Furmanite Corp (FRM)

FRM provides services industry needs to keep old plants running--valve testing, leak repair, and the like.

A good little company providing real services to a wide range of businesses. They are currently down because the economy is down, not because of poor management, unneeded service/product, a flawed business model, or a pile of debt. They could return a 75% to 100% annualized return over the next 2-3 years when the economy picks up. They are profitable, though not as profitable as before; because their business is off like everyone else. They have a good balance sheet, with an asset to liability ratio of over 2 to 1, and a debt to worth ratio of 1 to 1. They have virtually no long term debt, and almost 60% of their assets are cash or near cash. They even pay a small dividend. As the economy starts to come back, they will be in a position to benefit by providing much needed services to many different sectors. I have taken a small position for now, and over the intermediate term will adjust it as conditions dictate. A good investment for those who are patient enough to wait for a bigger return. JMO and worth exactly what I am charging for it.