Seeking Alpha


Send Message
View as an RSS Feed
View RJCogburn's Comments BY TICKER:
Latest  |  Highest rated
  • B&G Foods Yields 5% And Offers High Dividend Growth [View article]
    ""conglomeration of orphan, has been brands" sure caught my attention. Good point "

    Well, maybe a good point but I don't think so. The model for the company was to obtain brands that larger companies did not want to spend the time and money on, as for the larger companies the brand was small enough a part of their business it the attention needed did not make sense.

    And BGS has implemented that model very successfully, growing the business. Sure, there are some products like Accent or Underwood that don't and won't grow but there are Ortega and Cream of Wheat that they have grown very nicely.

    It remains to be seen if Wenners' replacement can do as good a job and how the company responds to the industry wide "center of the store" decline.
    Oct 6 08:31 AM | 1 Like Like |Link to Comment
  • B&G Foods Inc.: Serving Up A Healthy Dividend Yield From A Very Competitive Sector [View article]
    It is worth pointing out that Wenners, who had led the company from the start and has done terrific job so far as I can tell is leaving at the end of the year. No replacement named as far as I know.

    They entered the snack food area as they recognized that what they term "center of the store" products is not growing, for them or others. They have had a bit of trouble integrating the snack foods and the warehouse expansion as you point out is a result of learning that they take up more space than the usual cans and jars they are used to.

    A good company but perhaps a bit more risk than you suggest.
    Oct 4 04:23 PM | Likes Like |Link to Comment
  • B&G Foods Yields 5% And Offers High Dividend Growth [View article]
    You neglected to point out that the CEO, Wenners, who has done a wonderful job since the company began, is retiring at the end of 2014. That is a likely reason for at least part of the share price decline. No replacement has yet been named as far as I know.

    They have also had some problems with integrating their entry into snack foods into the larger company. Rickland Orchards brand has disappointed, and they found that snack foods take up a lot more space than the shelf stable foods they had experience with and they have needed to spend $$ to increase warehouse space.

    They entered the snack food business because they recognized that their regular products, what they call "middle of the store" items were not growing sales at all and in some cases declining. This is not specific to BGS, but an industry wide experience.
    Oct 2 04:47 AM | 2 Likes Like |Link to Comment
  • B&G Foods: Why A Turnaround Looks Unlikely [View article]
    You overlooked a significant issue. BGS has had wonderful management....competent, transparent, skillful, smart. The CEO is leaving at year's end and his replacement is at yet least not yet named.

    I have been quite comfortable with the idea that management will correct problems- the track record of so doing is excellent. But with the CEO's (Wenners) departure I am no longer so comfortable at this point.
    Aug 21 03:19 PM | Likes Like |Link to Comment
  • Great Buying Opportunity In Pozen Shares [View article]
    What about this.....?

    "POZEN Announces U.S. Rights For TREXIMET® Have Been Acquired by Pernix Therapeutics"
    Aug 21 08:24 AM | Likes Like |Link to Comment
  • Medical Fac Corp. - Cheap Stock That Pays 7% Dividend, Has Near Term Catalysts, With 69% Upside Potential [View article]
    I've owned this for several years, happily. But the future is not so sanguine as you paint it. The ambulatory surgical center in California is not a moneymaker and they had to get rid of a second ASC they had acquired about the same time. ACS's are not an area of excellence for this company.

    The case mix is slowly deteriorating and that may cause more squeeze in the future. Costs are up. You mention an increase in the number of EMERGENCY surgical and ortho cases but I think their cases are elective, not emergent.

    I like this company and will continue to hold but I'm not adding...not at current prices anyhow.
    Oct 27 08:50 AM | Likes Like |Link to Comment
  • Enerplus: An Attractive Investment For 2013 [View article]
    "I have to say I really don't recall things that way"

    Well, I'm not looking to argue or nitpick but if one listened to the presentations in the April, 2012, "analyst day" roadshow management was very comfortable with the idea of maintaining the dividend through 2012. I don't see a recording of the oral presentations on the ERF site but you can look at the slides and read between the lines.

    I think most folks thought there was a likelihood that the divi would be decreased in 2013, and I am not criticizing management for cutting but they are not to be trusted, imo.

    And don't forget there was an equity raise not that long prior to the analysts day roadshow and they even explain in the presentation slides a bit as to why equity raise was better than a divi reduction.

    ERF may do okay longer term, they seem to have a plan in place that may make sense. I just don't trust them.
    Jan 11 11:21 AM | Likes Like |Link to Comment
  • Enerplus: An Attractive Investment For 2013 [View article]
    "Enerplus has made it clear that, despite slow growth the company expects to maintain its dividend"

    Well, sure, but during the analyst roadshow they produced in the first part of 2012 they said the same thing and even gave a speciic plan as to how that would be done.....and then cut the dividend a few months later.

    You take a risk if you trust management on the dividend question as evidenced by what I just referenced.
    Jan 9 05:04 PM | 5 Likes Like |Link to Comment
  • SkyPeople: Strong Potential for Fruitful Returns [View article]
    Looks like the author took a slow boat to..... as there have been no articles since 2011 and the last instablog six months ago. Maybe went back to continue that on-the-ground research.....

    Meanwhile SPU just reported a pretty good quarter and has over $3/share cash on hand. Should be a winner if legit but that on-the-ground report would help determine if legit or not, doncha think....
    Nov 14 01:55 PM | Likes Like |Link to Comment
  • Enerplus: Primed For A Rebound [View article]
    Well, sure, ERF may be a decent investment for the longer term and I own a rather small amount. But I'll point out it was just a few months before the distribution cut that ERF held a big "analyst's day" presentation explaining how the distribution was likely to be maintained for the remainder of 2012. The path to this was clearly detailed.

    I had long held a favorable opinion of management. No longer.

    Aug 11 08:18 AM | 3 Likes Like |Link to Comment
  • Kewaunee Scientific Corp.: Recipe For A Low Float Rocket [View article]
    Thanks for the article. I've watched KEQU for a while, don't own. Can you comment, please, on this from an earlier SA piece...
    "Second, heavy pension obligations booked to Accumulated Other Comprehensive Income have offset over half of the accumulated retained earnings over the past decade resulting in anemic growth in book value. In other words, much of the reported net income over the past decade has been required to account for pension liabilities rather than to benefit shareholders."
    Jul 9 05:26 PM | Likes Like |Link to Comment
  • QR Energy - Not Your Typical MLP [View article]
    You say, "QR Energy has a unique focus on acquiring conventional, mature, domestic assets, targeting long-lasting, stable production rates, which will be accretive to cash distributions to unitholders."

    Why do you say it is "unique"? It seems more or less similar to the other upstream MLPs. How is it substantially different from, say, LINE or LGCY?
    May 14 04:41 PM | 1 Like Like |Link to Comment
  • Aceto Corporation: The Small-Cap Pharma Growth Story That's Got Insiders Buying [View article]
    Well, not so fast....

    ACET was for many years a specialty chemical company, sourcing from around the world uncommon chemicals that various industries needed in fairly small amounts. They grew steadily over the years and were for many years debt free.

    Over time the old management family retired or died off or whatever and new management took on debt, built themselves a fancy new headquarters, and entered into failed initiatives...a generic version of Roundup, animal vaccines.

    The company does have potential but management must still prove itself after several missteps. I am a long term holder of this stock, will continue to hold, but not adding at this point.
    Feb 23 05:20 PM | Likes Like |Link to Comment
  • Optimer Pharma: 2 Potentially Potent Drugs In The Pipeline [View article]
    " it appears the company is being heavily speculated by longs for OPT-822."

    Don't think so. It's all about fida. They also had a quinalone which they withdrew not long ago and a ketolide which I believe has gone nowhere.

    It's fida or bust. I have a smallish long position.
    Feb 14 04:09 PM | Likes Like |Link to Comment
  • Analyzing Canadian REITs, Part VII: Retirement, Nursing Homes, Healthcare And Cemeteries [View article]
    Your information on Medical Facilities Corp is out of date. They disposed of one of the ambulatory care centers...Barranca...some time ago. The other ambulatory center in Newport Beach is still owned but has mediocre results. The entry into the ambulatory care center market was a mistake. The surgical hospitals and the spine hospital are doing well.

    This company is hardly a REIT, however. I am a long term holder and very happy with the company but there are headwinds. The payor mix is a problem as Medicare and Medicaid reimbursements pay much less than necessary to be profitable. The effects of Obamacare are unknown but likely to be troublesome, IMO.

    Still, I would add at the "right" price.
    Jan 20 06:10 AM | Likes Like |Link to Comment