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Chromcraft Revington, Inc. Message Board

biblioguy 4 posts  |  Last Activity: Aug 18, 2014 5:15 PM Member since: Jul 26, 1999
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  • biblioguy by biblioguy Aug 18, 2014 5:15 PM Flag

    I´m very pleased by both the announcement of the land sale, and the stock price reaction. The Daytona Beach News-Journal ran the following article about the sale:

    http://www.news-journalonline.com/article/20140815/BUSINESS/140819584/0/search

    Note especially the third page of the article, which states that "Consolidated-Tomoka's role in the efforts to attract the buyer, said [CFO Mark] Patten, included agreeing to sell the site at a `significantly discounted land price and preparing the site for construction.´”

    I find that very interesting. I wonder what the true market value of the land was, per acre? Undoubtedly CTO management thinks it is in their long-term best interest to sell this land at a discount, as it will likely enhance the value of the surrounding land.

    Biblioguy

  • Reply to

    what bothers me the most

    by algo41 Jun 9, 2014 3:37 PM
    biblioguy biblioguy Jun 10, 2014 4:20 PM Flag

    Keep in mind that branded cat litter sales also encompasses Cat's Pride and Jonny Cat coarse (non-scoopable) litters, which may have declined substantially, as the whole coarse segment seems to be declining (ODC's been pointing this out in quarterly press releases for some time now, with regard to private label coarse litter). It's not clear to me, to what extent ODC is offering discounts on the Fresh & Light, but if they are, I think it's mostly through coupons.

    I think ODC will get the price increases they seek, as they can point to increases in their costs.

    Hope this answers your questions.

    Biblioguy

  • Reply to

    what bothers me the most

    by algo41 Jun 9, 2014 3:37 PM
    biblioguy biblioguy Jun 10, 2014 10:26 AM Flag

    Yes, I understand this, but I'm not sure what your reply has to do with what I wrote in my first message in this string?

    Biblio

  • Reply to

    what bothers me the most

    by algo41 Jun 9, 2014 3:37 PM
    biblioguy biblioguy Jun 9, 2014 11:30 PM Flag

    I agree that ODC is cannibalizing their own brands by selling more Fresh & Light, but considering the higher prices for Fresh & Light on retail shelves, presumably the wholesale price is higher as well. Keep in mind that increased trade spending likely reduced the sales of Fresh & Light, because in the 10-Q it states "Overall cat litter net sales increased approximately 18% due to higher sales volume and increased trade spending (trade spending is deducted from net sales)."

    I hope that is helpful to you.

    Biblioguy

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