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XO Group Inc. Message Board

  • pvigo123 pvigo123 May 5, 2011 5:18 PM Flag

    Disgruntled long...

    KNOT buys back 10% of their outstanding shares from Macy's for $10+ per share during the quarter, but in the share count, it still shows them as outstanding in the financial statements. So the $38 million in cash spent to buy the shares just disappears? Shouldn't the shares be retired like a buyback? What's the deal?

    And they miss on revenues, which isn't good, and then find out $1 million of the revenues is a one-time payment from Macy's, so their real revenues for the quarter were just $26.5 million, 4% less than last year?! Huh?

    I thought the registry sales had bottomed and would be more than offset by the improvement in advertising they talked about last quarter. Just awful.

    And with a big chunk of their cash spent on the Macy's shares, that removes a lot of my comfort that there was a floor to the valuation.

    Yuck. Sold my shares after hours (shockingly someone took me out at $9.89). This will have to get significantly cheaper before I am comfortable returning. But I'll keep my eyes peeled.

    Good luck.

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