Now that I have the filing available, I can see that BAS saw accounts receivables basically hold unchanged from June to September. At June, BAS had account receivables of $126.4 million. By September, account receivables still held at $124.7 million. That’s nothing to worry about.
As a proximity of future business, that BAS has seen account receivables hold steady over the past three months comforts me. The last three months were a dark time in the oil industry and many people are being forced out of business.
Throw in that revenues held up at $189 million from $193 million and I am a happy Cain Hammond Thaler.
The cash issue unsettled my stomach at first, but actually their operations produced more cash in gross. Seeing how spending the ~$40 million on equipment and businesses was a willful decision (although one that gave me intense heartburn), I actually feel pretty good about this quarter.
Actually, at this point I’m more concerned about HCLP, which dropped news that their debt is tied to asinine ratio testing which could blow up in their faces next year.If you enjoy the content at iBankCoin, please follow us on Twitter