BNT - (recommended
to subscribers
on 4/28/05)
BOUGHT
at $6.95 SOLD
at $11.80
On
March 8th 2005 Bentley Pharmaceuticals Inc., a pharmaceutical and drug
delivery company, reported 4th quarter 2004 revenue of $19.5 million,
up 8% from the $18.1 million reported in the 4th quarter of 2003. Net
income was $2 million or 9 cents per share, up from net income of $1.7
million or 8 cents per share in the year earlier period. For the
full year 2004 revenue was $73.4 million which compares to revenue of
$64.7 million in 2003. Earnings per share in 2004 was 25 cents which
compares to earnings per share of 28 cents in 2003.
Bentley
Pharmaceuticals markets branded and generic drugs including those that
treat depression, high cholesterol, and osteoporosis. Approximately 80%
of sales are within Spain. The company is focusing on
expanding the marketing of it's products outside of Spain. In the 4th
quarter of 2004 the company announced a collaboration with Perrigo
which will serve as a platform for entering the U.S. market. During
last quarter's conference call the company said it expects to resume
double digit revenue growth in the second half of 2005. Bentley has
also completed successful Phase I and initial Phase II trials of a
potentially significant intranasal insulin product.
Bentley Pharmaceuticals has cash &
investments worth $35.8 million or $1.63 per share. The company has
debt of $3.1 million. The net cash position ($35.8 million - $3.1
million) is $32.6 million or $1.53 per share. Book value is $3.51 per
share. At the current price the stock has a price-to-sales ratio of 2
and a price-to-book ratio of 2.
At the bottom of the 3 year chart above there
is a RSI (Relative Strength Index). The stock price has just put in a
lower low while the RSI has not. This is a bullish technical
divergence. On a long-term basis the stock is currently testing the low
from 2002 and is potentially putting in a long-term double bottom.
6/17/05
- SOLD
AT $11.80 FOR A GAIN OF 70%. DURING THE SAME PERIOD THE NASDAQ
WAS
UP 8%.
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