For God’s sake, let us sit upon the groundAnd tell sad stories of the death of kings;
– King Richard II, Shakespeare’s Richard II
This week I closed my position in GTSI Corp (NASDAQ: GTSI) which was one of my longest holdings and I think the subject of more posts on this site than any other (I was young and had too much focus to talk about much else). It has been quite a ride and I . . .
→ Read More: GTSI Corp: A Final Chapter ($GTSI)
Today GTSI Corp (NASDAQ: GTSI) filed its preliminary proxy documentation. Contained within it is a company-proposed amendment to the company’s constating documents which would declassify the board of directors (emphasis added):
The Certificate of Incorporation currently provides that, subject to the rights of any series of Preferred Stock to elect additional directors under specified circumstances, the Board is divided into three classes of directors designated as Class 1, Class 2 and Class 3, with each class having a three-year . . .
→ Read More: GTSI Corp: A Big Win for Corporate Governance ($GTSI)
Yesterday GTSI Corp (NASDAQ: GTSI) reported its earnings. It was a busy period for the company which included the resolution of the Eyaktek subsidiary issues, the purchase of Information Systems Consulting Group, Inc (InSysCo) and the authorization of a share repurchase program. With the sale of Eyaktek, the company’s revenues declined quite dramatically.
The quarterly conference call became quite heated, with three different investors demanding to know why the company is still operating and what . . .
→ Read More: GTSI Corp: When Should A Company Dissolve? ($GTSI)
I have written about GTSI (NASDAQ: GTSI) on this site many times. Simply put, this company was one of my bigger mistakes. Rather, failing to sell this company was the mistake. Let’s look at the chart:
GTSI Chart, courtesy of StockCharts.com
That jump late last fall? An offer to buy the company from a partially-owned subsidiary. Strange, right? I thought . . .
→ Read More: GTSI Corp launches $5 million repurchase plan ($GTSI)
Last week I provided a quick update on GTSI Corp (NASDAQ: GTSI), reiterating the value opportunity. Today the company announced that it had been awarded a massive new contract, which sent shares up to the highest point since the SBA action last fall. Here are some details (emphasis added):
GTSI, a leading provider of technology to federal, state, and local governments, announced today that the Federal Aviation Administration (FAA) has awarded the company a contract to provide information . . .
→ Read More: GTSI Corp update: Massive Contract Award ($GTSI)