Checking it out ... I am looking at a possible investment here, and see the recent growth, and the aquisitions. Just looking back a year or so, it looks - for the most part - like a good story. I do like the Price to Book, and the minimal buback.
However, the dividends have seemingly been inconsistently declared (at least per the pubblicly available charts) and variable. It looks like a $.09 cent dividend in June of 2012, and the one coming up, but a $.15 cent about 8 mnonths earlier , and a $.13 late 2010, and $.10 mid 2009. This makes me nervous about their actual intent to become a solid and regular dividend payer. I do know it's a family business, so to speak, and can't help but wonder if we are more of an aftertought?
I also notice that, in spite of the year-over-year growth, their profit iis much less than it had been, namely:
2007 ... $1.06, 2008 ... $1.93, 2009 ... $|.82, 2010 ... $.91, 2011 ... $.51
This doesn't sit well on the surface for indicating future growth, although they are growing the book value, seemingly. I did go to the site to listen to the most recent call, hoping for some spin I could accept, but they only keep a call up there for a couple of weeks. It is not there.
I would appreciate any comments that would throw some light on these points, and why I may be offbase in my concerns.
Thanks!