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Office Depot, Inc. Message Board

  • ya_gotta_believe_in_me ya_gotta_believe_in_me Aug 30, 1999 3:35 PM Flag

    how can all you people buy when........

    the price is still falling? Have some patience
    and wait for the damn thing to stop dropping. If you
    keep this up, you'll be averaging down to 10! Just
    trying to help my fellow
    ODPers.

    Sincerely,

    YA_GOTTA_BELIEVE_IN_ME (Because if you can't believe in ME, who CAN you
    believe in?)

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • you know, office depot does have a 155% low price
      guarantee, so if you're going to be going back to return the
      product anyway, you may as well just ask them to match
      the price and give you the 55% of the difference

    • Please let me say it so I don't have to read your self promotion
      campaign. Please !

      • 1 Reply to byandkim99
      • ya_gotta_believe_in_me ya_gotta_believe_in_me Aug 30, 1999 10:48 PM Flag

        I feel sorry, truly sorry, for the thousands of
        ODP stockholders who got shafted by management. I
        feel vindicated for dumping the stock at 18...yes. But
        I take no pleasure in seeing short sellers having
        their day, and, needless to say, I am not a
        shortseller. If I may be so bold as to cite just ONE thing I
        said in the past, it is this:

        On July 15, when
        ODP released its latest quarterly results, Chairman
        Fuente said "We face challenges in the second half of
        the year..." and I commented at that time that it was
        highly inappropriate of him to make such a NEGATIVE
        comment at the time of earnings release, and I even sent
        a letter to their INVESTOR'S RELATION DEPT saying
        so. To me, for him to have commented specifically on
        "challenges" in the second half was tantamount to a warning,
        and I dumped my shares soon thereafter because this
        "warning" just kept sticking in my craw as the price of the
        stock continued to drop.

        The BASTARD FUENTE knew
        then what was happening just as he knows now. I'm
        truly sorry for all the longs, and I wish them
        well.

        With Sincerest Regrets and In Sincerest
        Sympathy,

        YA_GOTTA_BELIEVE_IN_ME (Because if you can't believe in ME...oh, shit,
        nevermind...)

    • This makes the news real bad. Last year's eps
      were .21 in qtr 3 and .24 in qtr 4. Full years
      earnings will come in at around .87 which is up slightly
      from last years .83. That puts earnings growth at only
      about 5% when they were expecting over 20%.

    • but I'm not surprised, based on my own
      experiences shopping there. The problem seems to be
      competition, high prices, and confusing store layouts. We have
      two ODP's in our little city of 60,000. On any day or
      night, weekday, weekend, anytime, you can roll a bowling
      ball down the aisles and not hit anyone. I've returned
      many items after finding them cheaper at best buy
      (electronics) or wal-mart or even Target. (office and school
      supplies). The ODP's here are cavernous intimidating
      structures filled with more employees than customers. Took
      two of them to find me a large manila envelope one
      day. No such thing as a quick "get in get out". Boxes
      of obsolete computers are stacked near the office
      furniture, shredders with software, etc. I've wondered why
      ODP stock seemed to be more favored than OMX (we have
      one of them too) since they both seem to be missing
      the point. ODP reminds me of Montgomery Wards. Give
      us a reason to shop there, instead of your
      competitors!

    • $62.5 Million Charge, Net of Income Taxes, to


      Third Quarter 1999 Earnings

      Commenting on the
      one time charge, Mr. Fuente stated, ``Our management
      has targeted approximately 41 older or
      underperforming stores to be relocated or closed. As a result of
      our aggressive new store expansion program, we feel
      that this is also the appropriate time to take a hard
      look at our real estate portfolio, and in particular
      underperforming stores. In an increasingly competitive retail
      environment, we have taken action to close or relocate
      out-dated and underperforming stores. Our stores need to be
      in the best possible locations and reflect our most
      up to date store models.''

      Inventory
      Write-Down

      Because of rapid changes in office
      technologies and management's decision to consolidate
      warehouses and to accelerate relocations and closings of
      underperforming stores, the Company has identified $34.2 million,
      net of tax benefits, of slow moving products to be
      liquidated. This inventory, which is currently occupying
      existing store and warehouse space, has been identified as
      merchandise that will not be replenished, either because of
      newer, more innovative technology products or the
      rationalization of the merchandise assortment in the combined
      Viking and Office Depot warehouses. The inventory
      write-down will be included in cost of goods sold for
      financial reporting purposes.

      ODP Board of
      Directors Approves Stock Buyback

      Earlier today,
      Office Depot's Board of Directors authorized a $500
      million stock repurchase program, effective immediately.
      Commenting on the repurchase program, Mr. Fuente stated,
      ``Despite the fact that our second half results will not
      meet our expectations or the expectations of the
      investment community, we remain very confident in our longer
      term prospects and our ability to grow earnings and
      shareholder value. As a result, notwithstanding today's
      disappointing news, we feel our current stock price represents
      a significant value. Our Board of Directors today
      authorized management to implement a $500 million stock
      repurchase program. This authorization is open-ended, and we
      will be opportunistic purchasers of Office Depot stock
      either in the open market or through negotiated
      purchases.''

      He continued, ``As a result of our strong
      balance sheet and cash flow, our position as an industry
      leader and the growth opportunities that lie ahead, our
      Board of Directors felt the best return on our excess
      cash at this point in time is the purchase of our
      stock. And while the investment of $500 million is
      substantial, Office Depot will continue to maintain a very
      strong balance sheet.''

    • Your right YA_GOTTA. It's safer to wait for the
      upswing. That would also be the advice I'd give everyone.
      In fact, I think I gave that advice not to long ago.
      However, some of my purchases rely on gut feeling. My gut
      tells me 13 3/8 is so close to the bottom that we will
      get some near term money making fluctuations. I'm
      going to buy and sell this pig in small lots all the
      way up to 19. The recent thrashing of this stock is a
      perfect contrarian indicator/opportunity.

      For the
      long termers, 13 3/8 is barely adjusted for future
      growth.

      Cheers,
      ................. Ice

 
ODP
7.76-0.160(-2.02%)Jan 28 4:00 PMEST

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