11-21-2008, 11:37 AM
Here's one I have played in the past. I bought it back when it was at 1.95 then over the year it shot up to as high as 4$ a share. It is now back at 1.76 with the 16% drop today. No negatives news from what I've seen. Might be a good play here.
Current PPS - 1.76
52 week high - 4.35
52 week low - 1.76 (today)
Just watched the bid and ask drop to the 1.6x range. I wonder what is stirring with this one. Never has much volume. I am very curious here. Put this one on the radar.
11-21-2008, 11:50 AM
Looks like I didnt look hard enough. Found this, it was posted oct. 6 2008.
GSI Commerce (GSIC) Agrees to Acquire Innotrac (INOC) for $52M
GSI Commerce Inc. (Nasdaq: GSIC) today announced it has signed a definitive agreement to acquire Innotrac Corporation (Nasdaq: INOC) for $52 million, consisting of cash of $22 million and shares of GSI common stock valued at $30 million, or 1,841,621 shares at $16.29 per share, the volume weighted average price over the 20 days prior to signing. As of June 30, 2008 Innotrac had net debt of $9.9 million, making the aggregate value of the transaction $61.9 million.
Innotrac shareholders are expected to receive approximately $4.03 per share for each share of Innotrac common stock, consisting of $1.70 in cash and 0.1426 of a share of GSI common stock. The acquisition is expected to close during the first half of 2009.
For the trailing 12 months ending June 30, 2008 Innotrac recorded net revenues of $128.2 million, income from operations of $4.5 million and non-GAAP income from operations of $9.1 million. Non-GAAP income from operations equals income from operations plus $0.2 million of stock-based compensation expenses and $4.4 million of depreciation and amortization expenses.
The addition of Innotrac will increase GSI's client base and expand GSI's North American infrastructure and capacity. Following the close of the acquisition, GSI will operate approximately 4.7 million square feet of fulfillment centers and 2,165 call center seats. GSI intends to utilize the company's Reno, Nev. fulfillment center to begin offering regional fulfillment capabilities to its clients beginning in 2009.
GSI Commerce, Inc. provides services for e-commerce, multichannel retailing, and interactive marketing to business-to-consumer enterprises in the United States and internationally.
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