Investors Title Co. Message Board
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Second quarter report
pj & astral:
Did you guys see the quarterly report?
Earnings were good but most of it was due to a recovery.
Anecdotal reports in the media and from competitors indicates the refinancing volume has picked up materially due to the very low mortgage rates. I am trying to buy more at $28 but getting no execution. I may have to raise my bid. I am bullish for the near future because of the refinancing picture and the low rates.-
pj:
You are on the right track.
I wear mine like a halo. That way you don't bump into as much stuff as you would if you used a hula hoop. -
I'm looking at it. I'm still kind of confused about the reserving.
- 1 Reply to astral_tsar
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from http://sec.gov/Archives/edgar/data/720858/000115752310004571/a6379910.htm and http://sec.gov/Archives/edgar/data/720858/000115752310002570/a6270834.htm :
reserves for claims:
on 12/31/2009: 39,490,000
on 03/31/2010: 38,830,000
on 06/30/2010: 37,752,000
provision for claims:
3 months ending 03/31/2010: 1,312,404
3 months ending 06/30/2010: 112,415
payment of claims, net of recoveries:
3 months ending 03/31/2010: (1,972,404)
6 months ending 06/30/2010: (3,162,819)
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3 months ending 06/30/2010 (calculated): (1,190,415)
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in chronological order:
reserves for claims on 12/31/2009: 39,490,000
provision for claims for 3 months ending 03/31/2010: 1,312,404
payment of claims, net of recoveries, for 3 months ending 03/31/2010: (1,972,404)
reserves for claims on 03/31/2010: 38,830,000
provision for claims for 3 months ending 06/30/2010: 112,415
payment of claims, net of recoveries, for 3 months ending 06/30/2010: (1,190,415)
reserves for claims on 06/30/2010: 37,752,000
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again from http://sec.gov/Archives/edgar/data/720858/000115752310004571/a6379910.htm and http://sec.gov/Archives/edgar/data/720858/000115752310002570/a6270834.htm :
known title claims on 12/31/2009: 6,398,623 (16.2% of reserves on 12/31/2009)
known title claims on 03/31/2010: 7,302,672 (18.8% of reserves on 03/31/2010)
known title claims on 06/30/2010: 6,070,489 (16.1% of reserves on 06/30/2010)
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pmlljl, astral_tsar,
(Too) much money I have been pouring into Gannett (GCI).
http://sec.gov/Archives/edgar/data/39899/000095012310070517/c03110e10vq.htm#002
market cap: $3.2 billion
13 weeks ending 06/27/2010:
operating revenues: $1,365,143,000
operating income: $272,609,000
income before income taxes: $234,988,000
income from continuing operations: $185,588,000
income from continuing operations attributable to Gannett: $175,165,000
26 weeks ending 06/27/2010:
net cash flow from operating activities: $441,419,000
The dividend has been cut to 4 cents per share per quarter, but I have hope that it will get back to 40 cents if I am patient/stubborn.
http://finance.yahoo.com/q/hp?s=GCI&a=06&b=1&c=1985&d=07&e=5&f=2010&g=v
If you peek at the balance sheet, here is a consoling quotation:
"The Company’s interest expense for the second quarter was $42 million and $86 million year-to-date, down 4% and 8% respectively. Total average outstanding debt for the second quarter was $2.8 billion in 2010 and $4.0 billion in 2009. For the year-to-date periods of 2010 and 2009, total average outstanding debt was $2.9 billion and $3.9 billion, respectively. The weighted average interest rate for total outstanding debt was 5.67% for the second quarter of 2010 compared to 4.13% last year and 5.53% year-to-date compared to 4.41% last year. Debt was reduced by $171 million during the quarter and $432 million year-to-date."- 1 Reply to pjv2xyw9dww4b5
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pj:
I wish you luck with Gannett, but it is not for me. I have taken the pledge to avoid companies that have a large amount of intangible assets. I admit that they can work out but I do not know how to judge them. As warren Buffett might say they are out of my circle of competence.
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