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bfras921
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30 years in Finance/CFO. Individual investor focused on energy names
  • ATP Oil & Gas: Dramatic Share Price Decrease Seems Likely. 10 comments
    Aug 6, 2010 8:18 AM | about stocks: BP
    Atpg stunned the world when they released their quarterly earnings and admitted things are going very poorly.

    http://finance.yahoo.com/news/ATP-Announces-Second-Quarter-bw-2355903439.html?x=0&.v=1

    Quoting from the release:
    “The second quarter of 2010 and the early part of the third quarter has been one of the more challenging periods in the company’s history”

    First the good news ……………….Revenue was    101 m

    Expenses totaled    ………….                                  235 m

    Resulting in a pre tax loss of 134!!

    It could have been worse as they had 24 in gains from hedges.

    So 260 m in expenses vs. 101 m in revenue means they are spending 2.6 dollars for every dollar of revenue

    A company can not exist for very long out spending revenue.

    As bad as the PL is, the balance sheet is worse. They have completely tapped all their credit lines and have 206 m in cash. They owe 263M in Accounts Payable and have 84 m in other current liabilities. An analyst on todays called picked up on that and asked you only have 200 m in cash and your ap is 263!!

    They have long term obligations of 516 m and also 1,650 in debt.

    All in all, the liabilities total 2.6 b.


    Given that they only have 200 m in cash, and assuming a 50 m a month burn rate, they will be completely out of cash in 4 months. So, Atpg needs to raise more money perhaps equity. perhaps assets sales. The only hope is they sell a piece of the Titan as Al Reese said today , its 2 weeks away, but he acknowledged he been saying that for 4 months

    There is no way the operations support at 14 dollar price.
    It’s highly probable that dramatic Share Price Decrease Seems Likely.

    Well its fell from 14 to 11. I still say sell as single digits are coming imho

    Disclosure: no position in atpg, i try to invest in money making companies

    Disclosure: no positions

    Disclosure: no positions
    Themes: atpg Stocks: BP
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Comments (10)
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  • bfras921
    , contributor
    Comments (220) | Send Message
     
    Author’s reply » The stock will be in single digits

     

    Pathetically, Atpg tried to blame BP for all their ills
    6 Aug 2010, 08:26 AM Reply Like
  • CNBC Kicker
    , contributor
    Comments (22) | Send Message
     
    smd n stfu
    6 Aug 2010, 08:53 AM Reply Like
  • King of Pain
    , contributor
    Comments (55) | Send Message
     
    nice tie bfras....real snazzy
    6 Aug 2010, 09:19 AM Reply Like
  • bfras921
    , contributor
    Comments (220) | Send Message
     
    Author’s reply » cnbc kicker says

     

    Chill out guys. I love ATPG and buying before earnings. Hope to get a $3-$4 pop.

     

    well you got your pop

     

    only problem is it popped lower
    6 Aug 2010, 09:27 AM Reply Like
  • bfras921
    , contributor
    Comments (220) | Send Message
     
    Author’s reply » cfo admits they will need money in ccall

     

    hoping to sell titan to cover cost

     

    cash is less than accounts payable
    6 Aug 2010, 12:01 PM Reply Like
  • bfras921
    , contributor
    Comments (220) | Send Message
     
    Author’s reply » No more assets monetizations
    Filed a 8.9 m claim
    Want to blame BP for more losses.
    Private investor got on call, lol threw softballs,lol swiz was that you???
    6 Aug 2010, 12:14 PM Reply Like
  • China Investor
    , contributor
    Comments (183) | Send Message
     
    "dramatic Share Price Decrease Seems Likely"

     

    By that, did you mean going from $11 on the date you wrote this to $18-20 recently? :D
    19 Mar 2011, 01:46 AM Reply Like
  • bfras921
    , contributor
    Comments (220) | Send Message
     
    Author’s reply » No I mean bankrupcy

     

    Ok dopes,what happened
    16 Dec 2012, 08:37 AM Reply Like
  • bfras921
    , contributor
    Comments (220) | Send Message
     
    Author’s reply » NO I MEAN FROM 20 TO 11 CENTS
    17 Dec 2012, 08:38 AM Reply Like
  • bfras921
    , contributor
    Comments (220) | Send Message
     
    Author’s reply » on August 17, 2012, ATP Oil & Gas Corporation (the "Company") filed a voluntary petition for relief (the "Bankruptcy Filing") under Chapter 11
    The ceo emulated Paul Harvey in his quartely releases

     

    NOW WE KNOW THE REST OF THE STORY!!

     

    FISHER WHERE ARE YOU

     

    � The Lenders general
    17 Dec 2012, 08:39 AM Reply Like
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