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CAI International Inc. Message Board

hokieincanecountry 25 posts  |  Last Activity: May 24, 2016 9:46 AM Member since: Jul 21, 1999
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  • hokieincanecountry by hokieincanecountry May 24, 2016 9:46 AM Flag

    bobc... It traded just under one thousand shares yesterday for $1 per share. Perhaps the end is near!

    Sentiment: Hold

  • Reply to

    Other Nick Swenson Companies

    by hokieincanecountry May 13, 2016 10:22 AM
    hokieincanecountry hokieincanecountry May 14, 2016 8:22 AM Flag

    blu... I'll give you an example. When Swenson first joined the board of AIRT, he began to challenge the need (and the use) for the Beech King Air. Walter Clark's justification was that it was useful when you needed to move a critical spare part from "A" to "B". Do you think that Clark even realized that he had just insulted his largest customer (FedEx), which could provide this service better and more cost effectively than he could for AIRT?

    Sentiment: Buy

  • Reply to

    Other Nick Swenson Companies

    by hokieincanecountry May 13, 2016 10:22 AM
    hokieincanecountry hokieincanecountry May 14, 2016 8:13 AM Flag

    blu... I believe that part of "the full story" is that the new CEO (at ISIG) supposedly joined the Company on May 9. It is not unusual for a CFO (who was also titled "President and CFO" in this case) to move on when a new CEO joins. Perhaps it was the plan for some time for the other shoe to drop.

    My observation is that for companies where Nick Swenson has been involved (and with practical control or substantial influence on the board) incompetent (or less competent) managers are moved out and replaced with better.

    Sentiment: Buy

  • hokieincanecountry by hokieincanecountry May 13, 2016 10:22 AM Flag

    O. T. PDEX reported its quarterly earnings yesterday and had an impressive revenue growth and higher earnings from operations (excludes plus and minus non-recurring events). The stock has traded up to $4.40 per share on volume of almost 72,000 shares in the first hour of trading this morning. Latest trade at $4.34 per share, up over 15% today.

    Sentiment: Buy

  • Reply to

    It Looks Like

    by ebrdswin May 12, 2016 3:52 PM
    hokieincanecountry hokieincanecountry May 13, 2016 8:27 AM Flag

    I hope the Company was buying back shares on Thursday.

    Sentiment: Buy

  • Reply to

    10-Q Should Be Coming

    by hokieincanecountry May 11, 2016 10:18 AM
    hokieincanecountry hokieincanecountry May 11, 2016 10:34 AM Flag

    The posting I referred to above was dated May 15, 2013.

    Sentiment: Buy

  • hokieincanecountry by hokieincanecountry May 11, 2016 10:18 AM Flag

    The 10-Q for Q2 should be out today, or one day this week. Q2 has been seasonally the biggest earnings quarter of the year for BDL. With menu price increases implemented in February, margins should be somewhat better.

    Groov... is still hoping for that $10 price. I think that big... is closer to the truth. Could break back above $20 soon. It is now undervalued. Reminds me of that day several years ago where I scooped up a bunch of shares in the pre-market before anyone else realized the coming impact on price-per-share from Q2 earnings reported the night before. Go back and look at my posts (around this time of year, several years ago).

    Sentiment: Buy

  • hokieincanecountry hokieincanecountry May 2, 2016 1:04 PM Flag

    blu... It's too early to be concerned about ISIG. Take a look at other Nick Swenson investments. I have recapped the performance of PDEX in an earlier comment on this board. Look at ELSE. In the spring of 2013, Nick wrote a letter to that company telling them that he held just under 15% of the stock and under certain conditions, he was willing to tender for all public shares at $4.73 per share, which was about a 20% premium to the market at that time. The company didn't even respond to his letter. Look at the SEC filings. In November 2013 Nick unloaded all of his shares to the widow (Nancy P. Peterson) for $3.92 per share. I contend that the public shareholders would have been far ahead if the company had cooperated with Nick's proposed tender offer. The stock now trades at around $3.45 two and a half years later (could have obtained the $4.73 per share in 2013). On an operating basis, ELSE has performed very poorly. The reported earnings are mostly capital gains being cashed that were already there on the balance sheet in 2013. Dividend eliminated in 2013. What a poor deal for public shareholders.

    Sentiment: Buy

  • hokieincanecountry by hokieincanecountry Apr 17, 2016 7:53 AM Flag

    I believe that the recent move upward indicates the positive outlook for the fundamentals of the Company. The Company recently acquired 60,000 shares from CFW, IV. I am not concerned very much with the recent stock sales by executives; these are likely the result of the need to pay income taxes (not a bad indication) or due to retirements (e.g. Nunemaker, etc.). If WLFC were fully valued based on the market net value of its assets, it would be a $35 stock.

    Sentiment: Buy

  • Reply to

    10-K Filing

    by hokieincanecountry Mar 18, 2016 11:25 AM
    hokieincanecountry hokieincanecountry Apr 9, 2016 8:50 AM Flag

    frank... $13.50 would be nice, but I was estimating a value that I think management "could get away with." I believe that a tender at $10 to $12 would attract sufficient shares to permit the Company to delist.

    Sentiment: Buy

  • Reply to

    10-K Filing

    by hokieincanecountry Mar 18, 2016 11:25 AM
    hokieincanecountry hokieincanecountry Apr 8, 2016 11:09 AM Flag

    frank... I agree with your points. With debt financing available and low-cost today, the Company should go private and eliminate a lot of the costs for maintaining status as a public entity (no SEC reporting, lower audit costs, etc.). Company could probably go with a tender for all publicly-held shares at a substantial premium ($10 to $12 per share) and get enough shares to then de-list. If management is confident that the knife business is turning around, then now is the right time to JUST DO IT!!.

    Sentiment: Buy

  • Reply to

    Major Turnaround

    by hokieincanecountry Mar 30, 2016 10:09 AM
    hokieincanecountry hokieincanecountry Apr 3, 2016 10:01 AM Flag

    blu.. OK, you don't need to agree. That's what makes a market. I have no family relationship to Nick. It appears to me that the deal on the MN office/warehouse property represented a good return on equity capital. Purchased (closed) on May 7, 2015 for $1.2 million; sold (closed) on February 22, 2016 for $1.653 million. Expenses of sale around $115 thousand. Need to clear lien (unknown cost nte $96 thousand; could be zero). Rental income (if any) unknown. Substantial debt leverage for equity capital. I guess that Nick gets more investment opportunities than the average guy, so picking a few of the best for investment can be very lucrative. Swenson and "friends" do own a lot of PDEX, but other investors can also benefit. Are you borrowing PDEX shares and shorting?

    Sentiment: Buy

  • hokieincanecountry by hokieincanecountry Mar 30, 2016 10:09 AM Flag

    Let's all agree that PDEX is a major turnaround engineered by Nick Swenson. Traded at new high of $3.95 this morning (latest trade at $3.95 on high volume of 21,881 shares).

    Sentiment: Buy

  • hokieincanecountry hokieincanecountry Mar 24, 2016 11:40 AM Flag

    blu... I will take an increase in stock price over a "turnaround" every day of the week. I do not state that AIRT represents a turnaround as yet. However, Nick's work has certainly added to my investment return on AIRT.

    It is too early to conclude that the new contract with FedEx has created a turnaround for the cargo operation, but the improvement in operating earnings from this activity for fiscal Q2 and Q3 are very substantial. The improved results for the Global manufacturing business have been outstanding. I agree that for the last two quarters, the American Airlines deicer business has been the primary reason for this improvement; more commercial orders will be needed to keep this going (recent example is the order from LUV, announced today). Walter Clark bid for U. S. Air Force contracts at minimal margins (e.g. the tug business). Commercial margins are better. The Global Services business has grown revenues, but it needs to solve its cost problems, and I expect that corrective measures are underway.

    I agree that the printer business is a speculation, and ISIG has shown only modest improvement to date. But Nick has orchestrated a major turnaround at PDEX, and this one was not a fast snap back.

    My observation is that Nick Swenson agrees with his general managers on major objectives and then gets out of their way so that they can perform their jobs. As a general manager, I always preferred this style.

    Sentiment: Buy

  • hokieincanecountry by hokieincanecountry Mar 24, 2016 10:31 AM Flag

    Global reported a $2.8 million order for 35 galley service vehicles. See the press release.

    I did not know that Global has been the exclusive supplier of these vehicles to Southwest for over 10 years. Based on the numbers, it appears that Southwest requires about one such vehicle for each three aircraft that it operates.

    Sentiment: Buy

  • Reply to

    10-K Filing

    by hokieincanecountry Mar 18, 2016 11:25 AM
    hokieincanecountry hokieincanecountry Mar 22, 2016 7:25 AM Flag

    chris... I was a little disappointed. The Company made around 20 cents per share for Q4. I was expecting closer to 30 cents. For the year, the knife business was still unprofitable. I think the Company can improve in the knife division and earn up to $1.40 per share for 2016. The stock is still way undervalued in my opinion.

    Sentiment: Buy

  • Reply to

    10-K Filing

    by hokieincanecountry Mar 18, 2016 11:25 AM
    hokieincanecountry hokieincanecountry Mar 21, 2016 5:06 PM Flag

    The 10-K filing was accepted by the SEC today at 16:33:26.

    Sentiment: Buy

  • hokieincanecountry by hokieincanecountry Mar 21, 2016 2:24 PM Flag

    Looks to me as if the shorts are being forced to cover today.

    Sentiment: Buy

  • hokieincanecountry by hokieincanecountry Mar 18, 2016 11:25 AM Flag

    The Company should file the 10-K after the market closes today or early next week.

    Sentiment: Buy

  • hokieincanecountry hokieincanecountry Mar 16, 2016 10:00 AM Flag

    net... I don't think you can say that Nick does not add value. Take a look at PDEX, where he has led the turnaround (and it traded this morning at a 52 week high of $3.40). This turn around took a lot of time and persistence. You could have acquired for under $2 and for $1.90 in the rights offering (where I fully subscribed).

    I do not believe that Nick would do the financing deal for the printer business unless he had done a lot of due diligence. He must believe that the newest product will become successful. I think the turnaround will primarily depend on this!

    At AIRT, Nick directed the previous CEO (and the former CFO) to the "career cab." Buying back these shares and options was very timely. Have you ever done a comparison of Nick's salary and benefits to that of his predecessor? Don't forget to include the capital and operating costs for the KingAir along with the poor performance that produced negative results for shareholders.

    Sentiment: Buy

CAI
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