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Cray Inc. Message Board

equitiesresearchdotcom 6 posts  |  Last Activity: Jun 12, 2014 10:30 AM Member since: Aug 24, 2012
  • equitiesresearchdotcom equitiesresearchdotcom Jun 12, 2014 10:30 AM Flag

    by increasing their net floor plan debt they were able to report a POSITIVE NON GAAP C/F number in Q1. Ridiculous? definitely.

    Management has an equity interest in Dealer Sites LLC. Titan recently increased their lease agreements with Dealer Sites from $50million to $100 million last year.
    Management is making money on properties, (thanks to Titan footing the bills).
    TItan pays for insurance and all expenses of the property although it is owned by outside entity owned by management.
    In FY 2012 and FY2013 the 10K disclosed the related party dealings in detail. In April's FY2014 10k , Deloitte allowed Titan to omit this disclosure.

    It appears to me that CNH was stuffing Titan with inventory these past few years to boost CNH's own revenue/profit numbers (timely with Fiat deal). The relationship with CNH is very Cozy. A large percentage of the inventory that Titan has parked, they are not paying interest on.

    Wells Fargo recently amended the convertible note terms for the 3rd time. (tightening the covenants more and more).
    Titan's debt/equity for Q1 increased from .70 to .716

    what does SOT mean?

    Sentiment: Strong Sell

  • Reply to

    What PE multiple should TITN trade at?

    by larisalv Apr 11, 2014 12:55 PM
    equitiesresearchdotcom equitiesresearchdotcom Jun 12, 2014 9:37 AM Flag

    Your question assumes TItan Machinery will even have any earnings in FY 2015?
    I question if Titan will even be profitable this year.
    THe company most recent reported Q1 they loss ($0.20) per share. THe quarter prior to that ,Q4, they loss money as well.

    We can't expect the management's guidance to mean anything.
    Management made the following Guidance for FY2014:
    On April 10,2013 gave guidance for FY2014 of $2.00-$2.30.
    1 month later on:
    On May 23,2013 guidance for FY2014 was lowered to $1.70-$2.00
    3months later on:
    On September 5,2013 guidance was lowered again to $1.20-$1.50

    When the year ended on January 31,2014 the FY2014 EPS came in @ $0.78 per share.

    Everyone needs to realize that this company has generated a total of NEGATIVE $434 MILLION of OPERATIONAL CASH FLOW over last 13 quarters combined.

    The Management is deceiving the Public by advertising NON GAAP cash flow. The only reason that that INSIGNIFICANT number was positive in this Q1 is because they ADD the monies they borrowed in the first quarter to cash flow. (that is why they allowed the floor plan debt to go up, so that they can make their NON GAAP cash flow number to be positive, how ridiculous)

    The other big issue here, is what are these Mutual Fund Analysts (Money Managers) getting paid for? Have you seen what ZACKS has been reporting? another joke.

    If you look on Morningstar at the list of institutional holders of both the Equity and the Debt, I wonder how do these decision makers have jobs? It is even more scary that mom and pop are trusting their nest egg monies with these amateurs (and they actually pay these funds to manage their money).

    Wall Street is a scary place

    Sentiment: Strong Sell

  • Reply to

    What PE multiple should TITN trade at?

    by larisalv Apr 11, 2014 12:55 PM
    equitiesresearchdotcom equitiesresearchdotcom Jun 12, 2014 9:02 AM Flag

    Your question assumes TItan Machinery will even have any earnings in FY 2015?
    I question if Titan will even be profitable this year.
    THe company most recent reported Q1 they loss ($0.20) per share. THe quarter prior to that ,Q4, they loss money as well.

    We can't expect the management's guidance to mean anything.
    Management made the following Guidance for FY2014:
    On April 10,2013 gave guidance for FY2014 of $2.00-$2.30.
    1 month later on:
    On May 23,2013 guidance for FY2014 was lowered to $1.70-$2.00
    3months later on:
    On September 5,2013 guidance was lowered again to $1.20-$1.50

    When the year ended on January 31,2014 the FY2014 EPS came in @ $0.78 per share.

    Everyone needs to realize that this company has generated a total of NEGATIVE $434 MILLION of OPERATIONAL CASH FLOW over last 13 quarters combined.

    The Management is deceiving the Public by advertising NON GAAP cash flow. The only reason that that INSIGNIFICANT number was positive in this Q1 is because they ADD the monies they borrowed in the first quarter to cash flow. (that is why they allowed the floor plan debt to go up, so that they can make their NON GAAP cash flow number to be positive, how ridiculous)

    The other big issue here, is what are these Mutual Fund Analysts (Money Managers) getting paid for? Have you seen what ZACKS has been reporting? another joke.

    If you look on Morningstar at the list of institutional holders of both the Equity and the Debt, I wonder how do these decision makers have jobs? It is even more scary that mom and pop are trusting their nest egg monies with these amateurs (and they actually pay these funds to manage their money).

    oh boy, Wall Street, what a silly place.

    Sentiment: Strong Sell

  • equitiesresearchdotcom by equitiesresearchdotcom Jun 5, 2014 12:37 PM Flag

    As a shareholder, wouldn't you like management to tell you in plain English: (I actually think there should be a law, if there's not one already, where management discloses there is a risk of bankruptcy if they fail to do X,Y,Z))

    By TITN increasing its Total Liabilities to $1.19 billion and the decline of its tangible book value by $6 million its within $10 million of violating its Debt to Tangible equity ration of 3.25 that it must meet by October of 2014. If it maintains the status quo it would be in violation of the 3.0 ratio that it must meet by January 2015

    Sentiment: Strong Sell

  • equitiesresearchdotcom equitiesresearchdotcom Jun 2, 2014 10:07 PM Flag

    well, the S-8 was just filed with SEC....sure enough $17.47 much better than $20+ .....management always fines a way to take care of themselves.Management 48% raises, equity, board members got raises too, ...real estate transactions with outside entities management have equity interest in....list goes on...that's why the EPS is a mere $8 million on $2 billion in sales....the stock going up these past few days will be setting the table for a big pay day on the short side.....amateur "call buyers are getting sucked in here bidding up the calls......collapse coming...I warned last year at $32 ..... this stock will break $14 this week and never return .......Q1 on thursday morning....there will $4.2 million right off against stores closing hitting the EPS....and on May 1st the nearly $3 million interest payment made against conv. note will also effect Q1 EPS......4 mutual funds own 42% of shares outstanding according to Morningstar.....why do these MF own a company valued over $300 million when the underlying business only earns $8 miilion for ttm ? ... 40 times earnings.....obsolete inventory will need to be given away at a loss in order for this company to generate any cash flow, which will be another hit to EPS...the roll up of sub par dealerships to grow has ended...as a matter of fact they closed stores 8 in Q4.....no longer a growth story......check out the new changed the Creditors put on the debt covenants......single digits coming

    Sentiment: Strong Sell

  • equitiesresearchdotcom equitiesresearchdotcom May 28, 2014 10:35 AM Flag

    one possible answer to your question is that management wanted the shares lower heading into the shareholder meeting this week. This way if the equity plan is approved then they can grant themselves shares at a lower stock price and receive more shares.

    Sentiment: Strong Sell

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