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AFC Enterprises, Inc. Message Board

cohsgrad 149 posts  |  Last Activity: 3 hours ago Member since: Feb 27, 2000
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  • Reply to

    20-F Filed

    by cohsgrad Apr 30, 2014 1:51 PM
    cohsgrad cohsgrad May 8, 2014 11:22 AM Flag

    One other point that was obvious, at least in Africa, is that they have been cramming the channel by shipping before installation. That might have been driven by customers for all I know.

    Starting to listen to call now.

  • Reply to

    20-F Filed

    by cohsgrad Apr 30, 2014 1:51 PM
    cohsgrad cohsgrad May 8, 2014 11:17 AM Flag

    Hope so. I only got to listen to the first ten minutes of the call so I didn't hear anything beyond operational break even in the second quarter on a non-GAAP basis and revenues of $85 to $95 million (as I recollect). It would be fair to ask, and I hope someone did, whether the non-operational bleeding for past sales into South America is nearly done.

    One can accept and understand that currency declines are possible but they really ought to be more transparent and disclose the impact of further changes (which could be positive) along the lines of what banks do with interest rate movements. Also would like information on the currency movement impacts. Basically, I don't know what sorts of taxes/expenses these are and if they are taxes on taking money out of the companies in SA, they need to accrue for them as it is very difficult to accept that those funds are to reside on a permanent basis in the various SA countries.

    They do seem to be taking market share and who knows, maybe DRWI and AVNW will go away in the next year if they continue to flounder. I think not but consolidation is necessary over the long term in order for them to maintain the profit margins that will exist barring more surprises which one has to admit are a little bit too common.

  • Reply to

    20-F Filed

    by cohsgrad Apr 30, 2014 1:51 PM
    cohsgrad cohsgrad May 8, 2014 8:16 AM Flag

    Think they could have been more specific on the Venezuela and Argentina exposures which came through in the first quarter ($6.3 million). Other than that, I would say the quarter came in pretty much as expected.

  • Reply to

    Massive Runup Coming

    by behavioraltrader May 1, 2014 4:28 PM
    cohsgrad cohsgrad May 7, 2014 3:53 PM Flag

    They have never leaked in the past so I don't know why they would leak now. They already provided sales which were pretty bad, just a question on expenses. AVNW and telecom weakness explain today's decline.

  • Reply to

    AVNW profit? - it makes no difference

    by classic_contrarian May 6, 2014 7:43 PM
    cohsgrad cohsgrad May 7, 2014 11:26 AM Flag

    Imagine it is hard to hire people given their historical performance so high wages kind of goes with the territory. If you want to blame someone, I'd blame the BOD for not putting an end to it.

  • cohsgrad cohsgrad May 5, 2014 10:09 AM Flag

    Suppose they think he will be helpful when they raise money. Maybe he will be, but it certainly won't advance the business of selling telecom equipment and will increase their operating expense base.

  • Reply to

    Massive Runup Coming

    by behavioraltrader May 1, 2014 4:28 PM
    cohsgrad cohsgrad May 3, 2014 11:07 AM Flag

    Life and investing aren't that simple. May 8th isn't that far away and so far I don't think they have anything substantial to add to what they have already said. Maybe they will drive sales the second half of the year, that is certainly the hope.

  • cohsgrad by cohsgrad Apr 30, 2014 1:51 PM Flag

    Was starting to get a little bit worried about this. Didn't think there was anything earth shattering in the filing. Some things that stood out.

    1. 52.5 million shares outstanding. Means shares are trading at about book.

    2. Zisapel purchased around 2.9 million shares in 2013, most of them as part of the November share issuance so most were at $2.40 but some were at $4.74. I like that.

    3. Line of credit was amended in late April to provide additional cushion on covenants (which were in compliance). The terms would indicate that they do expect things to get going in the second half of the year. I didn't fully understand some of the language regarding factoring of receivables, basically I didn't understand whether they have been doing so.

    4. Venezuela was discussed. Said 4% of assets were there but it seems like there was a more specific number in the filing that I don't recall right now. Will look it up later but there is likely a loss hanging there. They didn't discuss Argentina much which kind of surprised me.

    Guess that is all I noticed. Maybe there is more there. 2013 was a tough year, hopefully 2014 will be better.

  • cohsgrad cohsgrad Apr 28, 2014 6:09 PM Flag

    There is an outside chance they will get a "going concern" audit opinion. Should be able to avoid it by indicating an intention to issue more equity which I imagine they will be able to do.

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