This is what I find particularly disappointing:
" The decrease in book value per common share of $0.07 was due to dividends on common stock paid of $0.16 per share, partially offset by net income allocable to common shares of $0.07, and other net mark to market adjustments of $0.02."
ROC continues. I agree 4.25 is very likely. The only thing I can say in their defense is that the environment was pretty tough on a large chunk of the REITs this Q.
Yea, they kind of did:
"Management's goal with respect to realized capital gains on the distressed loan portfolio has been, and will continue to be, concentrated on executing sell-trades at the most favorable price it believes it can obtain, and this often will not coincide perfectly with quarterly cut-off dates. Consequently, the Company is going to have quarters where net income per share is above or below the Company's current dividend payout rate and this will frequently be driven by the level of dispositions consummated during the quarter. For this reason, management focuses on earnings generation over a twelve month period."
For the first quarter of 2015:
Revenues were $147.0 million, up 2 percent. Excluding revenues from reimbursed expenses, revenues increased 4 percent. This increase included contributions from four more 767 dry leases with external customers, versus the same quarter a year ago. These leases offset reductions in revenues from certain international operations.
Pre-tax earnings from continuing operations increased 40 percent to $14.5 million as results from ATSG's airline businesses again improved sharply versus the prior-year period.
Net earnings from continuing operations increased 36 percent to $8.9 million, or 14 cents per diluted share. Operating loss carryforwards for U.S. federal income tax purposes offset much of the company’s federal tax liabilities. ATSG does not expect to pay significant federal income taxes until 2017 at the earliest.
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) increased 20 percent to $46.5 million.
GS is predicting 10 yr interest rates to end this year ~2.5% That would be a rise from where they have been the first quarter.
Seeds, I have posted here a few times in the past, most of the time getting "run" off the board for what I had to say. I mostly raised the alarm when 1099's started showing up with a significant portion of RSO's dividends being categorized as ROC. I advised that this would continue to erode the book value and that a turn around would be the only way to either support the dividend or stop the bleeding in book value.
They finally did what they should have done at least a year or two ago. Now it is simply a matter of whether the company can AT LEAST cover and sustain its dividend and just HOLD their book value. If they show they can then the share price will again appreciate as the risk factor falls. I'm guessing to a yield of ~ 12%. That equates to ~ 5.33 using the low end .64 annual dividend for 2015. Earnings more than cover the dividend, start regrowing book value, and leave the door open for future dividend hikes, then you'll get some icing on your cake. Luck2U
You're definitely a victim of something. Exactly what are you trying to prove? You act like I am attacking ATSG, the company. Have I? Well?
I abhor arrogance and braggadocios. It has no purpose except to make you appear starved for attention and/or respect. All it ends up producing is nothing better to do than sit around posting babble on message boards. What a waste.
Guess how much I believe you? 0. Big boys have much better things to do then sit on message boards and boast about their supposed accomplishments and contacts. Btw, I've cleared no less than twenty (20) dollars per share profit on ATSG in particular since 2009. Have you?
Addressing me again? And again you prove your ignorance. You really aren't worth the time.
"people like you"? Get over yourself. You think you were the only one scooping up shares for pennies on the dollar?????????? I could name a whole LIST of stocks, including abx, I picked up in 2009 that were pennies on the dollar. The difference --- I don't sit on a message board and brag about it. This message board is supposed to be for discussing ATSG accomplishments, not Ex's. What would your students think?
Ex is one of the biggest story tellers on any message board. Claiming all his great accomplishments, yet demonstrating a total lack of the intelligence required to hold any executive position. His self ingratiating diatribe makes him more a virus than a contributor.
I don't believe 95% of what he claims and the fact that he berates others is a joke when all he could do in 2009 was post Bible passages...
This is indeed an old discussion. I'm going to throw a slow pitch here and see if anybody swings. I do not see a special dividend being issued for a variety of reasons, most of which have already been posted. What I do see is a moderately good chance of the dividend being raised to .29 or .30 per Q. Management gave themselves a healthy pat on the back and I don't believe they are going to do this without offering some form of reward to shareholders.
Raising the dividend should raise the share price to adjust to the yield and if the share price rises we all know what that will yield, another offering which would again likely be accretive to book value. This would also gain more assets for management to administer and thus raise their fee collection pool.
Is this any kind of compromise to you guys? :o)
Summary of Fourth Quarter 2014:
• Net income attributable to common stockholders of $40.5 million, or $0.42 per share.
• Net interest income of $18.8 million and net interest margin of 432 basis points.
• Issued 14,410,019 shares of common stock in an underwritten public offering, resulting in net proceeds of approximately $110.8 million after deducting underwriting discounts, commissions and offering expenses.
• Completed the sale of a first loss PO security and certain IO securities issued by a single Freddie Mac-sponsored securitization, realizing a gain of approximately $22.7 million.
• Sold and refinanced distressed residential mortgage loans with a carrying value of approximately $29.3 million for aggregate proceeds of approximately $34.2 million, which resulted in a net realized gain, before income taxes, of approximately $4.9 million.
• Closed on the acquisition of a pool of re-performing mortgage loans for an aggregate purchase price, including accrued interest, of $328.4 million. The re-performing loans had an unpaid principal balance of approximately $367.6 million at the closing date. The Company used a portion of the proceeds from our November 2014 public offering and approximately $238.9 million of borrowings under a master repurchase facility to fund the acquisition.
• Book value per common share of $7.07 at December 31, 2014 as compared to $6.98 per common share at September 30, 2014 and $6.33 at December 31, 2013.
Sentiment: Strong Buy
Let's put it all out there and not cherry pick. 10 year Treasury rates:
Jan. 2, 2014 - 2.99%
Feb. 3, 2014 - 2.58%
Mar. 3, 2014 - 2.61%
Apr. 1, 2014 - 2.76%
May 1, 2014 - 2.61%
June 2, 2014 - 2.53%
July 1, 2014 - 2.56%
Aug. 1, 2014 - 2.51%
Sep. 2, 2014 - 2.42%
Oct. 1, 2014 - 2.40%
Nov. 3, 2014 - 2.35%
Dec. 1, 2014 - 2.22%
Jan. 2, 2015 - 2.12%
Feb. 2, 2015 - 1.67%
Interest rate fell .87% from Jan.'14 to Jan.'15 = 870 basis points. Paint it any way you want but the bottom line is apparent.
In Q4 alone the rate fell .28% or 280 basis points. What did you claim, less than 100?
This is what I mean when I use the term "realistic". They may have recovered somewhat, but are still at a level I sure wouldn't brag about. I am a bit concerned how much this situation bit into total 2014 revenues and how much it is affecting current balances.
I hold 5 figures in share count of ENTR. My cost basis is in the 2.70s, so obviously I'm currently one of the lucky ones. I mention this only to qualify my next statement. I intend to hold through this merger. I've done a lot of in depth research on MXL and everything to do with it the last few days. I've looked at all the numbers concerning stockholder equities in both companies now and after this deal. I've looked at earnings, good and bad. I've looked at guidances, ratings, new share pool, multiples, PEs, etc., etc.. For all AVAILABLE information I can find I've come to the conclusion that there may well be some upside worth waiting for on the back end of this deal. JMHO of course.
Maple WAY overdoes it, but on some BASIC levels he is possibly correct. (Please Maple, don't let this go to your head)
What do you imagine is BlackRock's cost basis on their total position?
Agreed, a waste of time at this point. The deal appears perfectly reasonable based on Entropics self inflicted 2014/Q4 asset impairment parade. What the hell is MXL supposed to pony up more for at this point? I would fully expect that it was some large holders that strongly suggested putting themselves on the market. I don't think shareholder voting is going to stop this merger. Changing the terms of the deal at this point is actually rather redundant. The SEC filing clearly stated that other parties could approach and offer so it can't be said they haven't left the "shopping" open.
Catch 22 - between a rock and a hard place - it is what it is what it is...
SAN DIEGO, Feb. 12, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor, who currently holds shares of Entropic Communications, Inc. (ENTR), filed a lawsuit in an effort to stop the proposed takeover of Entropic Communications, Inc. by MaxLinear for a value of approximately $3.01 per share.
The game's afoot.
I listen to and read e v e r y t h I n g. I tend to filter the forward looking statements as some of them in the past have been no more accurate than a weather forecast. I sincerely hope you are correct. I sincerely hope they are correct this time. Let's see what the hard numbers are next month and go from there.
I'll believe all the predictions when I See The Money. ;)
You're kidding, right? Rates have dropped a lot more than 100 basis points in Q4 alone.
I believe one of these deals with DHL also produced a 1 mm deduction in annual revenues.
Now if everything is looking so rosy, why the restrictive trading range? Why aren't analysts pounding more earnings on this year's estimates? No taxes, more equipment placement, share buyback authorized, new DHL contract, and yet little share appreciation. Go ahead and blame the index. I sincerely hope they don't buy back 1 single share at current pricing levels.
Honestly, I hope they beat the estimates by a significant margin of at least 3 or 4 cents and the stock flies over 10. I'm definitely not a short here, but I try to be realistic too.