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New York & Company Inc. Message Board

thestockmaven 104 posts  |  Last Activity: 2 hours 34 minutes ago Member since: Sep 5, 2005
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  • Reply to

    Buying here seems so obvious....

    by angietheapple 6 hours ago
    thestockmaven thestockmaven 2 hours 34 minutes ago Flag

    We are now a 790M company with a net cash position of 250M.

    So that means 850k ounces of production across 3 operating mines, plus multi-million ounce deposits at Boto, Sadiola, and Cote, along with some other properties are worth a combined 540M!! And IAG is looking for a cheap asset at depressed prices???? Look in the freaking mirror!

  • Reply to

    Looks like they are closing out the 2 puts

    by abclodt Mar 5, 2015 3:40 PM
    thestockmaven thestockmaven Mar 5, 2015 4:15 PM Flag

    Do we know what price the Mar 2's were originally purchased at? I'm thinking they've (Letwin) already taken a loss.

    I honestly can't take another 4 months of downward pressure on the stock. In the real world, a $3 million bearish put bet should have absolutely no effect on an 850M company, but the stock trades at .3x book value and the CEO still holds his job despite deplorable performance, so reality has long been tossed in the dumpster.

  • Reply to

    Looks like they are closing out the 2 puts

    by abclodt Mar 5, 2015 3:40 PM
    thestockmaven thestockmaven Mar 5, 2015 3:49 PM Flag

    Rolled over to June 15.

    This POS CEO better come out and start defending this stock.

  • thestockmaven thestockmaven Mar 5, 2015 1:07 PM Flag

    I understand the author is including write-downs, taxes, and other factors that aren't typically included in the standard AISC calculation that the companies boast, but my accounting knowledge is not strong enough to fully grasp all the numbers and where they are coming from.

    I am looking for a reason as to why IAG is so badly under-performing its peers (especially since the sale of Niobec), despite possessing a healthier balance sheet than say 95% of its competitors. Surely I blame management, but there has to be even more to it than that. These numbers, if even moderately accurate, would definitely explain why the stock is performing so poorly.

    Here were the comparisons that were included:

    Company
    Q4 Core Non-tax Costs
    Q4 Core Costs
    Randgold (NASDAQ:GOLD)
    Under $1000 per gold-equivalent ounce
    Around $1000 per gold-equivalent ounce
    Barrick (NYSE:ABX)
    Around $1100 per gold-equivalent ounce
    Under $1500 per gold-equivalent ounce**
    Alamos Gold (NYSE:AGI)
    Around $1100 per gold-equivalent ounce
    Around $1100 per gold-equivalent ounce
    Newmont (NYSE:NEM)
    Above $1100 per gold-equivalent ounce
    Above $1200 per gold-equivalent ounce
    Agnico Eagle (NYSE:AEM)
    Above $1100 per gold-equivalent ounce
    Above $1200 per gold-equivalent ounce
    Goldcorp (NYSE:GG)
    Around $1200 per gold-equivalent ounce
    Above $1500 per gold-equivalent ounce**
    Yamana Gold
    Around $1250 per gold-equivalent ounce
    Above $1350 per gold-equivalent ounce**
    Kinross (NYSE:KGC)
    Over $1300 per gold-equivalent ounce
    Above $1800 per gold-equivalent ounce**
    Iamgold
    Over $1500 per gold-equivalent ounce
    Over $1700 per gold-equivalent ounce**
    **These costs were significantly influenced by write-downs or other factors

  • via Seeking Alpha

    We want to stress that the sale of Iamgold's niobium operations are going to probably lead to quite a bit of restructuring of executive level focus and overhead costs, not included in any impairments. Thus investors may want to be a bit patient with the company and not base decisions merely on fourth quarter results.

    Having said that, fourth quarter results for Iamgold was not good on a core costs basis. For the fourth quarter, unaudited costs were $1742 per gold ounce and $1575 for FY2014 - both very weak showings compared to other gold miners. Obviously, the niobium operations contributed significantly in helping lower the company's gold-equivalent ounce cost as it was a significant cash cow for the company. Additionally, since these costs include $42 million in taxes, they overstate the true costs as most companies will not consistently pay taxes when operating at a loss.

    In terms of core non-tax costs (costs excluding taxes), the company saw one of the highest levels of costs out of the companies that we cover, with Q4FY14 core non-tax costs of $1550 and FY2014 costs of $1418 per gold ounce. Both are obviously not sustainable in the current gold environment, but we stress they are both probably outliers, given the major changes taking place at Iamgold and the ramp-up of Westwood operations.

  • thestockmaven by thestockmaven Mar 4, 2015 6:36 PM Flag

    IAG is now the single worst performer YTD for gold mining companies with a minimum market cap.

    Mining - Gold Sector 03_04_2015
    SYM NAME LAST YTD PERCENT
    IAG Iamgold Corp 2.24 -17.04%
    AGI Alamos Gold Inc 5.98 -16.13%
    EGO Eldorado Gold Corp 5.21 -14.31%
    NGD New Gold Inc 3.71 -13.72%
    PPP Primero Mining Corp 3.39 -11.72%
    GFI Gold Fields Ltd 4.2 -7.28%
    SAND Sandstorm Gold Ltd 3.19 -6.18%
    SA Seabridge Gold 7.12 -5.70%
    KGC Kinross Gold Corp 2.7 -4.26%
    AKG Asanko Gold Inc 1.48 -3.90%
    PVG Pretium Res Inc 5.62 -2.94%
    GORO Gold Resource Corp 3.31 -2.07%
    AUQ Aurico Gold Inc 3.33 1.52%
    BTG B2Gold Corp 1.65 1.85%
    AUY Yamana Gold 4.12 2.49%
    RIC Richmont Mines 3.24 2.53%
    FNV Franco Nev Corp 50.99 3.66%
    GOLD Randgold Resources Limited 73.71 9.35%
    RGLD Royal Gold 69.25 10.45%
    GG Goldcorp Inc 20.51 10.75%
    AAU Almaden Minerals 1.05 11.70%
    ABX Barrick Gold Corp 12.15 13.02%
    RBY Rubicon Minerals Corp 1.11 14.43%
    NG Novagold Resources Inc 3.38 14.58%
    HMY Harmony Gold Mining Co. Ltd 2.25 19.05%
    RIOM Rio Alto Mining Limited 2.93 19.11%
    AU Anglogold Ashanti Ltd 10.49 20.57%
    DRD Drdgold Limited 1.86 20.78%
    AEM Agnico-Eagle Mines Limited 30.78 23.66%
    SBGL Sibanye Gold Limited American D 9.38 23.91%
    NEM Newmont Mining Corp 25.19 33.28%

  • thestockmaven by thestockmaven Mar 4, 2015 4:19 PM Flag

    AGI (Alamos Gold) has a net cash position of 360M (with 0 debt). They produce a paltry 140k ounces per year (revenue ~170M) at 1,022 AISC and lose money. Market cap = 761M, trades at .97x book value

    IAG has a net cash position of ~250M (after recent dilution). They produce about 850k ounces per year (revenue 1B+) at 1,021 AISC and earn a few cents per share. Market cap = 875M, trades at .30x book value.

    WTH is wrong with this picture?

  • Reply to

    Duh, gold was down yesterday...

    by gobgsufalcons81 Mar 4, 2015 8:40 AM
    thestockmaven thestockmaven Mar 4, 2015 11:19 AM Flag

    No doubt about it. The IR crew is an absolute disaster - I have received exactly one response from Bob Tait out of numerous queries. What is he getting paid for? He's shown himself to be just another POS that doesn't want to answer the tough question. Ironically, the one response I received from him was him telling me how well Niobec was performing. They sold the property for pennies on the dollar soon thereafter.

    These guys are way too comfortable with their the cushy jobs, outrageous salaries, and generous stock options, while returning absolutely NOTHING to the shareholder. The entire cancerous lot of executives need to be replaced.

  • Reply to

    Duh, gold was down yesterday...

    by gobgsufalcons81 Mar 4, 2015 8:40 AM
    thestockmaven thestockmaven Mar 4, 2015 10:32 AM Flag

    POG goes up, POG goes down, but this POS only goes down.

    Kindly explain why only 2 gold miners have performed worse than IAG in 2015 and 28 have performed better...

  • thestockmaven thestockmaven Mar 3, 2015 3:57 PM Flag

    I've added 11 times since the original dip under 3 at an average of $1.95. Lowest I was ever able to buy were two nice size blocks at 1.49 and 1.51. The highest I bought was 2.55 relatively recently. The current price is not bad if one wanted to add here. Unless the POG completely falls apart, I actually don't think 2.17 or lower is in the cards, though the large put position does scare me a bit.

    At .32x book there are more ways to get the stock price up than down, assuming the CEO was motivated to do such a thing (which clearly has never been a goal or achievement of this CEO).

  • thestockmaven thestockmaven Mar 3, 2015 3:19 PM Flag

    If it gets down to $2.17, you'll be able to add under 2 shortly thereafter. Letwin has 118,000 puts on the line.

  • POG down less than $4 and this POS down 8 cents.

  • Reply to

    More shares for management for a job well done!

    by uniowner Feb 27, 2015 2:42 PM
    thestockmaven thestockmaven Feb 27, 2015 4:07 PM Flag

    The POS receives almost 700k shares as a reward for buying Cote, eliminating the dividend, selling off the best asset at desperation prices, diluting shareholders, spending a billion+ on Westwood (delays and rock bursts included), foolishly hedging oil, and crushing shareholders to the tune of 85% during his reign. Oh, and he has collected about $14 million in compensation as well.

    Ethically, it's disgusting the way this POS has been rewarded for being a complete and utter failure. But now that he has a new batch of shares, watch the stock magically begin to strengthen.

  • thestockmaven thestockmaven Feb 25, 2015 3:47 PM Flag

    At POG 2k, one could make the case this is a $29 stock with its current production. But that will never happen as long as Letwin is CEO. I maintain that he costs shareholders 100-150% at any given time. So at POG 2k, IAG is a $14.50 stock. And it would not shock me if uniowner's prediction of $8 is even more accurate. People simply don't realize how awful this CEO and BOD truly are and how badly they are destroying potential shareholder wealth.

    As POG started rising though, I would predict that IAG gets gobbled up cheaply (much to the dismay of shareholders). The big miners would come out of the woodwork looking to scoop up an asset and what better/cheaper asset than a company that produces 850k ounces a year and trades at .3x book value.

    In other words, IAG will never fully realize its value with the current POS as CEO.

  • Reply to

    Worst gold miner by a mile today..

    by thestockmaven Feb 24, 2015 10:27 AM
    thestockmaven thestockmaven Feb 24, 2015 10:28 PM Flag

    On what planet was IAG up 3-4 days in a row? Are you serious? This stock has had a total of 6 up days in the last 24 sessions and 3 of those up days were for a whopping 2, 4, and 5 cents. We now trade at .31x book value. You think that's acceptable? Profit taking? The only ones profiting on this company are the shorts, insiders, and potential suitors that can buy this company out for a fraction of its true value..

    How dare Letwin contemplate using shareholder funds to make another #$%$ asset purchase when this company already has 640M in debt and costs shareholders 3.4M/month to fund that debt, created solely by him and his #$%$ poor managerial decisions! How dare Letwin dilute existing shareholders so he can raise more cash for bonuses! How dare Letwin haphazardly hedge oil as if he is some kind of oil genius! How dare anyone stick up for that thieving POS!

  • Reply to

    Worst gold miner by a mile today..

    by thestockmaven Feb 24, 2015 10:27 AM
    thestockmaven thestockmaven Feb 24, 2015 3:50 PM Flag

    Paying off the debt will save shareholders $41 million a year for the next 5 years. That's over $200 million in savings on interest alone and we would be debt-free. There is no asset they can possibly purchase for $100's millions that will bring that kind of benefit to shareholders.

    It is so freaking obvious that this is the right move, yet the BOD and CEO will not act in the best interests of shareholders (as usual) and will likely purchase an expensive, POS asset that will kill IAG once and for all.

  • thestockmaven by thestockmaven Feb 24, 2015 10:27 AM Flag

    Take a bow, Letwin!

    Good to hear you are being patient with the $500 million. Meanwhile, shareholders are on the hook for $2-3 million a month servicing the debt you created. POS.

  • Reply to

    Van Eck continues to buy...

    by thestockmaven Feb 20, 2015 10:18 AM
    thestockmaven thestockmaven Feb 21, 2015 10:39 PM Flag

    GDX holds 27,054,893 shares (as of 2/20) and GDXJ holds 35,018,140 shares (as of 1/31). I'm sure these numbers will fluctuate wildly over time.

  • thestockmaven by thestockmaven Feb 20, 2015 10:18 AM Flag

    NATIONAL INSTRUMENT 62-103 The Early Warning System and
    Related Take-over Bid and Insider Reporting Issues
    RE: IAMGOLD CORPORATION (the “Issuer”)
    1. The name and address of the eligible institutional investor:
    Name: Van Eck Associates Corporation (“VEAC”)
    Address: 335 Madison Avenue
    19th Floor
    New York, NY 10017
    USA

    As of January 30, 2015, the number of common shares of the Issuer under the
    control or direction of VEAC has increased by 6,996,383 from the 54,237,185
    common shares previously reported and VEAC’s security holding percentage has
    increased by approximately 1.86% from the approximately 14.39% previously
    reported.

    As of January 30, 2015, the holdings of all accounts over which VEAC has
    investment authority (collectively, the “Accounts”) is 61,233,568 common shares
    of the Issuer, representing a security holding percentage of approximately
    16.25%, assuming approximately 376,918,270 total issued and outstanding
    common shares.

  • Reply to

    Conference Call

    by gobgsufalcons81 Feb 19, 2015 11:27 AM
    thestockmaven thestockmaven Feb 19, 2015 11:58 AM Flag

    Haven't had a chance to listen to the CC yet, so thanks for the summary - hopefully they post the transcript on SA soon. I did purchase a few thousand more shares this morning.

    Did he hint HOW they would be debt free in 2015? That is a VERY significant statement.

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