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Joe's Jeans Inc. Message Board

  • peter_norths_proctologist peter_norths_proctologist Dec 28, 2012 5:13 PM Flag

    Comparing management performance (TRLG vs. JOEZ)

    In determining which management team is being the better steward of shareholder interest, we can analyze the dynamic between two basic metrics: The rate of increase in revenue relative to the rate of increase in sharecount (i.e., dilution), over the same 5-year time period.

    First, let's look at JOEZ from FY 2008 through FY 2012:

    Revenue FY '08 = $69.2 million
    Revenue FY '12 ~ $115 million

    Fully diluted sharecount FY '08 = 59.7 million shares
    Fully diluted sharecount FY '12 ~ 67 million shares
    JOEZ 5-year increase in revenue = +66%
    JOEZ 5-year increase in sharecount = +12%

    Now let's look at TRLG over the same time period:

    Revenue FY '08 = $270 million
    Revenue FY '12 ~ $462 million

    Fully diluted sharecount FY '08 = 24.3 million shares
    Fullt diluted sharecount FY '12 ~ 25.3 million shares
    TRLG 5-year increase in revenue = +71%
    TRLG 5-year increase in sharecount = +4%

    So, to summarize, over the past 5 years, TRLG had faster top line growth while management held dilution to a very low 4%. Compare this to JOEZ 5-year rate of dilution, which was 12%, or THREE TIMES HIGHER than the rate of dilution at TRLG. This is one reason why JOEZ gets little respect on the street.

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