Companies mentioned:
· Jerash Holdings (JRSH) - swings to Q1 profit, boosts margins despite slightly lower revenue
· Tandy Leather Factory (TLF) - Reports Q2 2025 Results with Higher Sales but Net Loss
· FutureFuel (FF) - Posts Q2 2025 Net Loss on Sharp Revenue Decline, Idles Biodiesel Plant
· Kimball Electronics (KE) - Reports Lower FY25 Sales and Profit, Guides for Decline in FY26
· America’s Car-Mart (CRMT) - Regains Nasdaq Compliance Following 10-K Filing
“Graham’s Geiger counter”
Benjamin Graham suggested that one way to measure the valuation of the overall market was to assess the number of net-nets available. When many such opportunities exist, it indicates a cheap market overall, while their absence suggests that the market is expensive. Today’s net-nets, however, are not the same as Graham’s net-nets. Many are un-investable being Chinese RTO’s, loss-making biopharma’s etc. But we do think it is interesting to follow this number over time, and what percentage of total listed stocks qualify as a “naked” net-net without any type of quality adjustments to make them investable. Below is a net-net screen from Stockopedia.
Jerash Holdings (JRSH) - swings to Q1 profit, boosts margins despite slightly lower revenue
P/TB 0.69 │ URL
Jerash Holdings (US), Inc. reported results for its fiscal first quarter ended June 30, 2025, with revenue slightly down to $39.6m from $40.9m a year earlier due to shipping delays from rerouting through Aqaba port. Gross profit rose 31% to $6.1m, lifting the gross margin to 15.4% (11.3%), supported by lower logistics costs and better production planning. Operating income improved to $0.96m from a prior-year loss of $0.83m, while net income reached $0.32m, or $0.03 per share, compared with a $1.4m loss last year. Cash and restricted cash fell to $7.5m (from $15.1m in March) due to delayed customer payments, though working capital stood at $34.6m. The company declared a quarterly dividend of $0.05 per share, payable August 29. For fiscal Q2, Jerash expects revenue of $40–42m and a gross margin of 15–16%, with production capacity expanded by 15% and facilities fully booked through February 2026, while noting risks from tariffs and regional geopolitical instability.
Tandy Leather Factory (TLF) - Reports Q2 2025 Results with Higher Sales but Net Loss
P/TB 0.48 │ URL
Tandy Leather Factory, Inc. posted Q2 2025 revenue of $17.8m, up 2.8% from $17.3m last year, while gross profit rose to $10.6m from $10.0m, lifting margins to 59.5% (58.0%). Despite stronger top-line and margin performance, operating expenses increased 5.5% to $10.5m, driven by leasing costs for headquarters and distribution facilities following the January 2025 HQ sale. This resulted in operating income of $0.1m and a net loss of $0.2m, compared with $0.1m net income in Q2 2024. Adjusted EBITDA stood at $0.3m. The company ended the quarter with $16.4m in cash, up from $13.3m a year earlier, reflecting HQ sale proceeds offset by a $12.7m special dividend. Inventory increased to $36.2m ($35.6m at year-end 2024). CEO Johan Hedberg noted sales gains were led by U.S. retail store productivity but warned that higher operating costs and newly announced tariffs could weigh on profitability, with operating losses expected for full-year 2025 despite momentum into Q3.
FutureFuel (FF) - Posts Q2 2025 Net Loss on Sharp Revenue Decline, Idles Biodiesel Plant
P/TB 0.89 │ URL
FutureFuel Corp. reported Q2 2025 revenues of $35.7m, down 51% from $72.4m a year earlier, with the drop mainly tied to weak biodiesel demand and high feedstock costs. The company posted a net loss of $10.4m, or $0.24 per share, versus net income of $9.6m last year, while adjusted EBITDA fell to -$9.8m from $6.9m. For the first half of 2025, revenue declined 59% to $53.2m, with a net loss of $28.1m compared with $13.9m net income in H1 2024. FutureFuel temporarily idled its biodiesel plant in June after depleting feedstock inventories but expects potential restart in late 2025 or early 2026 if pricing normalizes. The chemicals segment started slowly due to a turnaround but has commercialized new projects, with production set for late 2025 and early 2026. A new chemicals facility is near commissioning in Q3, supporting backward integration and capacity expansion. Cash stood at $95.2m at June-end (down from $109.5m at year-end 2024). The company paid a quarterly dividend of $0.06 per share and plans two more for 2025, while warning that biodiesel market volatility and elevated costs remain significant risks.
Kimball Electronics (KE) - Reports Lower FY25 Sales and Profit, Guides for Decline in FY26
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Kimball Electronics reported 4Q25 net sales of $380.5m, down 12% YoY, with operating income at $16.5m (4.3% margin) and net income of $6.6m ($0.26 EPS). Adjusted operating income was $19.6m (5.2% margin). Cash flow remained strong at $78.1m, marking the sixth consecutive quarter of positive operating cash, enabling debt reduction to $147.5m. For FY25, net sales fell 13% to $1.49bn, operating income declined to $45.5m (3.1% margin), and net income dropped to $17.0m ($0.68 EPS). Adjusted operating income came in at $61.3m (4.1% margin), while record operating cash flow of $183.9m allowed debt paydown of $147.3m. By segment, automotive sales fell 11% YoY, medical declined 7%, and industrial dropped 16%, partly reflecting the divestiture of Automation, Test & Measurement. For FY26, management guided net sales of $1.35–1.45bn (down 2–9% YoY), adjusted operating margin of 4.0–4.25%, and capex of $50–60m, weighted toward a new Indianapolis facility. The company highlighted continued portfolio realignment, cost control, and medical CMO expansion as key strategic priorities, but warned of headwinds from automotive program losses and macro uncertainty.
America’s Car-Mart (CRMT) - Regains Nasdaq Compliance Following 10-K Filing
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America’s Car-Mart, Inc. announced that it has regained compliance with Nasdaq Listing Rule 5250(c)(1) after filing its Form 10-K for the fiscal year ended April 30, 2025, with the SEC on August 8. Nasdaq’s Listing Qualifications Department confirmed compliance in a notice dated August 13, formally closing the matter. The company, which operates used-car dealerships across 12 U.S. states under an integrated sales and finance model, had previously been out of compliance due to delayed filings.
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