Every Monday we feature “A Stock to Sell” as our daily post. With every stock or investment we recommend as a sell, we give you a full explanation of why we advise against investing in it at this time.
DIRTT Environmental Solutions (symbol DRT on Toronto; www.dirtt.net) designs and builds customized office interiors. DIRTT stands for “doing it right this time.”
The company believes its ICE 3-D software lets it deliver premade, customizable interiors faster and more efficiently than traditional construction methods. DIRTT first sold shares to the public at $3 each and began trading on Toronto in November 2013.
In the three months ended September 30, 2014, the company’s revenue rose 27.1%, to $46.7 million from $36.7 million a year earlier. The higher U.S. dollar increased the contribution of its U.S. sales.
The company also completed the remaining one-third of the $12.0 million of major projects it won in January 2014. DIRTT made $1.5 million, or $0.02 a share, compared to a loss of $494,000, or $0.01.
The company holds cash of $25.0 million, or $0.33 a share, and has very low debt.
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Stock advice: CEO’s reputation not enough to breed confidence in long-term prospects
Mogens Falk Smed, who founded SMED Manufacturing in 1983, has been DIRTT’s CEO since May 2004. SMED designed, made and sold office furniture.
SMED was one of the first recommendations of our Stock Pickers Digest newsletter. We first recommended the stock in the November 1998 issue at $8. In January 2000, SMED entered into an agreement with U.S.-based Haworth Inc. that saw Haworth acquire the company for $24 a share.
Mogens Smed’s involvement gives DIRTT some speculative appeal, but the company operates in a competitive market and may have trouble reporting consistent profits.
We don’t recommend DIRTT Environmental Solutions. If you own the shares, we think you should sell.
Tomorrow we take a detailed look at the gains that prompted a dividend hike for BCE.
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