If MNI does a share buyback and goes bankrupt instead of retiring 9% debt at par.... the directors had better have good liability coverage.
I do not care if Hardluck is short. His analysis may be faulty. I appreciate all on topic discussion. The factual part of your rebuttal to Hardluck was excellent, but there is no need to belittle him. I am clueless as to whether Alphabetty can become a significant revenue generator for KING. It would be nice to hear the feminine perspective on AB as women represent most of the $s for King.
Well, it could go to zero if the newspaper market continues to evaporate. Current assets ,tangible assets, those intangibles that you can identify, Career Builder stake, and assorted others total $1.351 billion. Current liabilities, long term debt, pension obligations and other financial obligations total $1.854 billion so they are under water about $500 million if you throw out goodwill as an asset (basically vapor since no one wants a newspaper nowadays). Ask yourself why bonds paying a coupon of ~9% which are a liability of MNI are yielding ~11% when you can take out a mortgage for under 4%. My answer: There is a higher default risk with MNI and the collateral isn't great. I'd like to invest in MNI if I could see evidence of a turn in their ad revenues... but I am still waiting.... and it has been the better part of a decade!!!!
So you don't have any data? Seriously, there must be something you can articulate? Did those others you list... COCO, EDMC, ESI, CECO ever receive the level of positive reviews CPLA cites? Or maybe just because CPLA is a profit educational operation CPLA is bad??
I hope you are okay. I saw you sold all your MNI. The internet shattered the newspaper world and even though MNI could see that 8-10 years ago and participated with a few good internet assets the company acquired too much debt via the KRI acquisition to cope effectively. Pruitt grabbed the falling knife 25% into the fall!! Sad.
Capella seems to have an excellent reputation. It appears that you want to knock the company. If you have some evidence you would like to share please go ahead. I might decide to sell. Thanks.
Basically, he wrote a MM puff piece. I wonder if she approved it before it was published. It is good Starboard is looking over her shoulder. My take reconfirmed by the article.... she's an all about me girl.
So, since they publish their satisfaction rate (about 90% positive) for bachelor's degree candidates, I guess the answer is, satisfied customers. I think the graduate degree program satisfaction rate is slightly higher.
At $3.00 ng and $50 oil, lasting for 5 years (a big assumption), is LINN solvent? I looked through the hedges and collars and 2015 looks ok but what if the "new reality" lingers for 5 years? Thanks.
I just read the Jackson article in Forbes. The article makes sense. I too am a long time YHOO shareholder. I have become less and less enchanted with MM. Why shouldn't YHOO right size the headcount? Wouldn't a 25% cut make sense in light of other "valley" metrics?
No. Strong jobs report caused interest rates to spike. Because reits are often held for their income stream, the stream looks less attractive than yesterday when compared to treasuries which are now yielding more. Pretty much all reits are down 3% + or -.today. Plus, I think the equity has been issued.
It looks like a race against time. $1 billion in debt and cash flow from operations at $82 million, add back depreciation of $110 million, then subtract projected 2015 interest costs of $80 million and cap ex of 20 million and you have $92 million to reduce the $1 billion in debt in 2015. But cash flow dropped about 20% in each of last 2 years.... now that trend is abating because only 35% of revenue now comes from print ads.... but still with a no growth negative growth future..... What can the CEO do? They indicate they have cut expenses to the bone. They have some breathing room under the debt covenants. Thoughts?
Everyone needs to do their own due diligence. Maybe it would be worthwhile to pull up today's webcast? After listening to Mr. Zacconi, how do you feel about the leader of KING? Is he a visionary? Does he understand the market? Will he and his staff continue to produce the exceptional profitability achieved over the last couple of years? Does KING enjoy certain advantages that will make them a formidable competitor for years to come? Do you think KING will try to move beyond gaming? What is their plan to prosper and grow? Or instead of listening to the webcast you could roll the dice and short KING because you are an infallible stock picking guru with insights to share on the KING Yahoo Finance message board?!
Maybe my concern is somewhat irrational but it goes something like this. MDR used to be a much bigger company. Management has changed. Relationships with customers have changed. Where companies could wine and dine and play by the rules in the regions where graft and corruption were common MDR doesn't do that, at least not anymore if they ever did. MDR business and backlog continue to decline. Their break even is point is probably $2.5 billion in revenues but the decline in oil prices means less infrastructure spending and it is harder than ever to win new business. XOM used to be over 25% I think and now they are below 10%. Anyway, just wondering where the bottom is and what does the "right" size look like? When, if ever, will they book $3 + billion in sales again? Thoughts?