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Dirt cheap stock waiting to go up

First of all the steady increase in revenue (although the company is certainly quite small), from $74.6 million in 2003 to $127.5 million in 2007 and $132 million in the trailing twelve months (TTM). Earnings, after a dip from $.63/share in 2003 to $.58/share in 2004, have steadily increased to $1.22 million in 2007 and $1.37/share in the TTM.

Another interesting observation is that this small company even pays a dividend---and not only that has been fairly regularly increasing that pay-out from $.14/share in 2003 to $.20/share in 2007 and $.25/share in the TTM. To also have a company that regularly increases its dividend is a corporate action that suggests a certain confidence in the company's prospects and financial strength.

Insofar as 'free cash flow' is concerned- For Chase, they generated $3 million in cash flow in 2005, increased it to $9 million in 2006, $11 million in 2007 and $12 million in the TTM. Perfect.

And the balance sheet- they are reported to have $1 million in cash and $37 million in other current assets. This total of $38 million in current assets (things that can be easily converted into cash within the next 12 months), easily covers both the $16.1 million in current liabilities (with a current ratio of 2.375---a healthy ratio from my perspective) and the $10.9 million in long-term liabilities combined.

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