If you wonder why Seychelle Environmental Technologie (PINK:SYEV) failed to impress investors yesterday by only gaining 6% in value, it is probably because the company has not reached any milestones recently. Or, alternatively, it has not reported on any of them.
Closing the session at $0.34 per share, SYEV almost managed to rally to its early-June positions, falling one cent behind the level it reached following the publication of its latest 8-K press release. The volume, on the other hand, delivered a performance to remember. Shifting 411 thousand shares of SYEV stock, yesterday’s session set a new 52-week record for the company. The latter also marked a ten-fold increase over the average daily trading volume.
The 8-K form mentioned above is currently the last update SYEV has given to its stockholders. Surfacing on May 31, it informed investors that the company’s earnings per share for the fiscal year ended Feb. 28, 2011 had reached the $0.07 level, marking a staggering 250% improvement over the previous corresponding period. Needless to say, the piece of news did little to impress market players given that SYEV stock had been overvalued by then.
As shown on OTCmarkets.com, SYEV files its financials with the SEC on a regular basis. Last month, the company submitted a full-blown 10-K form covering the annual period ended Feb. 28, 2011. The unaudited balance sheet revealed:
- $1.24 million in cash vs. $0.5 million for the previous fiscal year;
- working capital surplus of $1.5 million vs $0.8 million as of Feb 28, 2010;
- $4.47 million in sales as opposed to $2.7 million for the previous annual period;
- net income of $1.7 million in comparison with $0.56 million accumulated by Feb 28, 2010.
So far, so good. What the future has in store for the company, however, still remains to be seen.
