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  • belobuster belobuster Apr 27, 2011 3:37 PM Flag

    Conference Call

    Dunia is just terrible... couldn't be worse. Stock trying to recover slightly despite her best efforts. Does management just wing these things before they get on the call? Every question was 100% predictable, yet they managed to trip all over themselves and shoot themselves in the foot. You would think the board would hand her some talking points last night so she could practice. Some of the items they should review next time: Cautious guidance even though pacing ahead of where Q1 ended... if this is the case then say it, but comments on auto made it seemed like they are afraid their wheels may fall off. As for the small dividend - why say that you think a 2.5% yield is sufficient based on comps? How about this is a good starting point, but the management/board still believe the stock is undervalued and therefore they will continue to evaluate whether a higher dividend is warranted - one that more correctly reflects the long term intrinsic value of the stock? Growing cash balances? How about saying that you are approaching being under-leveraged and while you have a debt maturity in one year, you have sufficient sr sec debt capacity, the loan market continues to be extremely attractive in terms of pricing and terms and could allow the board to evaluate different LT financing alternatives that could allow BLC to explore returning additional capital to investors. Potential FCC spectrum sales and TV industry participation? Why dismiss this potential shareholder value creating event? What is gained by saying no interest even if it develops legs going forward? I could go on, but you get the point. Management speaks and acts like they don't understand financial markets and balance sheet management. If they can't fix their act, they should either stop doing calls or go to the format used by certain other broadcasters where they only take questions that emailed prior to the call.

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