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HOLD
Lost money in BC Place where they had a fixed price contract. Also, infrastructure spending has slowed down. Had a loss last quarter and they passed the dividend for the time being. Selling $50 million plus of assets, which are not germane to their business so there are no financial problems.
metal fabricators
COMMENT
Specialty paper. A lot of good things are happening. Company is looking to do another pulp deal. Switzerland printing is a little soft right now. Doing extra ordinary well on their wallpaper in Germany. Should be in production shortly on their dissolving pulp business. Good management.
paper products
business forms
TOP PICK
Debt-free and trading below BV and breakup value. 8th largest furniture manufacturer in the US. Operate out of Dubuque but also manufacture and distribute out of China, Thailand, Vietnam and Mexico. No debt and sitting on about $2.75 a share in cash. BV is $19.50 and its working capital is $15 a share.
Consumer Products
TOP PICK
Debt-free and trading below book and breakup value. No debt and sitting on $61 million of cash ($1.60 per share). Have a solar remediation facility in Quebec, which is waiting for several tenders. Have about 16,000 tons of soil to be remediated and will start up operations when they get to 20,000. Looking to make an accretive acquisition.
Financial Services
