THE OBERWEIS REPORT
Subscriptions
$199/Year by MAIL or INTERNET
$299/Year by FAX
A Monthly Review
Portfolio Performance Summary
www.oberweis.net
1-800-323-6166
(Since Origin: September 27, 1976)
Model Theoretical Portfolio
Dow Jones Industrial Average
S & P 500 Index
NASDAQ Composite
Oberweis Universe P/E
®
original investment
- $50,000
12,880.09
1,362.16
2,935.05
13.6
JULY 2012
$ Change
% Change
Compound
Growth Rate
Theoretical
$1 Grew To:
+26,837,022
+11,871pts.
+1,255pts.
+2,843pts.
+53,674%
+1,177%
+1,175%
+3,080%
19.2%
7.4%
7.4%
10.2%
$537.74
$12.77
$12.75
$31.80
Note: While past performance does not guarantee future success, and an investment in the model theoretical portfolio might lose money for a client, we believe investing in rapidly growing companies will produce superior
investment results. Dividends and commissions are ignored in performance calculations. The model theoretical performance noted above includes performance history of the model account prior to the establishment
of the firm while Jim Oberweis was employed at other firms. The theoretical performance contains many high beta growth stocks which tend to be more volatile than DJIA stocks. The theoretical performance of the model
does not represent actual trading and does not reflect the impact that material economic and market factors might have had if actual client money were managed. Tax consequences must be carefully considered. Changes
in our theoretical portfolio and current quote prices are made as of the last Friday of each month. (This issue as of close of 6/29/2012)
The Risks of "RISK ON!" and "RISK OFF!"
It could be a great drinking game. Every time
someone utters the phrases “risk on” or “risk off” on CNBC,
you take a swig. These days, you would be trashed before
you’re done with your first cup of morning coffee.
It’s a trader-driven mentality on today’s Wall
Street, and nothing provides more comic relief in the office
than hearing these two phrases uttered constantly by TV
talking heads. What’s worse is that these folks flip-flop
between “risk on” and “risk off” faster than day becomes
night. It’s all about today. It’s all about the last five minutes. It’s all about now. And it flies directly in the face of
what it means to be an investor seeking to generate wealth
over the long-term.
This manic mentality is perpetuated by the media because trading is exciting and exciting makes for better
ratings and more mouse clicks. It’s made possible by the
massive proliferation of exchange traded funds (ETF’s) over
the last decade that allow people to trade just about anything (with leverage) through internet-based investment accounts with cheap commissions. If you so choose, you can
now trade every gyration of the Vanguard Mega Cap 300
ETF (MGC), the iShares FTSE NAREIT Mortgage REIT’s
ETF (REM), and the iShares MSCI Chile ETF (ECH).
Don’t get me wrong, there are those who can and do make
big money trading, and that’s been true for decades. But
most people can’t, and Wall Street’s myopic focus on being
hyper-sensitive to every wiggle and waggle in the market
only distracts the average person from the real prize – being
a long-term investor.
Take last Thursday’s stock market action, which
saw large early losses (RISK OFF!) erased in the final 30
minutes on speculation that a cancelled Angela Merkel press
conference meant that the Europeans were close to a huge
deal. RISK ON! RISK ON! RISK ON! Do you think
Warren Buffett was sitting in his office with his eyes glued
to a Bloomberg machine, watching every tick? Not a chance.
Warren Buffett is an investor. He probably couldn’t even
tell you where the S&P 500 closed on Thursday. But he can
W
Jim Oberweis, CFA
Dave Covas, CFA
Ken Farsalas, CFA
Kevin Cowell, CFA
tell you at length about all of his investments and what he
believes makes those investments great over the long-term.
What does it mean to be an investor? It means
buying shares in a company that has a good and sustainable
franchise, generates earnings growth, and trades at a reasonable valuation relative to that growth potential. Contrary to
what Wall Streeters would lead you to believe, investing is
not rocket science. In fact, you can boil it down to this:
stock price follows earnings over time, and if you don’t
believe me, look at the multi-year price and earnings charts
of Coach (COH) and Xerox (XRX), and you’ll catch my
drift. Over the last 10 fiscal years ended June 30, 2011,
Coach grew its earnings by over 1,300%, and its stock price
appreciated by over 1,200%. In contrast, Xerox’s earnings
per share fluctuated between $0.65 and $1.21 over most of
the last decade, exhibiting no consistent earnings growth.
Xerox's stock was actually down over 20% during the 10year period ended December 31, 2011.
So as the market goes up and down and all over
the place in reaction to every little speculative tidbit and
news headline out of Europe, keep your eye on the longterm prize. Focus on companies you know and understand
and have products or services that you like. Take advantage
of short-term weakness in stock prices to add to the longterm success stories from The Oberweis Report, like Acacia
Research Corp. (ACTG), HMS Holdings (HMSY), Imax
Corp. (IMAX), and SXC Health Solutions (SXCI).
Financial television has become the ultimate in
reality TV programming, and unlike the latest episode of
Keeping Up With The Kardashians, this mindless drivel can
cost you real money. So do yourself a favor and turn off
that TV. Block out the short-term craziness and focus on
investing in great companies that will allow for long-term
wealth creation.
Ken Farsalas, CFA
Energy XXI Limited
Year Ending June
Revenue (millions)
E.P.S.
(EXXI-NGS-$31.29)
2011 2012E 2013E
$859
$0.89
$1,350
$3.90
$1,625
$4.60
Energy XXI Limited is an independent oil and natural gas exploration and production company with operations focused in the U.S.
Gulf Coast and the Gulf of Mexico. The company’s business strategy includes: (1) acquiring producing oil and gas properties; (2)
exploiting and exploring its core assets to enhance production and
ultimate recovery of reserves; and (3) utilizing a portion of its capital
program to explore the ultra-deep shelf for potential oil and gas reserves. As of June 30, 2011, Energy XXI’s estimated net proved
reserves were 116.6 million BOE, of which 66% was oil and 70% was
proved developed. Since the company’s inception in 2005, they
have completed five major acquisitions for aggregate cash consideration of approximately $2.5 billion. Energy XXI’s major exploratory
plays are the Davey Jones, Blackbeard, and Lafitte projects that are
each in various stages of development. In the company’s latest
reported third quarter, sales increased approximately 30% to $336.0
million from $258.6 million in the third quarter of last year. Oil and gas
production averaged 45,300 BOE (69% oil) per day, +9.4% year-year,
while production as of May 2nd was over 52,000 BOE per day. Energy XXI reported earnings per share of $1.04 in the latest reported
third quarter versus $.34 in the same quarter of last year. Clients of
Oberweis Asset Management own approximately 3,300 shares. These
shares may be appropriate for risk oriented investors. The company
is located at Canon’s Court, 22 Victoria Street, Hamilton HM EX,
Bermuda. (441) 295-2244. www.energyxxi.com.
Perficient, Inc.
Revenue (millions)
E.P.S.
(PRFT-NGS-$11.23)
2011 2012E 2013E
$262
$0.77
$325
$0.95
$385
$1.15
Perficient, Inc. is an information technology consulting firm serving
Forbes Global 2000 and other large enterprise companies with a primary focus on the United States. Perficient helps their customers to
gain competitive advantage by using internet-based technologies
to make their businesses more responsive to market opportunities
and threats, strengthen relationships with their customers, suppliers
and partners, improve productivity, and reduce information technology costs. The company designs and builds business-driven technology solutions using 3rd party software products, with solutions
including business integration, portals and collaboration, custom
applications, technology platform implementations, customer relationship management, enterprise performance management, and business intelligence, among others. These solutions help clients to
operate a real-time enterprise that can dynamically adapt business
processes and the systems that support them to meet the changing
demands of an increasingly global, Internet-driven and competitive
marketplace. The company has consistently grown through a combination of organic growth and disciplined acquisitions that have
added to their capabilities and/or geographic presence. Most recently, the company announced the acquisition of Dallas-based
Nascent Systems, a $17 million annual services revenue business
and technology consulting firm focused on Oracle ERP solutions,
utilizing the Oracle E-Business Suite. In the company’s latest reported first quarter, sales increased approximately 33% to $74.7
million from $56.2 million in the first quarter of last year. Perficient
reported earnings per share of $.20 in the latest reported first quarter versus $.15 in the same quarter of last year. Clients of Oberweis
Asset Management own approximately 163,000 shares. These
shares may be appropriate for risk oriented investors. The company is located at 1120 S Capital of Texas Hwy, Austin, TX 78746.
(512) 531-6000. www.perficient.com.
Stratasys, Inc.
(SSYS-NGS-$49.50)
2011 2012E 2013E
Revenue (millions)
$155
$1.02
E.P.S.
$190
$1.35
$230
$1.75
Stratasys, Inc. is a worldwide leading manufacturer of three-dimensional printers and 3D production systems for the office-based
rapid prototyping (RP) and direct digital manufacturing markets.
The company’s 3D printers and 3D production systems provide
3D computer-aided design (CAD) users a fast, office-friendly and
low-cost alternative for building functional 3D parts. The company manufactures and sells a broad product line of 3D printers
and 3D production systems (and related proprietary consumable
materials) that create physical parts from CAD designs. The company also offers prototyping and production part manufacturing
services through their centers located in North America, Europe
and Australia. In many industries, the models and prototypes
required for product development are produced by hand-sculpting or machining, a traditional process that can take days or weeks.
The company’s computerized modeling systems use their proprietary technology to make models and prototypes as well as enduser parts directly from a designer’s 3D CAD file in hours. This
can eliminate machining and tooling costs and allows for inexpensive design changes. On April 16, 2012 Stratasys announced that
they entered into a definitive merger agreement with Objet Ltd, a
leading manufacturer of 3D printers based in Rehovot, Israel. We
believe this pending acquisition, once closed, offers additional
upside to earnings in 2013. In the company’s latest reported first
quarter, sales increased approximately 30% to $45.0 million from
$34.6 million in the first quarter of last year. Stratasys reported
earnings per share of $.28 in the latest reported first quarter versus
$.21 in the same quarter of last year. Clients of Oberweis Asset
Management own approximately 21,300 shares. These shares may
be appropriate for risk oriented investors. The company is located
at 7665 Commerce Way, Eden Prairie, MN 55344. (952) 937-3000.
www.stratasys.com.
The information and statistics in this report have been obtained from sources we believe reliable, including but not limited to the publicly filed reports of the companies discussed herein, Standard and Poor’s, William O'Neil & Company and Bloomberg
Finance L.P. The information is not warranted by us to be accurate or complete. Also, any and all earnings projections and estimates assume certain economic conditions and industry developments, which are subject to change. The performance
of each security may vary. To accommodate the objectives of the investment accounts, including The Oberweis Funds, that are under the management of affiliates of Oberweis Publishing Company, LLC (“OPC”), the publisher of this letter, those
affiliates’ accounts may hold a long or short position in the securities that are the subject of this report, and such positions may be inconsistent with the information contained in this report. In addition, the officers, directors and employees of OPC
and its affiliates may hold long or short positions in the securities that are the subject of this report, and likewise such personal holdings may be inconsistent with the information contained herein. Oberweis Securities, Inc. (“OSI”), an affiliate of
OPC, is a registered broker/dealer, investment advisor and is the distributor of The Oberweis Funds. Oberweis Asset Management (“OAM”), an affiliate of OPC and OSI is a registered investment adviser and is the investment adviser to The Oberweis
Funds, as well as institutions and individuals. The writers of this letter are registered representatives of OSI, with the exception of Ken Farsalas.
Current Portfolio
No. of
Shares
31300
9800
37800
20400
6000
36000
116700
16900
23400
10200
60200
14400
19200
8200
45400
33100
21700
15500
14400
13500
13500
12500
48700
18400
14900
34400
13000
32100
35400 #
33800
22000
12700
12300
17500
18400
9400
29500
36200
6600
64400
43900
12300
37400
41000
18900
23000
12900
4900
13200
8600
6700
32700
14200
13300
34000
17500
Company Name
Stock
Symbol Opinion
VNET
Buy*
21Vianet Group, Inc
51job, Inc.
JOBS
Buy
Acacia Research, Corp.
ACTG
Buy*
Acme Packet, Inc.
APKT
Buy
ABCO
Buy
The Advisory Board, Co
Amerigon, Inc.
THRM
Buy*
AuthenTec, Inc.
AUTH
Buy*
Berkshire Hills Bancorp, Inc.
BHLB
Buy*
BofI Holding, Inc.
BOFI
Buy*
BroadSoft, Inc.
BSFT
Buy
CPE
Buy*
Callon Petroleum, Co.
Buy*
CEVA, Inc.
CEVA
China Kanghui Holdings, Inc.
KH
Buy*
Cirrus Logic, Inc.
CRUS
Buy*
Datalink, Corp.
DTLK
Buy*
DWCH
Buy*
Datawatch, Corp
TRAK
Buy*
DealerTrak Holdings, Inc.
Digimarc, Corp.
DMRC
Buy*
Ellie Mae, Inc.
ELLI
Buy*
Exlservice Holdings, Inc
EXLS
Buy*
Energy XXI Ltd.
EXXI
Buy*
FARO
Buy*
FARO Technologies, Inc.
Flotek Industries, Inc.
FTK
Buy
FRAN
Buy
Francesca's Holding, Corp.
Greenway Medical Technologies, In GWAY
Buy*
Guidance Software, Inc.
GUID
Buy*
GPOR
Buy
Gulfport Energy, Corp.
HealthStream, Inc.
HSTM
Buy*
HMSY
Buy*
HMS Holdings, Corp.
IMAX
Buy*
Imax, Corp.
Impax Laboratories, Inc
IPXL
Buy
ININ
Buy
Interactive Intelligence Group
IPGP
Buy
IPG Photonics, Corp
KNXA
Buy*
Kenexa, Corp.
MDSO
Buy*
Medidata Solutions, Inc.
Mellanox Technologies, Ltd
MLNX
Buy
Mitcham Industries, Inc.
MIND
Buy
Mistras Group, Inc.
MG
Buy
NetEase, Inc.
NTES
Buy*
NQ Mobile, Inc.
NQ
Buy*
ASGN
Buy
On Assignment, Inc.
Buy*
PennyMac Mortgage Investment TruPMT
Perficient, Inc.
PRFT
Buy*
PCOM
Buy*
Points International, Ltd.
RP
Buy
RealPage, Inc.
Buy*
Roadrunner Transportation SystemsRRTS
Rue21, Inc.
RUE
Buy*
Sohu.com, Inc.
SOHU
Buy*
Stamps.com, Inc.
STMP
Buy*
Stratasys, Inc.
SSYS
Buy*
SXCI
Buy*
SXC Health Solutions, Corp.
TNGO
Buy*
Tangoe, Inc.
Titan International, Inc.
TWI
Buy*
VRA
Buy*
Vera Bradley, Inc.
WWWW
Buy*
Web.com Group, Inc.
Zillow, Inc.
Z
Buy*
THEORETICAL INVESTED CAPITAL
MINUS GAINS
TOTALS
-
-
+
-
Date Recmend
Recmend
Price
5/1/11
15.51
10/2/11
39.97
6/28/09
7.60
2/28/10
16.69
11/27/11
66.50
3/28/10
10.99
12/31/11
3.21
12/31/11
22.19
5/2/10
17.63
5/29/11
39.32
4/1/12
6.29
7/31/11
30.22
1/29/12
17.54
5/27/12
27.45
10/30/11
9.18
2/26/12
12.36
6/26/11
21.34
10/2/11
25.38
5/27/12
15.55
8/28/11
24.70
7/1/12
31.29
2/27/11
35.90
11/27/11
8.08
10/2/11
21.21
5/27/12
14.86
4/1/12
11.05
10/30/11
32.49
7/31/11
13.54
11/2/08
8.26
8/30/09
9.11
2/28/10
15.41
3/27/11
36.89
1/30/11
33.54
8/28/11
18.95
12/31/10
23.88
1/29/12
36.16
6/26/11
15.67
9/26/10
11.37
4/1/12
58.10
11/27/11
6.11
5/1/11
10.99
5/27/12
18.20
7/1/12
11.23
8/28/11
8.02
8/29/10
16.99
2/26/12
17.91
1/31/10
28.03
7/31/11
90.10
4/29/12
30.24
7/1/12
49.50
12/31/11
56.48
11/27/11
12.04
4/29/12
28.03
10/31/10
27.35
3/27/11
13.70
11/27/11
22.59
Current
Market
11.45
45.55
37.24
18.65
49.59
11.49
4.33
22.00
19.76
28.95
4.26
17.61
19.70
29.85
9.55
12.90
30.11
25.66
18.00
24.64
31.29
42.08
9.34
27.01
16.31
9.51
20.63
26.00
33.31
24.03
20.27
28.21
43.59
29.03
32.67
70.82
16.97
26.28
58.85
8.19
15.96
19.73
11.23
11.97
23.16
16.89
25.24
44.64
24.67
49.50
99.21
21.31
24.53
21.08
18.27
38.63
Cost
485463
391706
287280
340476
399000
395640
374607
375011
412542
401064
378658
435168
336768
225090
416772
409116
463078
393390
223920
333450
422415
448750
393496
390264
221414
380120
422370
434634
292286
307918
339020
468503
412542
331625
439392
339904
462265
411594
383460
393484
482461
223860
420002
328820
321017
411930
361587
441490
399168
425700
378416
393688
398026
363755
465800
395325
21384700
21335263
49437
Market Exch
# Mil Last Yr Price/ Fiscal
Value
Shrs Revenue Sales Year
358385 NGM 58.9
158.0
4.3 Dec
446390 NGS 29.7
206.5
6.6 Dec
1407672 NGM 45.8
172.3
9.9 Dec
380460 NGS 70.9
307.3
4.3 Dec
297540 NGS 17.8
370.3
2.4 Mar
413640 NGS 25.2
369.6
0.8 Dec
505311 NGM 44.4
69.8
2.8 Dec
371800 NGS 21.1
138.3
3.4 Dec
462384 NGS 13.2
92.9
2.8 June
295290 NGS 28.2
138.1
5.9 Dec
256452 NY
40.3
127.6
1.3 Dec
253584 NGS 24.2
44.9
9.5 Dec
378240 NY
25.8
50.6 10.0 Dec
244770 NGS 67.9
426.8
4.7 Mar
433570 NGM 17.3
380.0
0.4 Dec
426990 NCM
6.7
17.9
4.8 Sep
653387 NGS 43.7
353.3
3.7 Dec
397730 NGM
7.1
36.0
5.1 Dec
259200 NY
22.5
55.5
7.3 Dec
332640 NGS 32.8
360.5
2.2 Dec
422415 NGS 78.9
859.4
2.9 June
526000 NGS 17.2
254.2
2.8 Dec
454858 NY
50.3
258.8
1.8 Dec
496984 NGS 44.6
204.2
5.9 Jan
243019 NY
24.1
89.8
4.4 June
327144 NGM 23.9
104.6
2.2 Dec
268190 NGS 56.3
229.3
5.1 Dec
834600 NGS 27.3
82.1
8.6 Dec
1179174 NGS 88.6
363.8
8.1 Dec
812214 NY
68.2
236.6
6.9 Dec
445940 NGS 67.9
512.9
2.7 Dec
358267 NGS 20.0
209.5
2.7 Dec
536157 NGS 49.6
474.5
4.6 Dec
508025 NY
27.2
282.9
2.8 Dec
601128 NGS 24.8
184.5
4.4 Dec
665708 NGS 42.4
259.3 11.6 Dec
500615 NGS 13.2
112.8
2.0 Jan
951336 NY
28.8
338.6
2.2 May
388410 NGS 131.4 1158.4
6.7 Dec
527436 NY
48.6
40.7
9.8 Dec
700644 NGS 38.2
597.3
1.0 Dec
242679 NY
29.4
129.0
4.5 Dec
420002 NGS 31.9
262.4
1.4 Dec
490770 NCM 15.8
122.9
1.5 Dec
437724 NGS 73.2
258.0
6.6 Dec
388470 NY
32.1
843.6
0.6 Dec
325596 NGS 25.1
760.3
0.8 Jan
218736 NGS 38.5
852.1
2.0 Dec
325644 NGS 17.2
101.6
4.2 Dec
425700 NGS 21.3
155.9
6.8 Dec
664707 NGS 63.3 4975.5
1.3 Dec
696837 NGS 39.4
68.5 12.3 Dec
348326 NY
53.5 1487.0
0.9 Dec
280364 NGS 40.6
460.8
1.9 Jan
621180 NGS 46.1
199.2
4.2 Dec
676025 NGS 31.0
66.1 18.1 Dec
26886459
+ Implies an increase in our earnings
estimate this month
- Implies a decrease in our earnings
estimate this month
2011
Actual
0.34
2.22
0.83
1.01
2.29
0.44
def
1.52
1.76
1.22
0.77
0.97
0.65
1.36
0.80
0.07
1.01
0.51
0.15
1.32
0.89
1.39
0.45
0.59
0.06
0.28
2.20
0.30
0.60
0.47
1.12
1.26
2.35
0.83
1.51
1.13
1.98
0.62
3.85
0.21
0.65
2.37
0.77
0.26
0.36
0.86
1.56
4.58
1.41
1.02
1.63
0.26
1.49
1.44
1.04
0.12
2012
Est.
0.50
2.45
2.75
1.05
2.70
0.80
0.15
1.90
2.20
1.25
0.25
0.90
0.95
1.75
1.00
0.20
1.05
1.15
0.45
1.55
3.90
2.15
0.80
0.90
0.16
0.42
2.35
0.33
0.64
1.10
1.80
0.90
2.80
1.10
1.20
2.25
2.60
0.85
4.60
0.75
0.95
2.75
0.95
0.55
0.50
1.25
1.80
2.60
1.65
1.35
2.50
0.45
2.55
1.75
1.50
0.35
2013
Est.
0.75
3.00
3.25
1.35
3.10
1.30
0.25
2.25
2.60
1.75
0.85
1.10
1.15
2.25
1.15
0.30
1.30
1.40
0.65
1.80
4.60
2.80
1.25
1.10
0.38
0.55
3.10
0.40
0.82
1.30
2.00
1.10
3.35
1.30
1.50
2.70
3.25
1.10
5.20
1.00
1.25
3.00
1.15
0.70
0.65
1.45
2.10
4.00
1.95
1.75
3.50
0.60
2.95
2.10
2.00
0.60
# Adjusted for stock split or dividend
* Strongest buy recommendation
E=Estimates
L4Q
Report
0.40
2.37
1.85
3.05
2.29
0.58
0.05
1.67
2.28
1.33
0.72
0.98
0.72
1.36
0.81
0.23
1.05
1.09
0.44
1.35
3.47
1.58
0.46
0.59
0.14
0.29
2.21
0.28
0.57
0.49
1.40
1.07
2.51
0.88
1.52
1.40
1.98
0.78
4.13
0.20
0.75
2.67
0.84
0.31
0.39
0.96
1.64
4.10
1.51
1.09
1.82
0.21
1.90
1.44
1.18
0.18
P/E P/E P/E
L4Q 20112012E
29
34
23
19
21
19
20
45
14
6
18
18
22
22
18
20
26
14
87 N/M
29
13
14
12
9
11
9
22
24
23
6
6
17
18
18
20
27
30
21
22
22
17
12
12
10
56 184
65
29
30
29
24
50
22
41 120
40
18
19
16
9
35
8
27
30
20
20
21
12
46
46
30
117 N/M 102
33
34
23
9
9
9
93
87
79
58
56
52
49
51
22
14
18
11
26
22
31
17
19
16
33
35
26
21
22
27
51
63
31
9
9
7
34
42
31
14
15
13
41 N/M
11
21
25
17
7
8
7
13
15
12
39
46
22
59
64
46
18
20
14
15
16
14
11
10
17
16
17
15
45
49
37
55
61
40
101
82
47
13
16
10
15
15
12
15
18
12
215 N/M 110
34
34
25
NEWS ON PORTFOLIO STOCKS
Acacia Research Corp. (ACTG) announced that a subsidiary acquired five patent portfolios with 156 global patents related to semiconductor design, manufacturing, and packaging. Amerigon
(ARGN) announced its intention to formally change its name to
Gentherm Incorporated; effective June 13 its trading symbol was
changed from ARGN to THRM, and the company began doing
business as Gentherm Inc., although the formal name change is
expected to occur following a special meeting of the Company's
shareholders scheduled for Sept. 5, 2012. Berkshire Hills Bancorp
(BHLB) announced a definitive merger agreement to acquire Beacon Federal Bancorp (BFED) in a transaction valued at approximately $132 million, whereby 50% of outstanding Beacon shares
will be exchanged for Berkshire shares at a fixed exchange ratio of
.92 shares for each Beacon share, while the remaining 50% of Beacon shares will be exchanged for cash in the amount of $20.50 per
share. Ellie Mae (ELLI) announced the pricing of a follow-on public
offering of 3.1 mill shares of its common stock at a public offering
price of $17.00 per share. NQ Mobile, Inc. (NQ) filed to withdraw
their registration statement on Form F-1 due to recent market conditions and the current trading price for the Company’s American
depositary shares (ADS’s). The company had previously filed for
an offering of 6 million ADS’s. On Assignment (ASGN) filed for a
12.49 million common stock offering by selling shareholders.
STOCKS UNDER REVIEW
Allot Communications Ltd. (ALLT – 27.86), Arctic Cat Inc. (ACAT –
36.56), Bryn Mawr Bank Corp. (BMTC – 21.07), Cray, Inc. (CRAY –
12.08), DXP Enterprises (DXPE – 41.49), Eagle Bancorp Inc. (EGBN
– 15.75), Egain Communications (EGAN – 5.45), Endologix, Inc.
(ELGX – 15.44), Financial Engines, Inc. (FNGN – 21.45), InfoSonics
Corp. (IFON – 1.56), Magic Software Ltd. (MGIC – 5.55), Manitex
Intl. Inc. (MNTX – 8.40), Marine Products Corp. (MPX – 6.08),
Orasure Technologies (OSUR – 11.24), Patrick Industries Inc. (PATK
– 12.75), Procera Networks Inc. (PKT – 24.31), Streamline Health
Solutions (STRM – 3.70), Taylor Devices, Inc. (TAYD – 9.00).
CLOSED OUT POSITIONS BY YEAR
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
# Issues
Closed Out
7
8
9
18
22
32
24
36
31
35
42
47
56
43
56
52
50
51
50.5
58
62.5
54.5
54.5
62
54
48
45
50.5
45.5
49
45
65
47.5
39.5
43.5
21
Aggregate
Cost
32412
43550
43699
115929
168571
305120
271969
462941
414900
534263
695614
684206
887614
1008401
1388627
2024458
2742727
3307513
3568913
6451096
7802863
7136798
6050201
10566751
12486371
8270938
7906066
12281787
12506657
15544577
15310382
25611975
14837951
11787288
15299246
7970899
216,523,273
Aggregate Theoretical Avg # of
Proceeds
Gain Mos Held
44107
11695
8.0
53386
9836
16.4
53334
9635
13.3
195760
79831
9.4
261277
92706
12.5
299110
-6010
10.7
468091
196122
7.9
437187
-25754
13.4
411353
-3547
11.4
770858
236595
11.9
799890
104276
9.5
579934
-104272
10.5
1298211
410597
12.5
1097162
88761
10.9
1985860
597233
10.7
2553926
529468
11.0
3598232
855505
12.0
3526394
218881
11.3
4708478
1139565
11.8
7489251
1038155
10.2
9181924
1379061
12.4
5659524
-1477274
8.7
6906292
856091
12.2
14908979
4342229
9.3
10249657
-2236715
11.1
7737537
-533401
12.8
10970604
3064538
13.4
15623629
3341842
12.6
15885961
3379304
14.9
16929661
1385084
12.2
19345125
4034743
17.5
19414995
-6869055
14.4
14229642
-2627914
15.4
16380303
4593015
17.7
18623876
3324630
14.9
7870703
-100196
240,550,213
21,335,260
281,083
444,726
357,368
362,250
363,090
408,498
308,439
169,200
390,800
466,767
317,856
322,560
322,680
116,160
214,289
318,977
318,560
318,980
411,016
215,340
405,325
339,057
363,400
488,430
410,260
438,864
411,444
486,716
116,160
440,250
119,685
298,078
867,744
451,950
205,504
371,212
97,653
458,908
268,675
363,758
326,832
496,384
198,480
1,496,880
252,973
252,106
146,248
264,040
364,797
302,252
203,970
972,024
314,736
581,850
361,085
118,458
406,560
347,151
715,164
387,000
-161,398
-146,648
510,376
89,700
-157,586
-37,286
-210,786
289,708
-122,125
-103,009
8,976
173,824
-124,200
1,380,720
38,684
-66,871
-172,312
-54,940
-46,219
86,912
-201,355
632,967
-48,664
93,420
-49,175
-320,406
-4,884
-139,565
599,004
-53,250
23
2
15
18
6
5
25
35
14
10
7
10
10
32
20
12
9
9
11
21
9
40
12
6
13
12
11
7
36
12
DUSA Pharmaceuticals, Inc.
464,075
Home Inns & Hotel Management, Inc.217,945
Materion Corp.
364,650
Rogers Corp.
335,736
LogMeln, Inc.
264,624
Silicom, Ltd.
418,571
iRobot Corp.
413,280
Taleo, Corp.
400,902
Travelzoo, Inc.
438,240
G-II Apparel, Group, Ltd.
394,584
Twin Disc, Inc.
449,752
WI-LAN, Inc.
461,875
Spreadtrum Communications, Inc. 489,984
ViroPharma, Inc.
318,160
Body Central, Inc.
392,971
Mitek Systems, Inc.
335,434
Northern Oil and Gas, Inc.
446,970
OpenTable, Inc.
218,120
Aruba Networks, Inc
337,824
Homeowners Choice, Inc.
395,560
ValueClick, Inc.
411,642
427,926
167,700
267,080
265,392
618,499
394,264
526,645
498,021
207,251
466,088
354,824
321,875
766,128
427,382
238,640
91,868
247,878
314,880
433,440
510,400
324,522
-36,149
-50,245
-97,570
-70,344
353,875
-24,307
113,365
97,119
-230,989
71,504
-94,928
-140,000
276,144
109,222
-154,331
-243,566
-199,092
96,760
95,616
114,840
-87,120
9
25
14
4
28
6
10
9
7
21
1
9
21
17
12
4
15
31
28
2
4
2011
10100
159400
52400
34500
24700
41200
12900
18800
97700
23900
52800
12800
12000
14400
50900
23300
36200
16400
41267
19400
52300
20200
15800
13500
140500
178400
13200
27100
14400
15000
American Superconductor Corp.
Axcelis Technologies, Inc.
Cirrus Logic, Inc
KVH Industries, Inc.
MIPS Technologies, Inc.
EXFO, Inc.
Longtop Financial Technologies Ltd
VanceInfo Technologies, Inc.
Wave Systems
ADA-ES, Inc.
BSQUARE Corp
Kraton Performance Polymers, Inc.
Rubicon Technology, Inc.
# Green Mountain Coffee Roasters
Ista Pharmaceuticals, Inc.
Amtech Systems, Inc.
Entropic Communications, Inc.
Higher One Holdings, Inc.
KEMET, Corp.
Nanometrics, Inc.
IMRIS, Inc.
NetLogic Microsystem, Inc.
Constant Contact, Inc.
RightNow Technologies, Inc.
Zix, Corp.
Active Power, Inc.
Cognex, Corp
Electronics For Imaging, Inc.
Green Mountain Coffee Roasters
Measurement Specialties, Inc.
2012
DELETIONS
Aruba Networks Inc. (ARUN) is being deleted due to poor relative
strength. Homeowners Choice Inc. (HCII) is being deleted due to a
change in our expectations for future growth. Valueclick Inc. (VCLK)
is being deleted due to disappointing revenue and earnings growth
last quarter.
Oberweis Publishing Company, LLC
3333 Warrenville Road Suite 500
Lisle, IL 60532
800-323-6166
Jim Oberweis, CFA
Dave Covas, CFA, CFP
Ken Farsalas, CFA
Kevin Cowell, CFA
97700
6500
11000
7200
14900
22300
20500
10900
8300
16400
13600
62500
52800
19400
13600
62500
52800
19400
28800
29000
19800