Converted Organics Inc. (NASDAQ:COIN) EPS Up Last 3 Quarters

Converted Organics Inc

Converted Organics Inc. operates processing facilities that use food waste and other raw materials to manufacture all-natural fertilizer and soil amendment products combining nutritional and disease suppression characteristics. The company's products are found in Home Depot and Whole Foods locations across the nation.

In addition to its sales in the agribusiness and market, it sells and distributes its products in the turf management and retail markets. The company has two facilities; one in New Jersey called the Woodbridge facility and one California called the Gonzales facility. Operations at the Woodbridge facility processes solid waste and are producing both liquid and dry fertilizer and soil improvement products. The Gonzales facility produces liquid fertilizer products at approximately 60% of potential production capacity to accommodate sales demand.

The products the company manufactures include both an 8-1-4 and a 4-1-8 solid granular product. These figures refer to the ratio of nitrogen, phosphorus and potassium, respectively, in the products. These guys are putting the green back into the lawns of American's homes and golf courses, literally!

The company today announced that it has entered into an agreement with Republic Services of Salinas to divert food waste from local landfills and receive the food waste at the company's Gonzales, CA facility. Converted Organics will receive tip fees for receiving each per ton of waste delivered and, pursuant to the company's mission, will recycle the food waste into organic fertilizer products.

The relationship between the company and Republic Services of Salinas was facilitated by the Salinas Valley Solid Waste Authority (SVSWA), an agency that works to eliminate the need for landfills.

The company also announced on September 16th 2010 some acquisition news: shareholders have voted to approve the acquisition of 100% of the interests of TerraSphere Systems LLC and it expects the acquisition to close in mid-November 2010. The news followed a week after the announcement of positive test results which showed that Terrasphere Lettuce is pesticide and chemical free.

In the second week of July 2010, Converted Organics Inc. announced that it had received an order of its Converted Organics LC 1-1-1 liquid organic fertilizer from its distributor R.A.S.P. of Carver, MA to be utilized by Morse Brothers. Then towards the end of July, the company announced the implementation of a series of expense reduction measures that include the reorganization of corporate and other functions at its headquarters in Boston, MA and manufacturing facility in Woodbridge, NJ.

This reorganization includes the elimination of a total of 24 corporate and manufacturing positions, representing approximately 50% of the workforce at these locations. It's not clear yet what implications the cost-cutting could have on the bottom line, but considering the company is operating at a loss, it can't hurt.

The company stock is still struggling to move up from the weekly low of $0.37 and it is currently trading at $.41 per share. The EPS for the 3rd quarter of fiscal 2009 was -$.24 and it reached -$.27 in the fourth quarter. But the EPS improved to -$.17 and $-.08 in the 1st and 2nd quarter of 2010.

The improvement of EPS is reflected in the corresponding revenue also. The revenues in the first two quarters of 2010 are $.86 million and $1.83 million, respectively. Can the green EPS revolution continue? We'll see Converted is due for 4th quarter 2010 earnings on October 4th, 2010.

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Converted Organics Inc. (NASDAQ:COIN) EPS Up Last 3 Quarters

By: Ronald Russo

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