The North American Deep Value Week – 2026/10
Companies mentioned:
· Bridgford Foods - Reports Higher Sales but Ongoing Loss in Q1 FY2026
· Hurco - Reports Lower Sales but Improved Loss in Q1 FY2026 as Orders Rise
· Jewett-Cameron - Oregon Community Foundation Reduces Stake
· Natural Alternatives - CEO Mark LeDoux Purchases Additional Shares
· Hooker Furnishings - Declares Quarterly Dividend of $0.115 per Share
· TrueBlue – Company Responds to Activist Investor Statements
· Resources Connection – COO to Step Down, Receives $1.65m Severance Package
“Graham’s Geiger counter”
Benjamin Graham suggested that one way to measure the valuation of the overall market was to assess the number of net-nets available. When many such opportunities exist, it indicates a cheap market overall, while their absence suggests that the market is expensive. Today’s net-nets, however, are not the same as Graham’s net-nets. Many are un-investable being Chinese RTO’s, loss-making biopharma’s etc. But we do think it is interesting to follow this number over time, and what percentage of total listed stocks qualify as a “naked” net-net without any type of quality adjustments to make them investable.
Bridgford Foods - Reports Higher Sales but Ongoing Loss in Q1 FY2026
2026-03-06 │ P/TB 0.57
6 March 2026 – Bridgford Foods reported results for the first quarter of fiscal 2026 (12 weeks ended 23 January 2026), showing net sales of $55.3m, up 5.3% year-on-year. The increase was primarily driven by higher selling prices, which offset lower sales volumes. Despite the revenue growth, the company reported a net loss of $0.8m compared with a $1.1m loss in the same period last year. Operating loss improved to $1.2m from $2.0m a year earlier as selling, general and administrative expenses declined slightly. Higher meat commodity costs continued to pressure margins, particularly in the snack food segment, though price increases helped partly offset these pressures. Cash flow from operations improved significantly to $4.3m, mainly due to reductions in inventory and receivables. As of the quarter end, Bridgford had $4.8m in cash and total assets of about $144.6m.
Hurco - Reports Lower Sales but Improved Loss in Q1 FY2026 as Orders Rise
2026-03-06 │ P/TB 0.54 URL
6 March 2026 – Hurco Companies reported results for the first quarter of fiscal 2026 (ended 31 January 2026), posting sales and service revenue of $42.9m, down 8% year-on-year. The decline reflected lower shipment volumes of CNC machines across all regions, particularly in Asia Pacific and the Americas. Despite the revenue decline, the company narrowed its net loss to $3.47m ($0.54 per share) from $4.32m ($0.67 per share) a year earlier. Orders increased 5% year-on-year to $42.0m, driven primarily by an 18% increase in the Americas, while Europe and Asia Pacific saw modest declines. Gross margin improved slightly to 19% of sales from 18%, reflecting cost reductions and a more favorable product mix. Selling, general and administrative expenses rose to $11.1m, partly due to currency effects and higher employee benefit costs. Hurco ended the quarter with $48.0m in cash and working capital of $169.5m, maintaining a debt-free balance sheet.
Oregon Community Foundation Reduces Stake in Jewett-Cameron
2026-03-02 │ P/TB 0.37 URL
2 March 2026 – Oregon Community Foundation disclosed in a Form 4 filing that it sold shares in Jewett-Cameron Trading Co. on 25–26 February 2026. The foundation, which is a 10% owner of the company, sold a total of 15,011 common shares across two transactions. The shares were sold at prices of approximately $1.79 and $1.78 per share. Following the transactions, Oregon Community Foundation reported beneficial ownership of 763,534 shares of Jewett-Cameron common stock, held directly.
Natural Alternatives CEO Mark LeDoux Purchases Additional Shares
2026-03-06 │ P/TB 0.25 URL
6 March 2026 – Mark A. LeDoux, CEO, Chairman, director and 10% owner of Natural Alternatives International (NAII), disclosed in multiple Form 4 filings that he purchased additional company shares in several open-market transactions between 27 February and 6 March 2026. The purchases totaled 2,750 shares at prices ranging from $2.75 to $2.85 per share. Following the transactions, LeDoux directly owned 160,221 shares, in addition to indirect holdings through family entities and custodial accounts, including 481,905 shares held via the LeDoux Family Limited Partnership.
Hooker Furnishings Declares Quarterly Dividend of $0.115 per Share
2026-03-09 │ P/TB 0.93 URL
9 March 2026 – Hooker Furnishings announced that its board of directors declared a quarterly cash dividend of $0.115 per share. The dividend will be paid on 31 March 2026 to shareholders of record as of 16 March 2026.
TrueBlue – Company Responds to Activist Investor Statements
2026-03-03 │ P/TB 0.60 URL
3 March 2026 – TrueBlue issued a statement responding to recent comments from activist investor EHS Investments amid an ongoing proxy contest ahead of the company’s 2026 annual meeting. The company rejected EHS’s claim that management had refused engagement, stating that discussions had been ongoing and that a meeting with EHS’s legal counsel had been scheduled to present a counterproposal shortly before EHS released its statement. TrueBlue highlighted recent board refreshment actions, including the appointment of William Greenblatt and William Seward and the planned departure of two existing directors before or at the 2026 AGM, following a shareholder engagement process that also included an interview with EHS nominee Eric Su. Management reiterated that it remains open to constructive dialogue with EHS while continuing to focus on improving profitability, reducing operating costs and building a more focused organization, which it expects will support margin expansion and free cash flow generation over time.
Resources Connection – COO to Step Down, Receives $1.65m Severance Package
2026-03-03 │ P/TB 0.81 URL
3 March 2026 – Resources Connection announced that Chief Operating Officer Bhadreskumar Patel will leave the company, with his employment ending on 15 May 2026 under a separation agreement. Patel will continue receiving his current salary until the separation date and will then receive severance benefits under his employment agreement, including a lump-sum payment of $1.65m (equal to 1.5× his base salary and target bonus), a cash payment covering approximately 18 months of COBRA healthcare costs, and accelerated vesting of outstanding equity awards, including restricted stock units and performance-based awards. Following his departure, the company does not plan to appoint a new COO, and the presidents of the business units currently reporting to Patel will report directly to CEO Roger Carlile.
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