Just saw this stock and looked into it. Since 2005 this company has reduced debt by about $1.4 billion, increased shareholder equity by about $1.5 billion, AND given back over $1 billion to shareholders through dividends and repurchases. It is expected to earn somewhere near $4/share and use some of that to pay a fat dividend that is now nearly 10%. At $16.50 the company's market cap is only $3.7 Billion!? I know times are tough for them, but WOW! they are still making a lot of money.
Will listen to the conference call today, and then probably load up. Seems like once in a lifetime! Thanks for selling to me!
If you think this is a buy, I know of a buggy whip company you can buy. Also, have you heard about the great land deals in the Florida Everglades? Might want to check it out. They're only under about a foot of water in the shallow areas. Never know, might be a great investment like GCI.
Newspapers, per se, are going down. The younger generations don't even bother looking at them, let alone reading them. Hardly what I'd call an institution with a great future. And the electronic versions of these papers just don't cut it. There is so much info on blogs, special interest sites, Yahoo, Google, etc., and TV.
You are loading up on a company that is down downhill. Did you see they took a huge writeoff on the value of their properties, which is their way of saying "my newspapers aren't worth as much as they ussed to be."
Anyone who buys this stcok as it continues its decline is a fool.
I did see the huge writeoff. The great news for shareholders is that it is a NON-CASH charge (doesn't actually cost them a penny) that will have absolutely no effect (positive or negative) on their future cash generating abilities. This company is still making tons of money DESPITE all the negativity surrounding them, is paying out a sweet dividend, and still has cash to spare for debt repayments and acquisitions!
The best quote from the conference call (which I got from Seeking Alpha's transcript) was:
"So based on where we stand today, we would expect revenues to be up in the mid- to high-single-digits in the third quarter."
Things are only looking up! The stock has finally stopped declining and the more I read about this stock, the more I like it. Too bad for you that you sold to me at the bottom! Thank you.