Challenging Future For The Medical Devices Industry [View article]
These shifts may also include companies more likely to narrow their specializations and to increase outsourcing device manufacturing to companies specializing in that function. That trend certainly would benefit device contract manufacturers with higher engineering and design skills like Sparton Corp (SPA)
Pandora Radio: Stuck In The Mud Until 2015's Catalyst [View article]
P would likely lose a considerable amount of user base if there was service charge. Its unclear whether there is a equilibrium balance of lower users, modest advertising and modest subscription fee that would result in a profitable business. Its quite possible. However regardless of the answer, the company's fair market valuation would be far lower than today's price.
Pandora Radio: Stuck In The Mud Until 2015's Catalyst [View article]
The content costs are such a high % of revenues vs SIRI because Pandora's business model CHOOSES to give away the artist's creative work for no subscription cost. Pandora doesn't make enough revenues as it CHOOSES not to subject its users to a multitude of ads. If they did stuff us with ads of course listeners would flee to other services. So its a vicious or virtuous circle depending on how you look at it. For content charge rates to be changed and lowered to help this business model Pandora CHOSE to financially make sense, would take revenues directly away from the artists who create the content.
I Told You So: These 5 Stocks Have More Downside Than Upside [View article]
I know when DPTR filed for bankruptcy as we bought the bonds at a big discount which were subsequently converted into PARR equity in the BK reorg plan that greatly de-levered the company.
I Told You So: These 5 Stocks Have More Downside Than Upside [View article]
I wouldn't say Delta Petroleum went bankrupt recently. It has already emerged from Chap 11 with its debt converted into equity in "newco" Parr Petroleum (PARR on the bulletin board for now)
Citing royalty costs, Pandora (P) is reinstating a 40-hour monthly listening cap for free users.... only this time, it applies to mobile listeners. The company insists the move should only affect 4% of mobile users. The timing of the announcement is noteworthy, given it comes: 1) 8 days before Pandora's FQ4 report. 2) 3 months after Pandora provided light FQ4 guidance and reported mobile ad rates remain well below PC rates. 3) A day after founder Tim Westergren made a renewed call for passing the Internet Radio Fairness Act, introduced in Congress last November. [View news story]
If the move only affects 4% of mobile users then cost control only is limited to 4% of mobile users.
Cinedigm Offers A Leveraged Way To Play Digital Films And Software [View article]
You aren't the only one. It seems most sell side "analysts" don't know it either. Even if they don't provide coverage on RDI or MCS, you would think they would at least include them in their comp tables or at least even call the company's mgmt periodically - But they don't/haven't.
Cinedigm Offers A Leveraged Way To Play Digital Films And Software [View article]
If you are going to list theater exhibitors in the supply chain for comparables then you ought not list Cinemark (CNK), IMAX (IMAX) and Regal (RGC) who aren't CIDM partners, while at the same time leaving out Reading Int'l (RDI) and Marcus (MCS) who ARE both CIDM partners.
Reading International: Analysts Expect This Real Estate Play To Double [View article]
That value was conservative estimate of liquidation value. Note that interview also highlighted that liquidation wasn't a likely scenario as it is neither contemplated nor possible to force. Catalysts to narrow the gap as well as to advance the value of that estimate (thus making $13 a possible non-liquidation going concern price) primarily involve the migration of the huge amount of real estate not presently generating any cash flow (15MM of 16.5MM sq ft of real estate in NYC, Aus, and NZ) into either cash flow generation and/or sale or JV. There is steady growth and opportunity in the cinema segment but that growth alone won't boost values in excess of $13 to have $13 be the discounted market trading price. There is also steady reduction of interest expense and paydown of debt that accrues to the value of the equity as well. All these little things do add up. The stock is trading below the levels the book value has continued to grow to.
As for the Real Estate catalysts - Several of the small properties have been migrated and/or sold over the past year while "movement" towards same has been made on large parcels. Taringa - sold; Lake Taupo to be sold - fell out of contract; Indooroopilly- sold; Courtenay Central phase II - to be put under development; Cinema 123 - offers being entertained. Union Sq- to be developed. Burwood - major portions to be sold - not yet found a buyer. Clearly the movement on 'crown jewels' has been slow and in spurts, but they also move the needle ALOT, when consumated. One insight I can provide as a very long term shareholder is the pace of disposition and development steps has really accelerated while the acquisition steps have been greatly reduced and have all been strategic, but for the coachella bankruptcy land purchase, which, while a huge bargain and appreciation % opportunity, is, in my opinion, an unnecessary distraction from the main mission of monetizing the 15MM sq feet already fallow.
Other catalysts include less likely spin-off/break up of the cinema business from the real estate business as the parts are worth far more than the whole right now. Again not on mgmt's agenda and one that can't be forced.
The 10-K and follow on annual meeting in May has usually been associated with news and action. Let's revisit this issue in the next few months after further disclosure.
3 Companies Who Will Enjoy The Benefit Of Spring [View article]
While PFIN shares have enjoyed a substantial run, they have only rebounded back to near book value/share levels. Note its trailing earnings and EBITDA and you will see a security still trading at very conservative valuation multiples. As an added note, we have been very successful over the past few years in greatly improving the composition and independence of P&F's board of directors, and moderately successful in obtaining reforms in the CEO's compensation agreement that increases shareholders participation in the company's financial rebound and growth. Read BOTH our letters to P&F board found in our latest 13D filings and the company's quick and favorable response. http://1.usa.gov/11DO5vh
many many more households at home for superbowl with some members of household not interested in game or advertising resorting to Netflix in another room or household watching movie after the game.
Challenging Future For The Medical Devices Industry [View article]
Pandora Radio: Stuck In The Mud Until 2015's Catalyst [View article]
Pandora Radio: Stuck In The Mud Until 2015's Catalyst [View article]
I Told You So: These 5 Stocks Have More Downside Than Upside [View article]
I Told You So: These 5 Stocks Have More Downside Than Upside [View article]
Q2 Box Office Dip Creates Upside Opportunity In Reading International [View article]
Citing royalty costs, Pandora (P) is reinstating a 40-hour monthly listening cap for free users.... only this time, it applies to mobile listeners. The company insists the move should only affect 4% of mobile users. The timing of the announcement is noteworthy, given it comes: 1) 8 days before Pandora's FQ4 report. 2) 3 months after Pandora provided light FQ4 guidance and reported mobile ad rates remain well below PC rates. 3) A day after founder Tim Westergren made a renewed call for passing the Internet Radio Fairness Act, introduced in Congress last November. [View news story]
Cinedigm Offers A Leveraged Way To Play Digital Films And Software [View article]
Cinedigm Offers A Leveraged Way To Play Digital Films And Software [View article]
Reading International: Analysts Expect This Real Estate Play To Double [View article]
As for the Real Estate catalysts - Several of the small properties have been migrated and/or sold over the past year while "movement" towards same has been made on large parcels. Taringa - sold; Lake Taupo to be sold - fell out of contract; Indooroopilly- sold; Courtenay Central phase II - to be put under development; Cinema 123 - offers being entertained. Union Sq- to be developed. Burwood - major portions to be sold - not yet found a buyer. Clearly the movement on 'crown jewels' has been slow and in spurts, but they also move the needle ALOT, when consumated. One insight I can provide as a very long term shareholder is the pace of disposition and development steps has really accelerated while the acquisition steps have been greatly reduced and have all been strategic, but for the coachella bankruptcy land purchase, which, while a huge bargain and appreciation % opportunity, is, in my opinion, an unnecessary distraction from the main mission of monetizing the 15MM sq feet already fallow.
Other catalysts include less likely spin-off/break up of the cinema business from the real estate business as the parts are worth far more than the whole right now. Again not on mgmt's agenda and one that can't be forced.
The 10-K and follow on annual meeting in May has usually been associated with news and action. Let's revisit this issue in the next few months after further disclosure.
Natural Gas Should Be A Buy Within The Next Few Weeks [View article]
Mark Cuban Raises His Position In Vringo. Should You? [View article]
3 Companies Who Will Enjoy The Benefit Of Spring [View article]
Netflix Bulls Don't Get It [View article]
Netflix Bulls Don't Get It [View article]