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Steven Reiman  

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  • SAExploration: My Variant Point Of View [View article]
    EBITDA margin guidance was a little disappointing but hopefully should move back up once they get established in the new markets.

    Agreed that overall it was a very solid quarter.
    Apr 4, 2014. 12:18 PM | Likes Like |Link to Comment
  • Conrad Industries Announces 2013 Results and New Business [View article]
    Excellent results....earnings came in much higher than expected.
    Mar 31, 2014. 05:31 PM | Likes Like |Link to Comment
  • Walter closes two MSR buys [View news story]
    Where are they getting the equity for these deals?
    Mar 31, 2014. 09:48 AM | Likes Like |Link to Comment
  • What Is Berkshire Hathaway Really Worth? A Comprehensive Look [View article]
    This is great, well done.
    Mar 27, 2014. 05:07 PM | 4 Likes Like |Link to Comment
  • SAExploration Holdings: Signs Continue To Turn Positive [View article]
    Just growing pains - they are easy fixes in my mind. Operationally the company is humming along. As long as they continue to do so, they will be able to fix their accounting/tax issues and pay down/refinance their debt.
    Mar 20, 2014. 04:26 PM | Likes Like |Link to Comment
  • SAExploration Holdings: Signs Continue To Turn Positive [View article]
    ~15% feels right.
    Feb 28, 2014. 01:51 PM | Likes Like |Link to Comment
  • Dawson Geophysical: Q1 Update [View article]
    Mr Roche,

    My point in my previous article, and touched upon in this one, is that the capex spending was part of a major overhaul that the company needed to complete to stay competitive in the industry. Given the expanded use of expensive horizontal drilling, E&P's have demanded ever more accurate seismic data, forcing Dawson to expand their recording capabilities. Put simply, if they had not done this they would not be able to stay in business.

    Having said that, they now have the most advanced fleet in operation in the Lower 48 and actually have much more recording capacity than they have need at the moment. With that in mind, I think it is reasonable to believe that the company no longer needs to continue to purchase additional systems and can redirect this capex cash to shareholders.

    Consider the last system they bought in October for $25M. They could have bought over 10% of the company with that one purchase! That is not insignificant.

    Steve
    Feb 27, 2014. 10:37 AM | 1 Like Like |Link to Comment
  • Awilco Drilling's Big Undervaluation Makes It A Juicy Acquisition Target [View article]
    There is an oversupply of rigs coming online, especially in the ultra-deep market. This oversupply does not seem yet to apply to Awilco's particular market segment.
    Feb 25, 2014. 10:22 AM | Likes Like |Link to Comment
  • SAExploration Announces $70 Million of New Project Awards in Alaska and South America [View article]
    I wonder if the Alaska award is from the same customer that discontinued the work in Q3 '13.
    Feb 24, 2014. 04:25 PM | Likes Like |Link to Comment
  • Awilco Drilling's Big Undervaluation Makes It A Juicy Acquisition Target [View article]
    Harry,

    Thanks for the article, it is nice to get some qualitative perspective on company management. All of their actions have indicated their shareholder friendly mindset and this article seems to confirm that. I am looking forward to tomorrow's earnings release.

    Steve
    Feb 24, 2014. 01:02 PM | 1 Like Like |Link to Comment
  • Time Warner's Triple Play Package: The Multi-Bidder Contest For Time Warner Cable [View article]
    Igor,

    Even if everyone is using wireless, don't you still need fiber optic lines into the actual residences? I know Google is currently laying down their own fiber networks in test locations. I would think the problem is not that these cable companies are becoming obsolete but that their data networks are going to need massive (and expensive) upgrades to compete with the new state of the art networks that companies like Google are laying down.

    Steve
    Feb 23, 2014. 02:11 PM | Likes Like |Link to Comment
  • Dawson Geophysical Company: Piling Cash To The Ceiling [View article]
    BD,

    The headline Q4 numbers were not great due to some (reportedly) one off issues with weather. It was also costly to ramp up utilization.

    The good news is that the company is currently at its full crew utilization and should be in cash collection mode for the rest of the year after the purchase of the GSX recording system in October. Management is also reporting solid demand and is forecasting that the crews will be working at full capacity for the next 9 months. I would expect much better results for the rest of the year.

    It is also gratifying to see that the company is starting a dividend program as predicted in the article. While it is smaller than one would hope, I would expect it to grow over time and possibly even for special dividends to be issued. As A/R normalizes and the company returns to profitability, it would not surprise me to see the company with close to $100M in cash by the end of FY 2014 (although some of this is supposedly going to be used to pay off debt).

    Assuming ~80M in cash by the end of the year, you are paying roughly $150M for a company that can generate $30M - $40M in cash per year and has very little debt. If it dips much lower I will be increasing my position.

    Steve
    Feb 12, 2014. 08:18 PM | Likes Like |Link to Comment
  • New Media flies in when-issued trading [View news story]
    I was hoping for a sell off after the distribution
    Feb 10, 2014. 04:00 PM | Likes Like |Link to Comment
  • Prevent Defense For Your Portfolio [View article]
    Darren,

    CHMI trades below book - the IPO price was $20.

    Steve
    Feb 9, 2014. 07:30 PM | Likes Like |Link to Comment
  • Dawson Geophysical Company: Piling Cash To The Ceiling [View article]
    Would be tough to justify given the weak overall market. However, he could make the argument that he is buying assets on the cheap which may actually be a saavy play.

    Steve
    Feb 1, 2014. 01:25 PM | Likes Like |Link to Comment
COMMENTS STATS
348 Comments
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