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Black Diamond, Inc. Message Board

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  • tex7779 tex7779 Jun 9, 2010 9:11 PM Flag

    healthy retreat on developing story


    Just a couple of comments:

    I don't think that most investors and hopefully some institutional investors once this trades on the nasdaq come Friday, that they look at the 2009 earnings. Let's face it; 2009 was a very crappy year for many companies, period.

    The market will be looking at what the prospects for BDE will be in 2011 and beyond. My hunch is that the economy will be better in 2011 then it was in 2009.

    The other issue; keep in mind Kanders will, IMHO, take care of # 1 ( Kanders ) first. However, since he now will own even more stock, then how on earth is he going to get ahead if the stock declines. His new annual salary of 175k is significantly lower than it was while he was the lone leader at the old CLRS in Stamford. NO - IMHO, Kanders will see to it that BDE will become more profitable and thus increase the value of his stock and by extension for us as well.

    As an aside, yes I did notice that he extended the duration of those stock options that were to expire in Dec 2012. A bit odd ... I thought.

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    • My issue though is that despite a crappy 2009, indication for pro forma earnings based on q1 2010 earnings does not show growth that justifies the purchase price (if you annualize q1 2010 it looks real nice but keep in mind q1 is winter season so its half of the 60% they get in winter aka its 30% of the expected year's earnings). And while BD may have decent growth I haven't heard any comments on Gregory growth which we paid around 18x for which is a much higher multiple than what we paid for BD.

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