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| | Business Summary: CapSource Financial, Inc., through its subsidiaries, engages in selling and leasing transportation equipment, primarily dry van and refrigerated truck trailers in the United States and Mexico. The company markets new and used truck trailers in the southwest United States. | | | Address
2305 Canyon Boulevard
Suite 103
Boulder
, CO 80302-5620
Phone: 303-245-0515
Fax: 303-245-0521
Website: http://www.capsource-financial.com
| | Auditor |
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Gordon Hughes & Banks
| | Transfer Agent |
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U.S. Stock Transfer Corp.
| Employees: 21
ShareHolders: 75 | Founded: 1996
Domicile: Colorado | | | |
| | CapSource Financial, Inc., through its subsidiaries, engages in selling and leasing transportation equipment, primarily dry van and refrigerated truck trailers in the United States and Mexico. The company markets new and used truck trailers in the southwest United States. It also owns and manages a lease/rental fleet of over-the-road truck trailers and related equipment. The company's rental fleet primarily consists of dry vans, flat beds, and trailer dollies. As of December 31, 2007, it owned 127 units. In addition, CapSource Financial, Inc. operates as a dealer for Hyundai truck trailers and related equipment. The company was founded in 1996 and is based in Boulder, Colorado with an additional office in St. Paul, Minnesota, as well as operating offices in Mexico and California. | | History: INCORPORATED in Colorado Feb. 16, 1996, as Mexican-American-Canadian Trailer Rentals, Inc. Name changed to CapSource Financial, Inc. June 3, 1999. | | | | Subsidiaries: |
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Remolques y Sistemas Aliados de Transportacion, S.A. de C.V.
Rentas y Remolques de Mexico, S.A. de C.V.
| | | | | | Capital Expenditures, thousand. US Dollars |
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| Year | Amount | | 2007 | 394 |
| | | | | | Research and Development Expenditures, thousand. US Dollars |
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| Year | Amount | | 2007 | 0 |
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Management
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| Officers | Position |
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| Randolph M. Pentel | Chairman | | Fred C. Boethling | President & Chief Executive Officer | | Alejandro Sanchez | Chief Financial Officer | | Steven E. Reichert | Secretary & General Counsel |
| | Directors |
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| Fred C. Boethling | | Lynch Grattan | | Randolph M. Pentel | | Steven E. Reichert | | | |
| | | | Capitalization as of 03/31/2008: | | | | | Authorized Shares | Outstanding Shares |
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| Common $0.01 par | 100,000,000 | 20,433,321 | | Preferred $0.01 par | N.R. | None |
| | | | LONG TERM DEBT: $1,032,978. | | | | Common $0.01 par | | | | COMMON OFFERED: March 4, 2003, the company, through underwriter Public Securities, Inc., offered up to 3,000,000 Common shares at $1.75 per share; comm., $0.175 per share. Offering was on a best efforts, 300,000 shares minimum - 3,000,000 shares maximum basis. Offering was to continue until all shares were sold or for four months, whichever occurred first-- 348,339 shares were sold. | | | |
Stockholders:
03/29/2008,
75.
| | PRINCIPAL STOCKHOLDERS: March 31, 2008, Randolph Pentel owned or controlled 53.7% of the Common, Pandora Select Partners LP 19.6% and Whitebox Intermarket Partners LP 19.5%. | | | |
Transfer Agent: U.S. Stock Transfer Corp.
Glendale
, CA | | | | OTC Bulletin Board( Primary): CPSO | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2007 | 2.0000 | 0.3000 | | OTC Bulletin Board | 2006 | 2.5000 | 0.6100 | | OTC Bulletin Board | 2005 | 1.0100 | 0.4800 | | OTC Bulletin Board | 2004 | 2.2500 | 0.5100 |
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| | | | DIVIDENDS: Common $0.01 par: None. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2007 | 2006 |
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| Equipment sales | $45,348,652 | $35,726,252 | | Rental income from operating leases | 500,100 | 502,272 | | Other | 54,723 | 57,760 | | Total sales | 45,903,475 | 36,286,284 | | Direct cost of equipment sales | 42,657,577 | 33,580,175 | | Depreciation and direct cost of trailers under operating leases | 396,085 | 354,246 | | Total cost of sales | 43,053,662 | 33,934,421 | | Gross profit | 2,849,813 | 2,351,863 | | Selling, general and administrative expenses | 3,480,736 | 3,739,314 | | Operating loss | (630,923) | (1,387,451) | | Other expense: |
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| | Interest expense, net | (1,002,368) | (365,103) | | Foreign exchange losses, net | (62,037) | (27,947) | | Total other expense, net | (1,064,405) | (393,050) | | Loss before provision for income taxes | (1,695,328) | (1,780,501) | | Provision for income taxes | (70,467) | (48,701) | | Net loss | $(1,765,795) | $(1,829,202) | | Net loss per basic and diluted share | $(0.09) | $(0.11) |
| | | | Balance Sheet | |
| 2007 | 2006 |
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| Assets |
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| | Current assets: |
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| | Cash and cash equivalents | $426,191 | $655,825 | | Rents and accounts receivable, net | 1,040,942 | 1,454,464 | | Mexican value-added taxes receivable | 137,194 | 1,174,527 | | Inventory | 5,718,489 | 13,601,331 | | Advances to vendors | 14,536 | 730,963 | | Prepaid insurance and other current assets | 121,674 | 77,981 | | Total current assets | 7,459,026 | 17,695,091 | | Property and equipment, net | 1,241,577 | 1,135,051 | | Other assets | 27,355 | 38,494 | | Intangible assets, net | 332,260 | 431,938 | | Total assets | $9,060,218 | $19,300,574 | | Liabilities and Stockholders Equity |
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| | Current liabilities: |
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| | Accounts payable and accrued expenses | $1,699,639 | $9,837,829 | | Deposits and advance payments | 151,316 | 1,384,201 | | Notes payable | 3,327,736 | 3,246,765 | | Payable to stockholder | 2,641,559 | 1,546,668 | | Total current liabilities | 7,820,250 | 16,015,463 | | Notes payable | 746,652 | 1,026,000 | | Common stock, $.01 par value | 204,333 | 204,333 | | Additional paid-in capital | 15,213,325 | 15,213,325 | | Accumulated deficit | (14,924,342) | (13,158,547) | | Total stockholders equity | 493,316 | 2,259,111 | | Total liabilities and stockholders equity | $9,060,218 | $19,300,574 |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | 2,090,000 | | 2008 |
2 | 6,870,000 | | 2007 |
1 | 10,660,000 | | 2007 |
2 | 10,140,000 | | 2007 |
3 | 14,190,000 | | 2007 |
4 | 10,910,000 | | 2007 |
Full Year
| 45,900,000 | | 2006 |
1 | 5,490,000 | | 2006 |
2 | 4,300,000 | | 2006 |
3 | 10,970,000 | | 2006 |
Full Year
| 36,290,000 | | 2005 |
1 | 3,180,000 | | 2005 |
2 | 6,060,000 | | 2005 |
3 | 6,080,000 | | 2005 |
Full Year
| 20,610,000 | | 2004 |
1 | 1,330,000 | | 2004 |
2 | 1,400,000 | | 2004 |
3 | 1,970,000 | | 2004 |
Full Year
| 7,220,000 | | 2003 |
1 | 770,000 | | 2003 |
2 | 1,110,000 | | 2003 |
3 | 1,970,000 | | 2003 |
4 | 2,360,000 | | 2003 |
Full Year
| 6,210,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (810,000) | | 2008 |
2 | (250,000) | | 2007 |
1 | (340,000) | | 2007 |
2 | (290,000) | | 2007 |
3 | (470,000) | | 2007 |
4 | (660,000) | | 2006 |
1 | (230,000) | | 2006 |
2 | (1,190,000) | | 2006 |
3 | (190,000) | | 2006 |
Full Year
| (1,829,200) | | 2005 |
1 | (720,000) | | 2005 |
2 | (330,000) | | 2005 |
3 | (270,000) | | 2005 |
Full Year
| (1,794,500) | | 2004 |
1 | (310,000) | | 2004 |
2 | (420,000) | | 2004 |
3 | (340,000) | | 2004 |
Full Year
| (1,576,200) | | 2003 |
1 | (420,000) | | 2003 |
2 | (460,000) | | 2003 |
3 | (520,000) | | 2003 |
4 | (870,000) | | 2003 |
Full Year
| (2,267,500) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (.04) | | 2008 |
2 | (.01) | | 2007 |
1 | (.02) | | 2007 |
2 | (.01) | | 2007 |
3 | (.02) | | 2007 |
4 | (.03) | | 2007 |
Full Year
| (.09) | | 2006 |
1 | (.02) | | 2006 |
2 | (.07) | | 2006 |
3 | (.01) | | 2006 |
Full Year
| (.11) | | 2005 |
1 | (.07) | | 2005 |
2 | (.03) | | 2005 |
3 | (.02) | | 2005 |
Full Year
| (.16) | | 2004 |
1 | (.03) | | 2004 |
2 | (.04) | | 2004 |
3 | (.03) | | 2004 |
Full Year
| (.16) | | 2003 |
1 | (.05) | | 2003 |
2 | (.06) | | 2003 |
3 | (.06) | | 2003 |
4 | (.10) | | 2003 |
Full Year
| (.27) |
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