Advent Wireless

Advent Wireless (AWI - Venture Exchange), a cell phone retailer with 5 stores in Vancouver and 19 in Toronto that sells Rogers/Fido wireless, internet, cable and home phone.  Last traded for $1.09, has $0.93 cents in cash and short term investments and no debt, though it does have about 12 cents in (undiscounted) lease commitments.

Trailing 12-month earnings are 14 cents per share.  Previous annual earnings:  2010 - 13 cents; 2009 - 8 cents; 2008 - 13 cents; 2007 - 13 cents; 2006 - 8 cents.

Over the past 22 quarters, AWI has earned $7.4 million while its cash/STI balance has increased $8.6 million, the only infusion of capital being $215,800 from the exercise of some options in 2008.

It's small and it's dependent on Rogers for its business, though the 2010 MDA says they secured a 5-year agreement in May 2009.  It also indicates that Rogers is consolidating its independent dealer distribution network, which presents "both risks and opportunities" for the company.

But by any measure it represents significant value.  I own shares and intend to buy more.