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Steven Reiman

 
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  • Conrad Industries: A Special Dividend Is Imminent [View article]
    CNRD reported fantastic Q3 results and announced another special dividend...I'm somewhat surprised there hasn't been a bigger move upward:

    http://yhoo.it/1bKx4R1
    Nov 15 10:33 AM | Likes Like |Link to Comment
  • Conrad Industries, Inc. declares $2.00 dividend [View news story]
    http://bit.ly/188Cm9N
    Nov 14 06:03 PM | 1 Like Like |Link to Comment
  • Data Group Inc.: Deconstructing A Failed Idea [View article]
    tavit,

    I don't disagree that that is what happened. However, there were several one time expenses that I did not include, the biggest being the severance payouts that were being done as part of the cost cutting program. My FCF calc was more of a run-rate calc so I did not want to include 1 time expenses.

    Regarding the PP&E, that was much higher than it had been in past periods so it somewhat skews the numbers which is why I did not include it. This gets us into the idea that management had been severely understating how much capital expenditures would be needed to staunch the revenue declines.

    At the end of the day whatever my reasons were, I was wrong. Thanks for reading!

    Steve
    Nov 11 09:36 PM | Likes Like |Link to Comment
  • Conrad Industries: A Special Dividend Is Imminent [View article]
    Up 10% today, market might be waking up.
    Nov 11 12:17 PM | Likes Like |Link to Comment
  • Conrad Industries: A Special Dividend Is Imminent [View article]
    AV,

    Agree on all points, this might be my favorite investment at the moment. Also please let me know next time you find one of these.

    Steve
    Nov 11 11:13 AM | 3 Likes Like |Link to Comment
  • Data Group Inc.: Deconstructing A Failed Idea [View article]
    TI,

    All great points, thanks for sharing. A good, albeit expensive, lesson was learned on this one.

    Steve
    Nov 11 10:32 AM | Likes Like |Link to Comment
  • Data Group Inc.: Deconstructing A Failed Idea [View article]
    TI,

    Agree that the suddeness of the change in management's attitude towards their business prospects was shocking. Regarding your last statement, I agree that the line most likely was crossed.

    Steve
    Nov 11 09:58 AM | 1 Like Like |Link to Comment
  • Data Group Inc.: Deconstructing A Failed Idea [View article]
    Stuart,

    Agree on all points. I had thought we would see an uptick in earnings given the aggressive cost cuts and new product offerings but that proved to be incorrect.

    On the bank line, I had thought they would simply be able to roll it over as they did on Jan 2012. I don't understand what changed other than the dividend cut and cost reduction program, both of which should have been seen as positive by the bank.

    At the end of the day, it's just not a great business to be in. I't unfortunate but at least valuable lessons were learned.

    Steve
    Nov 11 09:15 AM | 1 Like Like |Link to Comment
  • GPT Forum [View instapost]
    vjrao,

    Chris was kind enough to address this in one of his comments above - I think he cleared up the issue.

    Steve
    Nov 11 12:10 AM | Likes Like |Link to Comment
  • GPT Forum [View instapost]
    Chris,

    Thanks for clarifying that, so it sounds like they would look to increase the leverage of the BAC JV. That would actually be a very interesting development and could provide a significant incremental benefit to their AFFO. Again this will be somewhat mitigated by higher interest expense but it should be a net positive for the company.

    Thanks again for the info!

    Steve
    Nov 11 12:09 AM | Likes Like |Link to Comment
  • Willis Lease Finance: An Engine Leasing Powerhouse [View article]
    AR,

    Thanks for the comment - I agree that management pay is a concern and is somewhat mitigating the buyback program.

    Steve
    Nov 10 01:08 PM | Likes Like |Link to Comment
  • GPT Forum [View instapost]
    At the end of the day, yes, although it should be an educated guess considering the cash inflows and outflows are more transparent than most companies/industries.

    My point about learning from this company is illustrated by your projections. I have my own projections which I will then compare to what the company actually generates in 2014. If I'm wrong, I will figure out why I was wrong and alter my analysis on these companies going forward and it will result in me being better at analyzing the next small-cap REIT that crosses my desk.

    I really do hope all of the longs do well with this company. I don't have any axe to grind and I believe that Gordon and Ben are really good at what they do and are acting in the shareholders best interests, something that can't be said for many management teams. One of the reasons I would not short GPT is that I would not want to bet against this team.

    Steve
    Nov 9 08:15 PM | Likes Like |Link to Comment
  • GPT Forum [View instapost]
    I'm going on different boards because I'm simply looking for answers to questions. I wouldn't say that following a stock is a waste of time if you have no position - like I said there is still an opportunity to learn how these companies operate.

    With that being said, do you have an answer to my question? What are you projecting for a starting dividend in 2014?
    Nov 9 07:41 PM | Likes Like |Link to Comment
  • GPT Forum [View instapost]
    vjrao,

    Thanks for the kind words and I could not agree more. The ability to debate and challenge analysis is what I like most about Seekingalpha.

    Steve
    Nov 9 04:39 PM | Likes Like |Link to Comment
  • GPT Forum [View instapost]
    ibeabubba,

    I wrote 3 articles on GPT so I'm still somewhat attached to it even though I'm neither long nor short. It's a great case study to learn about how REIT's work due to its small size and simple business model.

    I'm not trying to "bash" anything, I'm simply trying to understand where my analysis is wrong.

    I wouldn't say I think it is overvalued, I would probably consider it fairly valued.

    And one last point - If I was really trying to bash a stock on a Yahoo message board to try to drive the price down, I would not have self-identified myself as I did.

    Steve
    Nov 9 04:38 PM | 1 Like Like |Link to Comment
COMMENTS STATS
348 Comments
146 Likes