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    Sam Rebotsky

    Research Analyst at SER Asset Management

    Sam Rebotsky's questions to Visionary Holdings (GV) leadership

    Sam Rebotsky's questions to Visionary Holdings (GV) leadership • Q3 2020

    Question

    Sam Rebotsky of SER Asset Management questioned the sequential decline in total and 12-month backlog, asking about bidding activity and future improvements. He also inquired about the company's stock market focus, potential acquisition interest, the stability of its banking relationships following the CEO's passing, and the level of storm restoration work during the quarter.

    Answer

    Acting Co-CEO and CFO Steve Wherry explained that backlog naturally decreases as revenue is earned and increases with MSA renewals, noting that revenue has historically exceeded the 12-month backlog figure due to many short-cycle projects. He stated the company is always evaluating M&A opportunities but will not comment on specifics, and affirmed his long-standing, strong relationship with the company's bank. Acting Co-CEO Jason Spivey added that the company saw more storm work in the quarter and is using it to build new customer relationships.

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    Sam Rebotsky's questions to Visionary Holdings (GV) leadership • Q2 2020

    Question

    Sam Rebotsky of SER Asset Management questioned the sequential decline in total backlog from $473 million to $417 million and the pipeline for new, significant jobs. He also asked about the sustainability of the quarter's improved profit margins and whether the company was experiencing increased investor interest.

    Answer

    Acting Co-CEO and CFO Stephen Wherry attributed the backlog change to revenue burn-off from large projects and quarterly estimate adjustments, confirming that bidding activity is ongoing. Regarding margins, Wherry stated the company targets the mid-to-high teens and is encouraged by recent performance, while advising a long-term view rather than a quarter-to-quarter focus. He also affirmed that there has been an increase in investor relations activity.

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    Sam Rebotsky's questions to Visionary Holdings (GV) leadership • Q1 2020

    Question

    Sam Rebotsky of SER Asset Management inquired about the profitability improvements in the Texas region, the potential for cost reimbursements on contracts delayed by COVID-19, and the company's plans for participating in virtual investor conferences.

    Answer

    President and CEO John Sottile confirmed that the Texas operations have improved, with new service lines in distribution and substations contributing to revenue and profit. He noted that while current contracts generally do not allow for COVID-19 related cost reimbursements, future bids will assess this risk. Sottile also agreed that pursuing virtual conferences to tell the company's story is a good idea.

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    Sam Rebotsky's questions to Visionary Holdings (GV) leadership • Q4 2019

    Question

    Sam Rebotsky inquired about the profitability of the Texas and Southwest region, the time frame for the new $240 million backlog, the expected profitability of new Texas contracts, and whether the company has sufficient employees for the increased workload.

    Answer

    Chairman, President and CEO John Sottile, along with SVP and CFO Stephen Weary, confirmed the new backlog spans three to five years. Sottile explained that bidding processes in Texas have been modified to better manage weather risks and that new customers will enhance opportunities. He affirmed that staffing is currently adequate but can vary. Sottile cautioned against focusing on quarter-over-quarter results due to fluctuations, noting that new MSAs will incur startup costs in Q1, with revenue and profit ramping up in Q2.

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    Sam Rebotsky's questions to ARTS WAY MANUFACTURING CO (ARTW) leadership

    Sam Rebotsky's questions to ARTS WAY MANUFACTURING CO (ARTW) leadership • Q2 2018

    Question

    Sam Rebotsky of SER Asset Management inquired about the impact of steel tariffs on costs, customer acceptance of subsequent price increases, and current manufacturing capacity utilization. He also asked for clarification on recent unusual stock trading activity and questioned the variance between expected and actual Q2 results, along with the outlook for the third and fourth quarters.

    Answer

    Chairman Marc McConnell explained that all steel prices, both domestic and imported, have risen significantly, and while customers accept the necessary price hikes, falling commodity prices are slowing new orders. He stated the company operates on a single primary shift with limited potential for a second due to a tight labor market. McConnell noted the company was unable to identify the cause of the recent stock volatility. He conceded that Q2 results were below expectations due to unforeseen expenses and execution issues but anticipates an improved Q3, while Q4 visibility remains low.

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    Sam Rebotsky's questions to ARTS WAY MANUFACTURING CO (ARTW) leadership • Q1 2018

    Question

    Sam Rebotsky of SER Asset Management inquired about the financial impact of the recent Dubuque property sale, changes to the deferred tax asset, and the profit outlook for the upcoming quarter. He also asked about market conditions for dairy and scientific buildings, the status of another property for sale, and the rationale behind a recent 8-K filing concerning ownership limits.

    Answer

    Chairman Marc McConnell and CEO Carrie Gunnerson explained that the property sale's financial impact was recognized in Q4 2017, resulting in a breakeven for the current quarter. They noted a ~$300k impact from tax law changes and projected a positive Q2. McConnell addressed weak dairy markets but noted an uptick in ag building demand due to winter conditions. He also highlighted a strong scientific backlog of ~$1.1 million including leases, with growing interest from corporate food safety clients. Finally, he clarified the 8-K filing was to remove an outdated restriction and no specific transaction was planned.

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    Sam Rebotsky's questions to ARTS WAY MANUFACTURING CO (ARTW) leadership • Q4 2017

    Question

    Sam Rebotsky of SER Asset Management sought clarification on balance sheet items, including the impairment on assets held for sale, the carrying value of other facilities for sale, and the value of assets held for lease. He also asked about inventory reduction targets, the potential for expanding the Scientific segment's leasing program, and the long-term impact of new tax laws.

    Answer

    President and CEO Carrie Gunnerson confirmed the $300,000 impairment on the Dubuque facility and noted the West Union facility is also for sale, providing specific values for assets held for lease. Chairman Marc McConnell stated the inventory reduction target for 2018 is over $2 million, with a long-term goal of reaching closer to $10 million. He mentioned using a third-party leasing partner for larger deals in the Scientific segment and expressed optimism about building momentum in that business. McConnell acknowledged that while there's a short-term negative impact from the deferred tax asset adjustment, the lower corporate tax rate will be beneficial once the company returns to sustained profitability.

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    Sam Rebotsky's questions to ARTS WAY MANUFACTURING CO (ARTW) leadership • Q3 2017

    Question

    Sam Rebotsky of SER Asset Management inquired about the profitability outlook for the fourth quarter, the status of the buildings held for sale, and the key drivers behind the company's recent performance improvements.

    Answer

    Chairman Marc McConnell stated that while it's early to predict Q4 net income, he expects positive EBITDA and a significant improvement over the prior year's fourth quarter. Regarding the facilities for sale, which represent half of the company's borrowings, McConnell confirmed they are actively working with prospects but have no contracts to announce. He attributed the recent business improvement primarily to the introduction of new products that kept the company relevant, rather than a major market turnaround, though he did acknowledge better dealer sentiment and quoting activity.

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