Update from MgmtHi guys,
Here is an update which analysts sent to their trading desks re PHO:
Mgmt continuing to buyback shares both personally and through NCIB. CEO and Chair bought 10K respectively on the 21st.
"...PHO has declined about (25%) in the past week since we got an update from the CEO. The company is not aware of any material development to cause the pressure. For perspective, PHO last reported a backlog of $19.5mm for the quarter ending June. This backlog represents orders received but not yet filled and expected to be realized as revenue in the next six months. The $19.5mm backlog would account for 83% of our estimate and the street, assuming zero new sales. As a result, revenue estimates for the next two quarters are relatively sound. A strong balance sheet with $41mm in cash and zero debt also well supports the business through temporary industry softness. PHO has a current NCIB, which allows it to purchase about 58k shares a day and we expect this will be active..."