The topline results are easy enough to find in the 10-K. VSUL earned about $2.5M in its year ending Sept. 2010 and nothing prior to that. Its most recent acquisition of Eagle Technologies USA expects to add $1M in revenue immediately. The strategy behind this acquisition escapes me. Eagle Technologies makes blank PVC identification cards - a commoditized product. Visualant needs to explain how this business fits with its core strategy of selling spectral pattern detection devices - a unique product. Will its scanners somehow come bundled with the cards for existing Eagle customers? They need to stand out quickly in a market crowded with suppliers of barcode readers.
I will give the management team and directors a thumbs up for their depth of experience. The problem with taking a company like this public before its business model has matured is that its share price will languish as a penny stock until the bottom line catches up to the technology's potential. In this case, the horse hasn't quite caught up to the jockeys yet.
Full disclosure: No position in VSUL.