guidance overdone--it is a buy again at the $11-$12 level. Alot of the hot money chasing the stock is off the table as their reason for chasing the stock (corn prices/ethanol) never had anything to do with LNDC's short-term earnings as there is little to no upside for LNDC in the first 5 years of the MON agreement. The upside comes when and if MON decides to buy out the technology when the current deal expires in 4 or so years. Company business model is only getting stronger--strong licensing revenues from business partners and very little capex requirements. As the Chiquita and Air Products deals start to kick in incremental revenue in addition to the license fees in the next year or two, earnings and the cash on the balance sheet will see significant upside. On the earnings call, the company said they would announce another couple of deals in the next six months.

nearly $3.70/share in cash, no debt, recently awarded RTN contract worth $17M-$18M to provide their FastCluster systems for the coming fiscal year--b/c of low market cap and no analyst coverage, market hasn't fully priced in the new contract. Update (8/2): RTN contract looks like it is backloaded as $5.1M shipped in 1st quarter (CSPI reporrted $.25 EPS) and $0 shipped in 2nd quarter (CSPI reported $.07 in EPS). $12.9M still to be shipped in Q3 & Q4 which will make for some good earnings over last half of year if other business lines hold up for company. Net cash by the end of fiscal year should be $5.50-$6/share as RTN shipments are made--representing about 60% of the current stock price.

Company went through strategic options review and couldn't come up with an attractive offer. After going through a difficult time where there was only one or two senior officials on the management team due to firings related to distribution problems, the company finally has its full management team in place and is at work fixing the business. If and when the business starts to grow the top line 10-15% per year again, the leverage will kick in. Also a big piggybacking stock as noted value investors Tilson's T2 Partners, Spencer Capital Management, Hawkshaw Capital Management, and Thesis Capital Management hold nearly 47% of the company. In addition, representatives from Spencer and Thesis also hold Board seats and have doing insider buying over the last couple of quarters.

No Analysis added

Under the radar telecom stock with little downside and some good upside. Just reported blowout earnings due to the strength in their wireless business. As one of the few Sprint Nextel affilates that has not been bought out by Sprint yet, the wireless business is providing significant growth--earnings doubled year over year and customers grew 35+%. In addition, company is the local landline provider in Shenandoah Valley, Virginia. Due to the company also being the sole cable provider in the area due to some long ago regulation waivers and the resulting lack of competitive threats, it is the only local phone company in the country that is not actually losing customers. The cable and local phone operations provide steady cash flow while the wireless business still has room to grow in its rural Virginia, Maryland, and Southeastern Pennsylvania region. The company also owns 100 cell towers making them the 18th largest tower company in the U.S. Sum of the parts is conservatively $60 per share (or $20 after coming 3 for 1 split). And using some recent rural wireless acquistions as comparables, the wireless business alone could be worth $50-$55 before the split. Finally, numerous insiders have been buying been the stock at 52 week highs recently suggesting that they think the stock is still undervalued (see George Muzea's The Vital Few vs. The Trivial Many book on insider trading).

Property tax solution provider undergoing major business model change in an industry with good growth potential. MANA provides property tax software solutions for state and local governments. While in the past, it provided fully customized solutions for local governments, the company has recently undergone a restructuring and is now focusing on selling its GRM suite of software and services where it can deliver a customized solution based on a single standardized product offering. This should provide the company with leverage in their business models and shorten the sales cycle and implementation times. On a longer term trend basis, local governments are in the early stages of a major software upgrade cycle in which many of the internally-built solutions are costly to maintain and in many cases the internal people that built the systems in the 60s and 70s are getting older and retiring taking the internal system knowledge with them. Thus, opening up an opportunity for MANA, the major player in this space. Since property taxes are the lifeblood of local governments, they won't be shy about upgrading their systems although there is always the longer than expected sales cycles that come with government bureaucracies. The company's Board has recently turned down $9 and $10 tender offers from Constellation Software, a Canadian software holding company as they think the company is in the early stages of its restructuring and growth cycles.