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NCI Building Systems Inc. Message Board

  • shortearly_shortoften shortearly_shortoften Nov 17, 2009 10:11 PM Flag

    Business is improving

    for PEMBs and components. Still, don't think it will improve the stock price. The dilution has the stocke priced @ a slight premium to the co's worth. The goodwill writedown was real. JMHO Buy and sell @ will as there are plenty of shares available.

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    • And let me not forget Zahner... another excellent example of a firm specializing in incredibly high quality metal construction.

      And we can go on-and-on but you get the picture... these types of business are the door to high end value added construction that has very high margins. Zanner has been a contractor for Frank O. Gehry architects... pretty high end stuff.

    • It is impossible for all the Goodwill write down to have been real specially the ones associated with dealer agreements, patents, technologies and fully depreciated equipment carried at peanuts in the books. To have reduce Goodwill to current levels was incredible.

      One thing that no one has commented on is that prior to the CECO/Robertson acquisition NCS was relatively underrepresented in some of the wealthiest parts of the USA... the north east, lake regions and upper midwest.

      • 2 Replies to modernbuildings
      • shortearly_shortoften shortearly_shortoften Nov 17, 2009 11:35 PM Flag

        "It is impossible for all the Goodwill write down to have been real specially the ones associated with dealer agreements, patents, technologies and fully depreciated equipment carried at peanuts in the books. To have reduce Goodwill to current levels was incredible.'

        I agreee with you on the equipment for the most part-except they sold off a lot with the plant closings. The liscenses of some of the panel profiles are easily replicated with a slight change by the roll form manufacturer, the dealer agreements are just a gentlemans agreement(Not the franchise type)as the dealer can buy from others. If they have any technologies not known to any other manufacturers, it would truly be remarkable.

        If, and this is a big if, they could run 2.5 billion in sales, the revenue per share is small (fully diluted). With net 21% (and that's high,)it does not leave much room to run.
        You know where I'm headed, the growth is just not there.

        Good luck to ya!

      • Significantly large Goodwill reduction, liquidity enhancement and leverage reduction are three very positive factors that have kept me and many others still interested in NCS. Everyone does and should agree that these achievements are essential for long term health of NCS.

        But increased short term uncertainty due to other changes is keeping some prospective longs (who apparently are more risk averse) to temporarily stay on sidelines.

 
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