ICOC

[BigSully1]

ICOC had a short life on the IBD 100. Couldn't hold $15 and was removed.

[David Randolph]

ICOC had a short life on the IBD 100. Couldn't hold $15 and was removed.

Thanks for the info BigSully1

Probably next week we'll be back above $15. Anyway, a stock's price doesn't tell me much, since, as we know, a $50 stock can represent a company worth less than a $5 stock, it all depends on the number of shares outstanding.

The big rally in resin prices tells me ICOC's 4th quarter earnings will probably be very positive. If we don't get to $19 when the company reports Q3 I'll probably patiently wait for Q4.

I'll keep holding ICOC.

[David Randolph]

Even though resin is a cost for ICOC, the higher it goes the better for the company (providing that it doesn't impair demand), because it increases average selling prices and profit margins:

«The Company's revenues and profitability are impacted by the change in resin prices.  The Company uses various resins (primarily polyethylene) to make its products.  As the price of resin increases or decreases, market prices for the Company's products will generally also increase or decrease.  This will typically lead to higher or lower average selling prices and will impact the Company's operating income and operating margin.  The impact on operating income is due to a lag in matching the change in raw material cost of goods sold and the change in product sales prices.  As of June 30, 2007 and September 30, 2006, the Company had $26.8 million and $21.7 million of raw material inventory and $15.9 million and $19.3 million of finished goods inventory, respectively.  The Company attempts to minimize its exposure to resin price changes by monitoring and carefully managing the quantity of its inventory on hand and product sales prices.»

And resin prices are going up sharply now: The Plastics Exchange

I'll continue with my trading plan for ICOC, until I get new fundamental information:

1) If we get to $19 without new fundamental information I'll sell;

2) If there's new fundamental information before $19 is hit I'll adjust my valuation model accordingly and will hold until the new optimal selling price is reached.

[David Randolph]

It looks like resin prices are positively correlated with oil prices, I remember one of you brought us an article on the subject and the recent price action also suggests this positive relation.

Oil closed above $90 yesterday, and resin prices also inched higher to a new high.

This is good news for ICOC, because the average selling prices of their products are also positively correlated with resin prices.

The trading plan for ICOC remains:

1) If we get to $19 without new fundamental information I'll sell;

2) If there's new fundamental information before $19 is hit I'll adjust my valuation model accordingly and will hold until the new optimal selling price is reached.

[David Randolph]

There weren't any news out for ICOC over the weekend and technically we're still within a consolidation phase. The trading plan remains:

1) If we get to $19 without new fundamental information I'll sell;

2) If there's new fundamental information before $19 is hit I'll adjust my valuation model accordingly and will hold until the new optimal selling price is reached.

[David Randolph]

ICOC is trying to shake me out before running towards $19, but I'm prepared for the turbulence and will keep respecting the following plan:

1) If we get to $19 without new fundamental information I'll sell;

2) If there's new fundamental information before $19 is hit I'll adjust my valuation model accordingly and will hold until the new optimal selling price is reached.

[David Randolph]

Nice day for ICOC, rising 2.9%. The higher oil and resin prices go, the better for ICOC's revenues and earnings.

I'll continue respecting the following plan:

1) If we get to $19 without new fundamental information I'll sell;

2) If there's new fundamental information before $19 is hit I'll adjust my valuation model accordingly and will hold until the new optimal selling price is reached.

[David Randolph]

Of the four reasons I gave to buy ICOC, only one remains valid. The valid reason is that there's still revenue and EPS growth. But the chart went from bullish to mixed, valuation isn't attractive anymore and the incentive coming from the redemption of preferred shares is behind us.

I have the following trading plan, though:

1) If we get to $19 without new fundamental information I'll sell;

2) If there's new fundamental information before $19 is hit I'll adjust my valuation model accordingly and will hold until the new optimal selling price is reached.

I'm a bit worried about the general market in the US, because the S&P 500 fell 2.7% yesterday, right after 3rd quarter GDP numbers came in better than expected and the FED lowered interest rates. It worries me that the market fell after such good news.

I hesitate between ignoring the general market weakness or considering it and other factors to take a smaller than expected profit in ICOC, protecting the Main Portfolio from a possible steeper fall.

Because there's just 38% to go to the optimal selling price for ICOC, I decide to take my profits around today's open.

The trading plan for ICOC is: SELL.

[la-onda]

good decision to sell on Nov 2nd 

[buddjas1]

I bought in this week at $10.98.  The valuation is much more attractive down here at $11.

[BigSully1]

I bought in this week at $10.98.  The valuation is much more attractive down here at $11.
[/quote

Hope you are still holding it Buddjas

         

Press Release Source: ICO, Inc.


ICO, Inc. Announces Record Financial Results for Fourth Quarter Ended September 30, 2007
Thursday December 6, 7:25 pm ET


HOUSTON, Dec. 6 /PRNewswire-FirstCall/ -- ICO, Inc. (Nasdaq: ICOC - News), global producer of custom polymer powders and plastic film concentrates, today announced its results for the year ended September 30, 2007 and the fourth quarter ended September 30, 2007.

    Fourth Quarter Highlights
    -- Record quarterly revenues of $123.6 million, an increase of
       $36.3 million or 42% from the prior year
    -- Volume growth of 12% compared to the fourth quarter of fiscal 2006
    -- Record quarterly operating income of $9.7 million, up 75%
       year-over-year
    -- Income per share from continuing operations of $.22 fully diluted
    -- Outlook remains positive


Fourth Quarter 2007 vs. Fourth Quarter 2006

Revenues increased $36.3 million or 42%, compared to the same quarter in the prior year, to $123.6 million. An increase in volumes sold of 12% led to an increase in revenues of $18.0 million, or 50% of the revenue increase. Volume improvements were driven by growth in Asia Pacific and Europe, where market demand has increased, as well as Bayshore Industrial, our North American compounding operation. Increases in average selling prices primarily caused by changes in product sales mix caused revenues to increase $12.8 million. In addition, stronger foreign currencies compared to the U.S. Dollar increased revenues by $5.5 million.

The growth in revenues led to an increase in gross profit of $5.3 million over the same quarter in fiscal 2006, or 33%, to $21.4 million for the three months ended September 30, 2007. Gross margins declined from 18.4% to 17.3% due to a change in product and service sales mix. Sales, general and administrative expenses ("SG&A") increased $1.6 million due to higher employee compensation and benefit costs and the effect of stronger foreign currencies. As a percentage of revenues, SG&A dropped to 8.3% from 9.9%, primarily due to the change in product and service sales mix. Operating income for the quarter was $9.7 million, an increase of $4.2 million or 75%. Operating income margins improved to 7.8%, compared to 6.3% last year. Income from continuing operations increased $2.8 million (85%) to $6.0 million, or $.22 per fully diluted share, as a result of the improved operating income.

The quarter included $0.3 million of income included in impairment, restructuring and other costs on the face of the income statement. This amount included $0.9 million for a gain relating to insurance proceeds to be received for the fire damage sustained by our operation in New Jersey. This gain was partially offset by long-term asset impairments primarily related to certain equipment in Australia.

Fourth Quarter 2007 vs. Third Quarter 2007

Compared to the third quarter of fiscal 2007, revenues increased $10.2 million, or 9% largely due to a change in product mix. Also contributing to the revenue growth was a 5% sequential increase in sales and service volumes. The growth in volumes increased revenues by $2.0 million. A change in product and service sales mix increased revenues by $7.4 million, and the effect of stronger foreign currencies increased revenues by $0.8 million. The revenue increase led to an increase in gross profit of $0.8 million.

Similar to the year-over-year quarterly comparison, the sequential gross profit increase partially offset by higher SG&A expenses led to an increase in operating income of $0.7 million or 8%. As a result of the higher operating income in the fourth quarter, income from continuing operations increased $0.4 million or 7% to $6.0 million.

"We just completed another record-setting quarter," stated the Company's President and CEO, Mr. A. John Knapp, Jr., "driven by broad based profitability improvements as fourth quarter operating income for all of our business segments improved year-over-year. While we will see usual seasonal weakness in our next fiscal quarter, we expect that we will continue to see very satisfactory year-over-year revenue and diluted earnings per share growth in the quarter ended December 31, 2007."

Balance Sheet and Liquidity

Our balance sheet remains in very good condition to support the continued growth of the Company. Available credit under committed credit facilities increased $15.1 million during the fourth quarter to $70.6 million. The strong earnings and a weaker U.S. Dollar increased stockholders' equity by $6.7 million during the quarter to $91.0 million as of September 30, 2007. Capital expenditures were $4.0 million during the fourth quarter and $11.6 million for fiscal year 2007.

Conference Call on the Web


    A live Internet broadcast of ICO, Inc.'s conference call regarding fiscal
2007 fourth quarter results can be accessed at 10:00 a.m. Central Standard
Time on Friday, December 7, 2007 at
http://www.videonewswire.com/event.asp?id=44058, where the webcast replay will
be accessible for thirty days.  The webcast replay will also be accessible on
the Company's website at www.icopolymers.com for a period of twelve months.
(Minimum requirements to listen to the broadcast are:  The Windows Media
Player software, downloadable free from
http://www.microsoft.com/windows/windowsmedia/player/download/download.aspx
and at least a 28.8Kbps connection to the Internet.)

Investors are invited to participate in the conference by dialing 847-413-3238, passcode 19572900. A replay of the conference call will be available by dialing 630-652-3044, passcode 19572900.

About ICO, Inc.

With 19 locations in 10 countries, ICO Polymers produces custom polymer powders for rotational molding and other polymer related businesses, such as the textile, metal coating and masterbatch markets. ICO remains an industry leader in size reduction, compounding and other tolling services for plastic and non-plastic materials. ICO's Bayshore Industrial subsidiary produces specialty compounds, concentrates and additives primarily for the plastic film industry. Additional information about ICO, Inc. can be found on the Company's website at http://www.icopolymers.com. Contact: CFO - Jon C. Biro at 713-351-4100.

This press release contains forward-looking statements, which are not statements of historical facts and involve certain risks, uncertainties and assumptions. These include, but are not limited to, restrictions imposed by the Company's outstanding indebtedness, changes in the cost and availability of polymers, demand for the Company's services and products, business cycles and other industry conditions, the Company's lack of asset diversification, international risks, operational risks, and other factors detailed in the Company's form 10-K for the fiscal year ended September 30, 2006 and its other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.




                                  ICO, Inc.
                     Consolidated Statement of Operations
     (Unaudited and in thousands, except per share data and percentages)

                                  Three Months Ended      Twelve Months Ended
                                September 30,    June 30,    September 30,
                                2007     2006      2007      2007      2006
    Product Sales            $113,901  $77,829   $102,963  $379,344  $289,163
    Toll Services               9,658    9,402     10,415    38,573    35,168
                             --------  --------  --------  --------  --------
    Total Revenues            123,559   87,231    113,378   417,917   324,331
    Cost of sales and
     services (exclusive of
     depreciation shown
     separately below)        102,195   71,193     92,836   344,171   261,228
                             --------  --------  --------  --------  --------
    Gross Profit (1)           21,364   16,038     20,542    73,746    63,103
      Selling, general
       and administrative
       expense                 10,236    8,621      9,727    37,676    34,284
      Depreciation and
       amortization             1,785    1,885      1,855     7,251     7,386
      Impairment,
       restructuring and
       other costs (income)      (343)       -          -      (997)      118
                              --------  --------  --------  --------  --------
    Operating income            9,686    5,532      8,960    29,816    21,315
    Other income (expense):
      Interest expense, net      (926)    (490)      (799)   (3,227)   (2,091)
      Other income (expense)      181     (238)      (129)     (115)       75
    Income from continuing    --------  --------  --------  --------  --------
     operations before
     income taxes               8,941    4,804      8,032    26,474    19,299
    Provision for income
     taxes                      2,893    1,529      2,400     6,712     5,836
    Income from continuing    --------  --------  --------  --------  --------
     operations                 6,048    3,275      5,632    19,762    13,463
    Income (loss) from
     discontinued
     operations, net of
     income taxes                 (65)  (1,407)       (18)    1,356    (1,459)
                              --------  --------  --------  --------  --------
    Net income                 $5,983   $1,868     $5,614   $21,118   $12,004
    Preferred Stock dividends     (82)    (544)       (82)     (554)   (2,176)
    Net gain on redemption
     of Preferred Stock             -        -          -     6,023         -
    Net income applicable to  --------  --------  --------  --------  --------
     Common Stock              $5,901   $1,324     $5,532   $26,587    $9,828
                              ========  ========  ========  ========  ========
    Basic income from
     continuing operations
     per common share           $0.23    $0.11      $0.21     $0.97     $0.44
    Basic net income per      ========  ========  ========  ========  ========
     common share               $0.22    $0.05      $0.21     $1.02     $0.38
                              ========  ========  ========  ========  ========
    Diluted income from
     continuing operations
     per common share           $0.22    $0.10      $0.20     $0.71     $0.43
    Diluted net income per    ========  ========  ========  ========  ========
     common share               $0.21    $0.05      $0.20     $0.76     $0.37
                              ========  ========  ========  ========  ========
    Gross Margin (2)             17.3%    18.4%      18.1%     17.6%     19.5%

    (1) Calculated as Total Revenues minus Cost of Sales and Services,
        exclusive of Depreciation Expense.
    (2) Calculated as Gross Profit divided by Total Revenues.



                                  ICO, Inc.
                          Consolidated Balance Sheet
          (Unaudited and in thousands, except share data and ratios)

                                                  September 30,  September 30,
                                                      2007            2006
    ASSETS
    Current assets:
      Cash and cash equivalents                      $8,561         $17,427
      Trade receivables                              95,142         67,742
      Inventories                                    60,420         41,961
      Deferred income taxes                           1,778          2,195
      Prepaid and other current assets                9,924          6,775
                                                   ---------      ---------
        Total current assets                        175,825        136,100
                                                   ---------      ---------
    Property, plant and equipment, net               57,396         50,884
    Goodwill                                          9,228          8,585
    Other assets                                      3,768          2,392
        Total assets                               ---------      ---------
                                                   $246,217       $197,961
                                                   =========      =========
    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
      Short-term borrowings under credit
       facilities                                   $16,133        $17,214
      Current portion of long-term debt              11,611          4,696
      Accounts payable                               66,906         35,809
      Accrued salaries and wages                      7,313          5,360
      Income taxes payable                            2,368          4,188
      Other current liabilities                      13,636         11,332
        Total current liabilities                  ---------      ---------
                                                    117,967         78,599
                                                   ---------      ---------
    Long-term debt, net of current portion           29,605         21,559
    Deferred income taxes                             4,820          4,210
    Other long-term liabilities                       2,783          1,876
        Total liabilities                          ---------      ---------
                                                    155,175        106,244
                                                   ---------      ---------
    Commitments and contingencies                         -              -
    Stockholders' equity:
        Convertible exchangeable
         preferred stock, without par
         value -- 345,000 shares authorized;
         46,381 and 322,500 shares issued and
         outstanding, respectively, with a
         liquidation preference of $5,812 and
         $40,410, respectively                            2             13
        Undesignated preferred stock,
         without par value -- 155,000 shares
         authorized;
         No shares issued and outstanding                 -              -
        Common stock, without par value -- 50,000,000
         shares authorized; 26,709,370 and
         25,792,168 shares issued and outstanding,
         respectively                                47,659         45,087
        Additional paid-in capital                   74,920        104,844
        Accumulated other comprehensive
         income (loss)                                5,416           (154)
        Accumulated deficit                         (36,955)       (58,073)
          Total stockholders' equity               ---------      ---------
          Total liabilities and                      91,042         91,717
           stockholders' equity                    ---------      ---------
                                                   $246,217       $197,961

=========      =========
     OTHER BALANCE SHEET DATA
     Working capital                                $57,858        $57,501
     Current ratio                                      1.5            1.7
     Total debt                                     $57,349        $43,469
     Debt-to-capitalization                            38.6%          32.2%



                                  ICO, Inc.
                       Supplemental Segment Information
               (Unaudited and in thousands, except percentages)

    Revenues
    Three Months Ended                % of              % of
     September 30:           2007     Total     2006    Total   Change    %
    ICO Europe             $45,957      37%   $34,210    39%   $11,747   34%
    ICO Asia Pacific        25,166      20%    13,291    15%    11,875   89%
    ICO Polymers North
     America                 9,891       8%    11,755    14%    (1,864) (16%)
    ICO Brazil               3,650       3%     2,407     3%     1,243   52%
                          -------- --------  -------- -------- --------
    Total ICO Polymers      84,664      68%    61,663    71%    23,001   37%
    Bayshore Industrial     38,895      32%    25,568    29%    13,327   52%
                          -------- --------  -------- -------- --------
    Consolidated          $123,559     100%   $87,231   100%   $36,328   42%
                          ======== ========  ======== ======== ========

    Fiscal Year Ended                 % of              % of
     September 30:           2007     Total     2006    Total   Change    %
    ICO Europe            $170,135      41%  $129,372    40%   $40,763   32%
    ICO Asia Pacific        84,790      20%    47,819    15%    36,971   77%
    ICO Polymers North
     America                41,377      10%    44,834    14%    (3,457)  (8%)
    ICO Brazil              13,255       3%     9,301     3%     3,954   43%
                          -------- --------  -------- -------- --------
    Total ICO Polymers     309,557      74%   231,326    72%    78,231   34%
    Bayshore Industrial    108,360      26%    93,005    28%    15,355   17%
                          -------- --------  -------- -------- --------
    Consolidated          $417,917     100%  $324,331   100%   $93,586   29%
                          ======== ========  ======== ======== ========


    Operating income (loss)
    Three Months Ended
     September 30:           2007     2006     Change    %
    ICO Europe              $2,449   $1,090    $1,359   125%
    ICO Asia Pacific         1,753      712     1,041   146%
    ICO Polymers North
     America                 1,709    1,320       389    29%
    ICO Brazil                  34       (9)       43    NM
                          -------- --------  --------
    Total ICO Polymers       5,945    3,113     2,832    91%
    Bayshore Industrial      5,716    3,964     1,752    44%
                          -------- --------  --------
    Total Operations        11,661    7,077     4,584    65%
    General Corporate
     Expense                (1,747)  (1,327)     (420)   32%
    Unallocated stock option
     compensation             (228)    (218)      (10)    5%
                          -------- --------  --------
    Consolidated            $9,686   $5,532    $4,154    75%
                          ======== ========  ========

    Fiscal Year Ended
     September 30:            2007     2006     Change    %
    ICO Europe              $9,008   $6,021    $2,987    50%
    ICO Asia Pacific         5,914    2,412     3,502   145%
    ICO Polymers North
     America                 6,022    5,037       985    20%
    ICO Brazil                 301     (459)      760    NM
                          -------- --------  --------
    Total ICO Polymers      21,245   13,011     8,234    63%
    Bayshore Industrial     15,358   14,843       515     3%
                          -------- --------  --------
    Total Operations        36,603   27,854     8,749    31%
    General Corporate
     Expense                (6,117)  (5,682)     (435)    8%
    Unallocated stock option
     compensation             (670)    (857)      187   (22%)
                          -------- --------  --------
    Consolidated           $29,816  $21,315    $8,501    40%
                          ======== ========  ========


    Operating income (loss) as
     a percentage of revenues      Three Months Ended       Fiscal Year Ended
                                       September 30,          September 30,
                                2007     2006    Change  2007    2006  Change
    ICO Europe                   5%       3%        2%    5%      5%     0%
    ICO Asia Pacific             7%       5%        2%    7%      5%     2%
    ICO Polymers North
     America                    17%      11%        6%   15%     11%     4%
    ICO Brazil                   1%       0%        1%    2%     (5%)    7%
    Total ICO Polymers           7%       5%        2%    7%      6%     1%
    Bayshore Industrial         15%      16%       (1%)  14%     16%    (2%)
    Consolidated                 8%       6%        2%    7%      7%     0%

    NM = Not meaningful



                                  ICO, Inc.
                  Supplemental Segment Information (cont'd.)
               (Unaudited and in thousands, except percentages)

    Revenues
                                            Three Months Ended
                                September 30,       June 30,
                                         % of             % of
                                 2007    Total     2007   Total  Change    %
    ICO Europe                 $45,957     37%   $47,797   42%  $(1,840)  (4%)
    ICO Asia Pacific            25,166     20%    25,528   22%     (362)  (1%)
    ICO Polymers North America   9,891      8%    11,083   10%   (1,192) (11%)
    ICO Brazil                   3,650      3%     3,286    3%      364   11%
                              -------- -------  -------- ------ --------
    Total ICO Polymers          84,664     68%    87,694   77%   (3,030)  (3%)
    Bayshore Industrial         38,895     32%    25,684   23%   13,211   51%
                              -------- -------  -------- ------ --------
    Consolidated              $123,559    100%  $113,378  100%  $10,181    9%
                              ======== =======  ======== ====== ========


    Operating income (loss)
                                     Three Months Ended
                           September 30, June 30,
                                 2007    2007      Change   %
    ICO Europe                  $2,449  $3,376     $(927) (27%)
    ICO Asia Pacific             1,753   2,315      (562) (24%)
    ICO Polymers North
     America                     1,709   1,553       156   10%
    ICO Brazil                      34      63       (29) (46%)
                                ------- -------   -------
    Total ICO Polymers           5,945   7,307    (1,362) (19%)
    Bayshore Industrial          5,716   3,329     2,387   72%
                                ------- -------   -------
    Total Operations            11,661  10,636     1,025   10%
    General Corporate Expense   (1,747) (1,511)     (236)  16%
    Unallocated stock option
     compensation                 (228)   (165)      (63)  38%
                                ------- -------   -------
    Consolidated                $9,686  $8,960      $726    8%
                                ======= =======   =======


    Operating income (loss) as
     a percentage of revenues     Three Months Ended
                             September 30, June 30,
                                  2007      2007   Change
    ICO Europe                      5%      7%       (2%)
    ICO Asia Pacific                7%      9%       (2%)
    ICO Polymers North
     America                       17%     14%        3%
    ICO Brazil                      1%      2%       (1%)
    Total ICO Polymers              7%      8%       (1%)
    Bayshore Industrial            15%     13%        2%
    Consolidated                    8%      8%        0%

[berloga]

I sold today at the gap. They claim that most of the gains come from the cheaper dollar valuation. Gross margin decreased, but the operating margin grew. It may still be attractive.

David, could you please take a look at the earnings numbers and see if ICOC presents a value stock at this point?

Thanks a lot!
berloga

[la-onda]

ICO, Inc. Announces Record Financial Results for Fourth Quarter Ended September 30, 2007
Thursday , December 06, 2007 19:25ET

HOUSTON, Dec. 6 /PRNewswire-FirstCall/ -- ICO, Inc. (Nasdaq: ICOC), global producer of custom polymer powders and plastic film concentrates, today announced its results for the year ended September 30, 2007 and the fourth quarter ended September 30, 2007.

    Fourth Quarter Highlights
    -- Record quarterly revenues of $123.6 million, an increase of
       $36.3 million or 42% from the prior year
    -- Volume growth of 12% compared to the fourth quarter of fiscal 2006
    -- Record quarterly operating income of $9.7 million, up 75%
       year-over-year
    -- Income per share from continuing operations of $.22 fully diluted
    -- Outlook remains positive


Fourth Quarter 2007 vs. Fourth Quarter 2006

Revenues increased $36.3 million or 42%, compared to the same quarter in the prior year, to $123.6 million. An increase in volumes sold of 12% led to an increase in revenues of $18.0 million, or 50% of the revenue increase. Volume improvements were driven by growth in Asia Pacific and Europe, where market demand has increased, as well as Bayshore Industrial, our North American compounding operation. Increases in average selling prices primarily caused by changes in product sales mix caused revenues to increase $12.8 million. In addition, stronger foreign currencies compared to the U.S. Dollar increased revenues by $5.5 million.

The growth in revenues led to an increase in gross profit of $5.3 million over the same quarter in fiscal 2006, or 33%, to $21.4 million for the three months ended September 30, 2007. Gross margins declined from 18.4% to 17.3% due to a change in product and service sales mix. Sales, general and administrative expenses ("SG&A") increased $1.6 million due to higher employee compensation and benefit costs and the effect of stronger foreign currencies. As a percentage of revenues, SG&A dropped to 8.3% from 9.9%, primarily due to the change in product and service sales mix. Operating income for the quarter was $9.7 million, an increase of $4.2 million or 75%. Operating income margins improved to 7.8%, compared to 6.3% last year. Income from continuing operations increased $2.8 million (85%) to $6.0 million, or $.22 per fully diluted share, as a result of the improved operating income.

The quarter included $0.3 million of income included in impairment, restructuring and other costs on the face of the income statement. This amount included $0.9 million for a gain relating to insurance proceeds to be received for the fire damage sustained by our operation in New Jersey. This gain was partially offset by long-term asset impairments primarily related to certain equipment in Australia.

Fourth Quarter 2007 vs. Third Quarter 2007

Compared to the third quarter of fiscal 2007, revenues increased $10.2 million, or 9% largely due to a change in product mix. Also contributing to the revenue growth was a 5% sequential increase in sales and service volumes. The growth in volumes increased revenues by $2.0 million. A change in product and service sales mix increased revenues by $7.4 million, and the effect of stronger foreign currencies increased revenues by $0.8 million. The revenue increase led to an increase in gross profit of $0.8 million.

Similar to the year-over-year quarterly comparison, the sequential gross profit increase partially offset by higher SG&A expenses led to an increase in operating income of $0.7 million or 8%. As a result of the higher operating income in the fourth quarter, income from continuing operations increased $0.4 million or 7% to $6.0 million.

"We just completed another record-setting quarter," stated the Company's President and CEO, Mr. A. John Knapp, Jr., "driven by broad based profitability improvements as fourth quarter operating income for all of our business segments improved year-over-year. While we will see usual seasonal weakness in our next fiscal quarter, we expect that we will continue to see very satisfactory year-over-year revenue and diluted earnings per share growth in the quarter ended December 31, 2007."

Balance Sheet and Liquidity

Our balance sheet remains in very good condition to support the continued growth of the Company. Available credit under committed credit facilities increased $15.1 million during the fourth quarter to $70.6 million. The strong earnings and a weaker U.S. Dollar increased stockholders' equity by $6.7 million during the quarter to $91.0 million as of September 30, 2007. Capital expenditures were $4.0 million during the fourth quarter and $11.6 million for fiscal year 2007.

&

ICOC: Q4 EPS 21c vs 5c Beats 15c Est
Friday , December 07, 2007 07:57ET

QUARTER RESULTS
ICO, Inc. (ICOC) reported Q4 results ended September 2007. Q4 Revenues were $123.56M; +41.65% vs yr-ago; BEATING revenue consensus by +22.20%. Q4 EPS was 21c; +320.00% vs yr-ago; BEATING earnings consensus by +40.00%.


YEAR-END RESULTS
Co. also reported Year-End results ended September 2007. FY Revenues were $417.92M; +28.86% vs yr-ago; BEATING revenue consensus by +5.68%. FY EPS was 76c; +105.41% vs yr-ago; BEATING earnings consensus by +24.59%.

[David Randolph]

I bought in this week at $10.98.  The valuation is much more attractive down here at $11.

Awesome timing buddjas1 Did you take profits on the gap up?

I sold today at the gap. They claim that most of the gains come from the cheaper dollar valuation. Gross margin decreased, but the operating margin grew. It may still be attractive.

David, could you please take a look at the earnings numbers and see if ICOC presents a value stock at this point?

Thanks a lot!
berloga

I agree with you berloga, ICOC looks almost fully valued at current levels. I would take profits around this area as I've done in the past.

[BigSully1]

Upside issued a buy for ICOC  Tuesday. Their exit was very timely, I wonder how their re-entry will fare.