Orgasms,religion,pigs,hypocrisy,Adkins diets all are amusing and at least partially relevant. On the other hand I would love to see a pro-forma estimate of what the earnings might look like if the company had normal pension expenses, did not capitalize a lot of promotional expense,did not take excessive writeoffs of Franchisee's just prior to acquisition,amortized ggodwill,and wrote off the intangibles associated with Montana Mills over say 3 years since it is unlikely to ever be profitable! Furthermore isn't it very probable in the category of rental income which could be a large number that the parent is lending francisees and perhaps JV's money to support it. Sounds like manufacturing earnings througn increasing borrowings. Divursefi has the best handle on this and with the recent " strange and highly suspect " huge growth in the income stream from
the more mature Southeastern district something seems very amiss. If as I suspect on a more normalized rational basis this would drop the income to a figure below $ 35,000,000 and you divide that by the new shares that should be outstanding after more option exercising,purchase of S.Calif franchise and probable 5 mill share offering you get up to 70
mill fully diluted shares. By my count that equates to 50 cents per share. And with what I see as a maturing fad and growth "optimistically" at 3 times poulation growth or 10% and giving them a PEG of 1.5 X or a 15 multiple you get a real price of $7.50 @ share. Shorts help me refine the numbers and Longs try to refute them. I am willing to eat crow if wrong but I have made big bets that I am close to the money. I know of no better Short on the Big Board. Lets try to build a Pro Forma ( based on Industry norms Income Statement and Balance Sheet. Remember if you capitalize rental payments at 10X that expands the debt that much further and it should be as it is an alkternative to debt and has taken down more retail companies than you can name. The balance sheet should reflect this in our DD despite accounting rules its just good economics!
All the pumping and bashing would fill many blimps with hot gas. In the final analysis the only comments on this board that will have impact are those accurately detailing the true economic value of this company and " its future dividend paying ability discounted to the present."
And for the responsible dialogue; I await.............
Do you really assert that today's Democratic Party is the scion of the Seccessionists? And, assuming knew or should have known that his election would ignite Uncivil War, wouldn't the moral thing for him to have done be, not run?
<<On a personal level, a devout Muslim believes that uncleansed contact with pigs sends him to the deepest hell. We need to let it be known that if we catch and convict any Muslim terrorist, we will sew him into pig skin, execute him before a firing squad and bury him in it.>>
Do you really think that those murderers are devout Muslims????
From Hal Linsley:
On a personal level, a devout Muslim believes that uncleansed contact with pigs sends him to the deepest hell. We need to let it be known that if we catch and convict any Muslim terrorist, we will sew him into pig skin, execute him before a firing squad and bury him in it.