The only thing I can think of is if they cant convert the chain itself into a winner they appear ready to convert the sites to Fuddruckers extracting some value.
Thanks, had to work through the 20-F. Also noticed some arbitration about past royalties. Maybe now that Cliffs has made a decision, the company will address it as well and use this as cover to announce whatever they are going to do with their dividend?
Revenues for our commodities and resources business were $455.9 million for the year ended December 31, 2012, compared to $481.7 million for the same period in 2011. Included are the gross revenues generated by our royalty interest, which for the year ended December 31, 2012 were approximately $29.1 million, compared to $30.8 million in 2011. A total of 3,189,443 tons of iron ore pellets and concentrate were shipped during the year ended December 31, 2012, compared to 3,472,643 tons shipped in the same period in 2011.
except to break even. Still 30 million. When is the last time they made 30 million? The problem with a company with excess cash and bad mgm is you are usually left with the bad mgm.
I still find it interesting that Howard and the other Ordway sold shares into this news. Odd? Howard shows a buy then is corrected to a sell. The other sale just may be to raise some cash given the position but timing is odd but then again maybe he was waiting for some liquidity to raise the cash.
This downgrade doesn't "feel" right to me. Anyone get the feeling its a "wink" hold but we are now telling clients "hey buy on the weakness".
I agree on BD, he triggered the first sell off. The debt downgrade last week after the Friday close appears to have triggered more selling.
The Goldman put I refer to is this rumor: According to Debtwire, Ruby Tuesday is working with Goldman Sachs (GS) to explore strategic alternatives -- code for putting a “For Sale” sign on the $420 million restaurant chain.
Will be watching this update in the next 10-k:
As of February 2, 2013, the Company operated 358 stores under operating leases, some of which have renewal options. The majority of the leases provide for the payment of fixed monthly rentals and expenses for; maintenance, property taxes and insurance, while others provide for the payment of monthly rentals based on a percentage of sales. Certain leases provide for additional rent based on store sales in excess of specified levels. The following table lists the leases due to expire in each of the years shown as of the fiscal year-end, assuming any renewal options are not exercised:
Year No. of
Leases Year No. of
2013 189 2017 14
2014 59 2018 4
2015 78 2019 1
As leases expire, the Company will evaluate the decision to exercise renewal rights or obtain new leases for the same or similar locations based on store profitability.
In the earnings call they mentioned the real estate was probably worth between 500-600 million. Which is about five dollars a share if you back out debt. The Goldman put and the JJ buy at 5.88 are the support with some promise of operational improvement but losses will still be incurred so I would really like to buy this closer to five but we might have to wait for a market pullback. I want more safety then six, might start closer to 5.5 if it presents itself.
Hard to think with declining mall traffic that a store like this isn't going to be impacted. I think this is a big year in revealing the future. I believe almost 200 leases were up so the renewals will be interesting.
The stock has traded below book value. Shareholder equity has increased since the last time this stock traded in the 4-6 range so we would really need a further deterioration in steel prices and earnings turning negative to see a much lower price.
What index do you use to determine pricing of the company's products?
Looks like another block went today....are they selling all to maximize a tax loss or somewhere in between? I am trying to patiently buy but waiting for still another puking next week into even lower volume.