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Big Lots Inc. Message Board

  • gordon939 gordon939 Dec 7, 2012 2:51 PM Flag

    Bad news sends stock lower,

    but business is still intact. Next week the hounds of baskerville will be talking how this company needs all new management and is ripe for an LBO, just like a few yrs ago.

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    • Heard it here first. LBO rumors.

      Sentiment: Hold

    • see link and see the earning spin job

    • I don't know -- I think this may head down to the teens like JCP, BBY etc -- especially if market CNBC starts discussing the legalities of CEO and issues

      In a note yesterday, Raymond James analyst Dan Wewer said “management could have been more forthcoming” on its earnings call — during the call there was no mention of the investigations, little explanation of Fishman’s retirement and only passing acknowledgement that its better-than-expected quarterly results were partly thanks to an executive compensation change:

      It turns out that most of the EPS beat was from this change in share-based incentive compensation. During F3Q12, Big Lots reversed the incentive compensation accrual taken earlier in the year – adding $300,000 to operating profit, compared to an expense of $6.2 million a year ago. Based on the 36% effective tax rate during F3Q12, this swing in compensation accrual ($6.5 million) approximates $0.07 per share. It is our understanding that a large majority of this share-based incentive compensation goes to CEO Steve Fishman.

44.68+0.07(+0.16%)Oct 21 4:02 PMEDT