ITC DeltaCom, Inc. (ITCD.OB)

ITC DeltaCom appears to be a valid little OB stock with sparse volume. It's communication services, predominantly in the "sunny south" should be relatively low maintenance, but margin appears thin. Founded in 1997 and with 11,000 plus miles of fiber, ITC is still a tiny in the communication niche that already has high competition. Don't play this one either direction without a limit order. Net tangible assets are a NEGATIVE $50 Million and holding. Typical with most communication companies leverage is high ($300 Million in debt). Cash postion is actually fair for this small cap. Cash flow waffles into the possitive side occasionally, but there has been no growth the last 3 years on the revenue side. Insiders bought sub-$1 and own 74% of shares. Not much negative and not much postitive to say on this one. It appears to be a decent CAPs swing play if you can catch the peaks/valleys, but not likely to grow organically. Could be a buyout candidate as consolidation in this field is generally pretty active, but probably not at much of a premium.