The stock offering helped beef up the cash position on Procoms balance sheet to $25 million, up from $16 million a year ago. The company may need all the money it can get if customers dont pay their bills though. Despite the years sluggish sales, Procoms accounts receivable ballooned to $12 million, up from $6.7 million a year ago.
On Wednesday, Procoms stock plunged 20 percent to $2.90 a share. Other than the pending earnings report, there was no apparent news to account for the freefall. By midday today, the stock had made a modest comeback to $3.10. The only two analysts listed by First Call
who follow Procom both rate the stock a hold.
Despite Procoms relatively strong balance sheet, the company appears to have dim prospects going forward and little room to retreat. Can it capture market share from others? Prigmore rhetorically asks. The answer is no. As the name lingers but the business does not move forward, they could be relegated to the status of the living dead.
Tom Davey, special to Byte and Switch, http://www.byteandswitch.com
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