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Author: captainccs Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 131  
Subject: 1Q07 results Date: 5/7/2007 3:17 PM
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Solid enough, I think, despite the drop in sales from 1Q06, which was expected. While I'm no TA guru, it seems to me that the bottom is behind us and ASVI is set for a recovery. Just recently it crossed both the 50 and 200 DMA lines. While the housing market per se has not bottomed I think most of the damage has by now been priced into the stock.

2007 Guidance Confirmed

- Sales for 2007 anticipated to be in the range of $230 to $260 million.
- Diluted earnings per share is expected to be in the range of $.68 to $.87 per share.

Commenting on the Company's outlook for 2007, Benson stated, "We continue to pursue our vision of managing ASV to a $1 billion company, and current market conditions will not move us off our plans. There will be cyclical bumps in the road from time to time. But our financial strength permits us to weather these temporary storms as evidenced by our strong cash generation despite a top line reduction for the quarter. With the launch of the Caterpillar C-Series, our OEM undercarriage volumes are expected to increase for the balance of the year, which will help offset continued weakness in some of the markets we serve."


http://biz.yahoo.com/bw/070503/20070503005114.html?.v=1

A.S.V., INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS)
Three months ended March 31, 2007 and 2006
(Unaudited and in thousands, except share data)
2007 2006
----------- -----------
Net sales..................................... $46,317 $64,877

Cost of goods sold............................ 36,761 48,593
----------- -----------

Gross profit.......................... 9,556 16,284
Gross profit %........................ 20.6% 25.1%

Operating expenses
Selling, general and administrative....... 6,160 5,526

Research and development.................. 526 348
----------- -----------

Operating income...................... 2,870 10,410

Other income
Interest income........................... 377 465

Other, net................................ 48 16
----------- -----------

Income before income taxes............ 3,295 10,891

Provision for income taxes.................... 1,236 3,955
----------- -----------

NET EARNINGS.......................... $2,059 $6,936
=========== ===========

Net earnings per common share - Diluted....... $.08 $. 25
=========== ===========

Diluted weighted average shares outstanding... 27,187,212 27,875,219
=========== ===========
A.S.V., INC.
SALES BREAKDOWN
Three Months Ended March 31, 2007 and 2006
2007 2006
------- -------

ASV Machines.......................................... 58.5% 48.4%

OEM Undercarriages.................................... 17.6% 30.0%

Loegering............................................. 12.6% 13.1%

Parts and Other....................................... 11.3% 8.5%
------- -------

TOTAL 100.0% 100.0%
======= =======
A.S.V., INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands)

ASSETS March 31, December 31,
2007 2006
------------ ------------
CURRENT ASSETS
Cash & cash equivalents................. $23,830 $17,090

Short-term investments.................. 3,306 220

Accounts receivable, net................ 44,539 44,184

Inventories............................. 65,381 71,384

Deferred income taxes................... 4,565 4,840

Other current assets.................... 861 903
------------ ------------

Total current assets 142,482 138,621

PROPERTY AND EQUIPMENT, net................. 29,236 29,342

LONG-TERM INVESTMENTS....................... 11,060 14,155

OTHER NON-CURRENT ASSETS.................... 245 313

INTANGIBLES, net............................ 7,746 7,771

GOODWILL.................................... 8,386 8,386
------------ ------------

Total assets $199,155 $198,588
============ ============

LIABILITIES & SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
Current portion of long-term liabilities $31 $37

Accounts payable........................ 10,037 11,517

Accrued liabilities - Warranties........ 5,758 5,894

Accrued liabilities - Other............. 2,889 2,582

Income taxes payable.................... 2,811 686
------------ ------------

Total current liabilities 21,526 20,716

LONG-TERM LIABILITIES, less current portion. 40 40

DEFERRED INCOME TAXES....................... 1,745 1,630

SHAREHOLDERS' EQUITY........................ 175,844 176,202
------------ ------------

Total liabilities & shareholders'
equity $199,155 $198,588
============ ============
A.S.V., INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended March 31, 2007 and 2006
(Unaudited and in thousands)

2007 2006
--------- --------
Cash flows from operating activities:
Net earnings..................................... $2,059 $6,936
Adjustments to reconcile net earnings to net
cash provided by (used in) operating activities:
Depreciation................................ 787 651
Amortization................................ 25 25
Deferred income taxes....................... 390 (330)
Stock-based compensation expense............ 682 646
Tax benefit from stock option exercises..... 80 646
Changes in assets and liabilities
Accounts receivable....................... (355) (7,268)
Inventories............................... 6,003 (8,842)
Other assets.............................. 110 369
Accounts payable.......................... (1,480) 3,517
Accrued liabilities....................... 171 852
Income taxes payable...................... 290 2,604
--------- --------

Net cash provided by (used in) operating
activities 8,762 (194)
--------- --------

Cash flows from investing activities:
Purchase of property and equipment............... (681) (1,789)
Purchase of short-term investments............... (117) (112)
Redemption of short-term investments............. 112 1,120
Redemption (purchase) of long-term investments... 14 (6,204)
--------- --------

Net cash used in investing activities... (672) (6,985)
--------- --------

Cash flows provided by financing activities:
Principal payments on long-term liabilities...... (6) (103)
Proceeds from exercise of stock options, net..... 144 1,388
Excess tax benefit from stock option exercises... -- 464
Retirement of common stock and warrant........... (1,488) (53)
--------- --------

Net cash provided by (used in) financing
activities (1,350) 1,696
--------- --------

Net increase (decrease) in cash and cash
equivalents 6,740 (5,483)

Cash and cash equivalents at beginning of period... 17,090 35,517
--------- --------

Cash and cash equivalents at end of period......... $23,830 $30,034
========= ========

Supplemental disclosure of cash flow information:

Cash paid for income taxes....................... $476 $571

Transfer of investment from long-term to short-
term............................................ $3,081 $--

Adoption of FASB Interpretation 48............... $1,835 $--

Denny Schlesinger
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