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Andrew Shapiro  

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  • Buybacks: Thoughts On The Analysis Of This Important Use Of Capital [View article]
    Interesting way to compare buyback vs dividend is that retirement of shares in buyback takes out shareholders who want out while increasing the proportionate ownership of the future of the company in the hands of those that remain.

    Dividend distributes ("rewards") to shareholder without changing ownership. At accretive prices, better to buy back and retire stock and, when prices are at high valuation, excess capital should be distributed as dividend instead.
    Nov 26, 2014. 09:46 AM | Likes Like |Link to Comment
  • Par Petroleum: Invest Along With Billionaire Sam Zell [View article]
    Not really. Former Delta debtholders became the equity of PARR
    Nov 26, 2014. 09:36 AM | Likes Like |Link to Comment
  • Taser climbs amid Ferguson unrest [View news story]
    I find it interesting that company's selling 'durable' body camera equipment in the future are all the rage and trading stronger than companies that sell the smoke, tear gas and pepper canisters and other less lethal munitions that police forces across the country are CONSUMING in dealing with current riot activity. Case in point Mace Security Int'l $MACE

    Mace Security Expands Take Down® Less-Lethal Tactical Munitions Product Offerings
    Take Down® Products Return Mace to its Historical Law Enforcement, Correction and Military Roots http://bit.ly/1uUewKn-Down®-Less-Lethal-Tac...
    Nov 25, 2014. 12:56 PM | Likes Like |Link to Comment
  • Important Events In Front Of Reading International Q2 Report [View article]
    @Howard Glad you did very well on your recent purchases and made money on your earlier ones. More importantly glad you didn't sell all of your position. Plenty more NAV here.
    Nov 17, 2014. 12:52 AM | 1 Like Like |Link to Comment
  • Important Events In Front Of Reading International Q2 Report [View article]
    Yes I do Howard.
    Nov 9, 2014. 02:07 PM | 1 Like Like |Link to Comment
  • Important Events In Front Of Reading International Q2 Report [View article]
    Yes. To add value to the properties
    1) Cinema 123 - RDI obtained expansion facility on their Cinema123 loan to enable the potential purchase of air rights expanding further the height to be developed on the property. They have also been negotiating with the NY Subway authorities for entitlements governing buildout underground (foundation for what goes above, retail or movie auditoriums downstairs, etc.)
    2) Union Square - presumably further entitlement work and planning for development of this site
    3) Manukau (Auckland NZ airport area) - Reading's large parcel is part of a consortium whose up-zoning planning proposal is under review and analysis by City Council in the coming weeks/month(s)
    4) Angelika - Union Market Washington DC - Building out in coming year. "Pop-up" 3-plex opened in the interim.
    5a) Courtney Central (Wellington NZ) -rebuild of the huge very profitable parking lot from earthquake damage is underway with partial re-opening coming in the coming month(s)/quarter(s)
    5b) Courtney Central (Wellington NZ) - finalization of Countdown supermarket expansion buildout plans and then construction of new space and renovation of connecting space on existing Courtney Central center.
    6) movie theaters in US/Aus/NZ - technology/comfort/con... enhancements
    7) NewMarket centre (Brisbane, AUS) - buildout of phase II of the center in either new cinema or retail or combination thereof.
    8) Auburn RedYard centre (Sydney, Aus) - redevelopment of current center and contiguously undeveloped land to take advantage of recent up-zoning.

    Far from auto pilot I would say.
    Nov 8, 2014. 02:24 PM | 1 Like Like |Link to Comment
  • Important Events In Front Of Reading International Q2 Report [View article]
    Reading International Announces 3rd Quarter 2014 Results
    LOS ANGELES--(BUSINESS WIRE)--Reading International, Inc. (NASDAQ: RDI) announced today results for its quarter and nine months ended September 30, 2014.

    2014 Q3 Highlights

    Net Income for the 2014 Quarter at $3.9 million compared to $2.4 million in 2013, an increase of 64.6% over 2013. Net Income for the 2014 Nine Months at $8.5 million compared to $5.9 million in 2013, an increase of 44.1% over 2013.

    EBITDA(1) for the 2014 Quarter at $10.5 million compared to $9.6 million in 2013, an increase of 9.7% over 2013. EBITDA(1) for the 2014 Nine Months at $31.3 million compared to $28.4 million in 2013, an increase of 10.2% over 2013.

    2014 Quarter and Nine Months YTD worldwide Cinema Box Office Revenue (“BOR”) outperformed the cinema industry for the same period.

    Aggregate indebtedness decreased to $159.7 million at September 30, 2014 from $174.4 million at September 30, 2013, a decrease of $14.7 million or 8.42%.

    As of September 30, 2014 the company had repurchased 271,000 shares for $2.3 million on an aggregate $10.0 million buyback authorization approved by Reading’s board in the June quarter.

    For full release go to http://bit.ly/1EbdL03

    or Contact Andrzej Matyczynski, Chief Financial Officer
    213-235-2240
    Nov 7, 2014. 11:18 AM | Likes Like |Link to Comment
  • Mace Security: Prominent Brand At Fire Sale Price [View article]
    Mace® Announces Partnership with Nite Beams™
    Wed October 22, 2014 9:05 AM|
    http://bit.ly/1wCXu1n
    Oct 27, 2014. 05:09 PM | Likes Like |Link to Comment
  • Mace Security: Prominent Brand At Fire Sale Price [View article]
    Mace® Brand Launches New Fashion Pepper Spray
    Thu September 25, 2014 8:56 AM
    http://bit.ly/1wCXkHe
    Oct 27, 2014. 05:08 PM | Likes Like |Link to Comment
  • Sparton: Ready to Cash In on the Naval Arms Race [View article]
    New article on the subject

    Towards stealth and sea denial - submarine arms race in East Asia
    http://bit.ly/1EhnggV
    Oct 5, 2014. 02:13 PM | Likes Like |Link to Comment
  • Mace Security: Prominent Brand At Fire Sale Price [View article]
    They have many assorted distribution channels including direct internet.
    Sep 22, 2014. 05:30 PM | Likes Like |Link to Comment
  • Mace Security: Prominent Brand At Fire Sale Price [View article]
    Mace Security Int'l to Supply Cleveland Police Department with Pepper Spray http://bit.ly/1rhDYr4
    Sep 22, 2014. 10:17 AM | Likes Like |Link to Comment
  • Carmike Cinemas: It's Time To Revisit The Movies [View article]
    I think you valuable comment here could have or should be an article in its own right.

    The attributes you cite that attracted you to in the first place (hidden assets, low relative multiple) and some you cite now (strong balance sheet, favorable 2015 prospects) all still exist and even more so in geographically diversified exhibitor Reading International (RDI).

    Check out its recent 10-Q http://1.usa.gov/1lYpxYS

    Strong results and debt paydown show RDI at an an unadjusted EV/EBITDA of only 6.8X. Furthermore if you net out the over $58MM of VERY high quality receivables listed as "land held for sale" in both Current assets and LT assets, net debt of Reading and adjusted EV is even lower and the adjusted multiple become only 5.7X!

    Note, despite being classified as 'land held for sale', the Moonee Ponds parcel sale to huge Leighton Properties has satisfied all contingencies and is in escrow and the Burwood sale has already closed and title transferred to huge property player, Australand, which BTW has now been acquired by even larger Frasers from Singapore.

    Further to this undervaluation, RDI has substantial additional developable real estate long held on its books that has appreciated in value sizably above book value. These parcels are being migrated into development or monetization.

    With the patriarch of the Cotter family that controls RDI recently resigned from all positions (including the board) due to health reasons, the migration into development and/or monetization of these assets will take priority over any new property acquisitions which Cotter, Sr, directed.
    Sep 11, 2014. 02:38 PM | Likes Like |Link to Comment
  • Carmike Cinemas: It's Time To Revisit The Movies [View article]
    I think you valuable comment here could have or should be an article in its own right.

    The attributes you cite that attracted you to in the first place (hidden assets, low relative multiple) and some you cite now (strong balance sheet, favorable 2015 prospects) all still exist and even more so in geographically diversified exhibitor Reading International (RDI).

    Check out its recent 10-Q http://1.usa.gov/1lYpxYS

    Strong results and debt paydown show RDI at an an unadjusted EV/EBITDA of only 6.8X. Furthermore if you net out the over $58MM of VERY high quality receivables listed as "land held for sale" in both Current assets and LT assets, net debt of Reading and adjusted EV is even lower and the adjusted multiple become only 5.8X!

    Note, despite being classified as 'land held for sale', the Moonee Ponds parcel sale to huge Leighton Properties has satisfied all contingencies and is in escrow and the Burwood sale has already closed and title transferred to huge property player, Australand, which BTW has now been acquired by even larger Frasers from Singapore.

    Further to this undervaluation, RDI has substantial additional developable real estate long held on its books that has appreciated in value sizably above book value. These parcels are being migrated into development or monetization.

    With the patriarch of the Cotter family that controls RDI recently resigned from all positions (including the board) due to health reasons, the migration into development and/or monetization of these assets will take priority over any new property acquisitions which Cotter, Sr, directed.
    Sep 11, 2014. 02:38 PM | Likes Like |Link to Comment
  • Mace Security: Prominent Brand At Fire Sale Price [View article]
    Very good article
    Sep 9, 2014. 01:44 AM | 1 Like Like |Link to Comment
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