Everything is Bigger in Texas they say, but how many people can a leading Internet service provider serving the Texas market support? How about 27,000. Internet America Inc. (OTC: GEEK) Q1 2012 reported $1.7 million in cash and cash equivalents and had net income of $303,291 off revenues of $1.84 million. GEEK stock has started trading for some reason the last two days and has already traded 1.7 million shares today. Why you ask is the penny stock suddenly trading? Takeover? Sale? Ask John.
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GEEK Stock Chart
Market Cap: 7.03M
Price/Sales (ttm): 1.02
Price/Book (mrq): 1.82
Shares Outstanding: 16.73M
% Held by Insiders: 47.65%
Internet America does two things that we know of, make money and report that they make money. As of the period ended March 31, 2012, Internet America reported having 27,000 subscribers. Subscribers for them is an active, billed service. One customer account may represent multiple subscribers depending on the number of active and billed services for that customer.
One of the Corporate Insiders of GEEK stock is John N. Palmer. (see here) Palmer, former Chairman and founder of SkyTel Communications, was appointed by President George W. Bush to serve as U.S. Ambassador to Portugal. Palmer sold SkyTel to MCI WorldCom in 1999, and also formed Mobile Communications Corporation of America (MCCA), which he later sold to Bell South.
Could GEEK stock be on the bidding block?
About GEEK Stock
Internet services revenue is derived from dial-up Internet access, including analog and ISDN access, DSL access, dedicated connectivity, wireless access, bulk dial-up access, web hosting services, and value-added services, such as multiple e-mail boxes, personalized e-mail addresses and Fax-2-Email services.
Bottom Line: This penny stock just started to trade in volume yesterday for no apparent reason and today has executed over 70 trades. There is a lot to like about GEEK stock except for the lack of volume. Now that volume exists, time to break out the Lambda Lambda Lambda sweater and trade.
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