Three Small-Caps That Pass the Value Test

Forbes was in. The issue contains the new list of the 200 best small companies. The magazine rates them on sales and earnings growth as well as return on equity. It ranks the figures on both 12-month and five-year bases to find those companies that appear to be experiencing sustained growth and are not one-hit wonders. The resulting list is composed of companies that are taking advantage of business and economic trends far better than their larger competitors and are growing very rapidly. Although the list is very good at finding underlying trends in the marketplace, it is not usually a good place for me to find investment ideas. Since the companies are by nature growth stocks, this is usually reflected in their share price. Even if a company is in front of major parts of the stimulus packages or manufacturing critical components for wireless technology, I always focus on valuation first and foremost. Quality Systems, for example, is going to a major beneficiary of the $20 billion medical records legislation in last year's stimulus package. Its medical records management software package is one of the best out there. However, there is no way I could ever pay 37 times this year's earnings or 25 times the estimate. The value investor in me cringes at the enterprise-value-to-EBITDA multiple of 21. One stock that is now on my radar list is, of all things, an airline. Unlike most airlines, however, this one had top- and bottom-line growth in its third-quarter earnings release. Allegiant Travel flies to resort destinations such as Las Vegas, Orlando and Fort Lauderdale. It focuses on providing service from smaller cities usually, and it currently serves 61 cities. Also, unlike many airlines, it has a balance sheet that's rock-solid, with $224 million in cash and just $54 million of debt. Allegiant is not...
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American Physicians Service Group, Inc. Announces Rating of A- (Excellent) From A.M. Best Company

AUSTIN, TX--(Marketwire - 10/26/09) - American Physicians Service Group, Inc. ("APS") (NASDAQ:AMPH - News) today announced that A.M. Best Company ("A.M. Best"), the leading insurance rating organization, has affirmed its financial strength rating of "A-" (Excellent) for its insurance subsidiary, American Physicians Insurance Company ("API"). According to A.M. Best, "These ratings reflect API's excellent risk-adjusted capital position, solid history of operating profitability and strong policyholder retention levels." APS' low debt position was also considered a strong, positive indicator.Ken Shifrin, Chairman of APS, stated, "We are pleased that A.M. Best continues to recognize our outstanding financial performance and strong balance sheet. The A.M. Best rating affirmation of A- (Excellent) is a reflection of the quality and dedication of our employees and commitment to our physician policyholders."Tim LaFrey, President of APS, added, "The current economic climate has caused rating agencies to give extra scrutiny to the financial health of the companies they evaluate. Our excellent rating demonstrates our continued success during these challenging times through prudent growth in our physician policyholders, ongoing efforts to control costs and conservative reserving and investing practices."APS is an insurance and financial services firm with subsidiaries and affiliates which provide medical malpractice insurance for physicians and other healthcare providers and brokerage and investment services to institutions a...
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Q3 2009 American Physicians Service Group Earnings Release - After Market Close

Earnings Announcements for Monday, November 2CompanySymbolTimeConferenceCall1ST CONSTITUTION BANCORPFCCYBefore Market OpenAAONAAONBefore Market OpenABSOLUTE SOFTWARE CORPABT.TO4:00 pm ETAdministaffASFBefore Market OpenListenAlbany International CorpAINAfter Market CloseAlexander'sALXBefore Market OpenALLGREEN PROPERTIES LTDA16.SITime Not SuppliedALLIANCE DISTRS HLDG INCADTR.PKBefore Market OpenALTRA HOLDINGS INCAIMCAfter Market CloseAmerican Physicians Service GroupAMPHAfter Market CloseAMERIGO RESOURCES LTDARG.TOBefore Market OpenAnadarko Petroleum CorporationAPCAfter Market CloseListenAnglogold Ashanti LimitedAUTime Not SuppliedAPPLIED NANOTECH HOLDINGS INCAPNT.OBTime Not SuppliedArgo Group International Holdings, Ltd.AGIIAfter Market CloseListenArray BioPharma Inc.ARRYAfter Market CloseListenAss...
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Neogen, PetMed: Top 5 Small-Cap Stocks

Stock quotes in this article: AMPH , FLIC , PETS , ...
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AMERICAN PHYSICIANS SERVICE GROUP INC Files SEC form 10-Q, Quarterly Report

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS For purposes of this Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), "APS," "we," "our," "us" and the "Company" refer to American Physicians Service Group, Inc., together with its subsidiaries, unless the context requires otherwise. The following MD&A should be read in conjunction with the accompanying unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2009, included in Part I, Item 1, as well as the audited, consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2008, which was filed with the United States Securities and Exchange Commission (the "SEC") on March 4, 2009. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve risks and uncertainties, as well as assumptions that, if they do not materialize or prove correct, could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including statements: of our plans, strategies and objectives for future operations; concerning new products, services or developments; regarding future economic conditions, performance or outlook; as to the outcome of contingencies; of beliefs or expectations; and of assumptions underlying any of the foregoing. Forward-looking statements may be identified by their use of forward-looking terminology, such as "believes," &q...
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AMERICAN PHYSICIANS SERVICE GROUP INC Files SEC form 8-K, Results of Operations and Financial Condition

Show all filings for AMERICAN PHYSICIANS SERVICE GROUP INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for AMERICAN PHYSICIANS SERVICE GROUP INC 2-Nov-2009Results of Operations and Financial Condition Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provide...
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American Physicians Service Group, Inc. Reports Continued Strong Earnings in the Third Quarter

AUSTIN, TX--(Marketwire - 11/02/09) - American Physicians Service Group, Inc. ("APS") (NASDAQ:AMPH - News) today announced results for the quarter and nine months ended September 30, 2009. For the three months ended September 30, 2009, revenues were $22.4 million compared to $19.9 million for the same period last year. For the nine months ended September 30, 2009, revenues were $61.7 million compared to $57.3 million in the same period last year. Net income for the third quarter was $6.4 million or $.92 per diluted share, compared to $7.2 million or $.99 per diluted share, in the same period last year. Net income for the first nine months was $16.1 million or $2.28 per diluted share, compared to $16.7 million or $2.29 per diluted share in the same period last year. Ken Shifrin, APS Chairman of the Board, stated, "We continue to perform at a high level. Revenue was up 12% quarter-over-quarter, underwriting profits remained solid, our Financial Services subsidiary was again profitable and our book value per share increased to a record $22.20. Rating agency A.M. Best recently affirmed our A- rating, saying the rating 'reflects API's excellent risk-adjusted capital position, solid history of operating profitability and strong policyholder retention levels.'"Tim LaFrey, President of APS, added, "Our core insurance operations continue to grow. Net earned premium was up 12% compared to the third quarter of 2008, a result of moderating rate decreases, increasing policyholder count and ceding less premium under our 2009 reinsurance t...
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AMERICAN PHYSICIANS SERVICE GROUP INC Financials

PERIOD ENDING30-Sep-0930-Jun-0931-Mar-0931-Dec-08Total Revenue22,368  20,121  19,231  17,408  Cost of Revenue -   -   -   -  Gross Profit -  20,121  19,231  17,408  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative7,186  12,218  12,194  13,461  Non Recurring -  181  (181) -  Others5,499  83   -   -  Total Operating Expenses -   -   -   -  Operating Income or Loss9,683  7,639  7,218  3,947  Income from Continuing OperationsTotal Other Income/Expenses Net -   -   -   -  Earnings Before Interest And Taxes14,889  2,433  7,218  (6,481)Interest Expense -   -   -   -  Income Before Tax14,889  2,433  7,218  (6,481)Income Tax Expense3,241  2,718  2,488  1,493  Minority Interest -   -   -   -  Net Income From Continuing Ops6,442  4,921  4,730  2,454  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items - ...
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