June
25
25
Eternal Technologies (ETLT.OB) to buyback stock
Topics: Uncategorized
Eternal Technologies (ETLT.OB) today announced that it would repurchase up to 5% of outstanding shares before the end of the year. With 47,073,279 shares issued and outstanding, the repurchase could total 2,353,664 shares.
This move is a very positive step, indicating that management intends to use the company’s giant cash hoard to improve shareholder value. If the company continues to deliver strong earnings, I think ETLT shares will top $1.00 within twelve months.
DISCLOSURE: I am long ETLT.OB. Not a recommendation to buy or sell any security. For informational and educational purposes only.
[...] With little fanfare, Eternal Technologies Group: ETLT.OB has posted another quarter of good earnings. In a 10-Q filed today, the company announced earnings of approximately $1.92M, or $0.04 per fully-diluted share, on revenues of $11.08M. Both the top and bottom lines improved year-over-year, as did gross profits. Some of the impact was blunted by an increase in share count from 40.57M to 47.07M. This figure could moderate in the second half of 2007, as the company has announced it will buy back up to 5% of shares before year end. [...]