Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Just as an fyi, they had over 135 million in debt with only 10 million in assets in the US side when they closed. The true assets of this company, the true money makers, are the managers and associates.
The true money bleeders, are in charge. Who in their right mind, who truly wants to make money, would keep on a team that drove their own business into failure, and then allow them to do the same thing again, and from what it looks like at this point, again.
Any company who truly wants to succeed, will learn and grow from it's mistakes, not repeat them over and over, like this one.
I can count on two hands how many staff I've trained who went on to private photography. Three of them have opened their own studios. Guess I'm a good trainer, lol.
Again that is only collateral asset that have one can hold registration on except short term debt that is given on intrinsic value based on profits.
So were you lease a place of business as well as equipment with no registration requirement then that has to be debt by vendor.
Well it can go back only three years and besides that assets have to equal outside debt for collateral purposes.
Debt is debt my friend and it not matter much who owns it and if you think you can break it down like you mentioned good luck cause it is a ton of work due to prepaid interest and interest owing " accounts payable" it takes a team of five working on just one company.
The thing with the shorting is that there is no collateral required and that is were investors are sticking there necks out, way out and were your fractional shares come in play on dilution to the late ones who joined as the shorting was taken place.
I know little about that stuff but with what you are telling me there is a sizable investments when it comes to training staff and the risk the staff may start something of there own if let go is high.
To start a mom and pop operation of that nature should you have the training is very easy out of ones basement. People are doing it for sports teams,dance studios, weddings for years.
The thing is I don't really believe they plan on sailing with the same cargo on board as they have due to the above reasons but what you have to do is break down the debt and who owns it.
The way one goes about that is take the interest paid in a year and work backwards from that figure to obtain what institutes have contributed what is left over on the debt is share holders debt from the shorting of the stock,The selling of stock below the strike price set.
The liability debt is shareholders contribution and is the float the percentage of the outstanding shares plus shorted shares that are trading.
Now should the company buy back shares of the float they will cancel those and that value will become first retained earnings for that year or quarter then capital surplus.
You will notice that when added up the figure will match the equity of the company but that means little just ignor that stuff it is just greedy accountants working there magic to confuse you cause what i'm telling you is the truth and should you study international accounting rules as well as the North American rules for trade Canada, United states as well as Mexico you will discover in your DD what is truly happening with this company and really who knows what there next venture could be that is all speculation is it not.
I wish there was a like button right now lol.
The stupidity never ends from them ! Most customers already complain the passport pricing is two expensive. Those wallets and tags only cost probably 50 cents each but now we are forced to charge customers $5 for 1 wallet or 2 tags.
On SAS we have to enter at least 5 different codes to get to subtotal amount before charging customers.
( 521, 521W, 40072, 40073, 40074, Tag-Maple ..)
It shows they have just become stupid and greedy at the same time.
I feel like smacking whoever work in the marketing dept and create those silly codes.
I was one that didn't receive a letter. At first I was sad that I didn't but as I keep reading all these posts I'm so glad I didn't! I'm so happy I don't have to deal with upper managements bull anymore.
The company has yet to send my ROE so I can collect EI and when I called HR I was told that I would not be getting severance pay since I don't live in Ontario. (Hmmm...) so I called the labor board and they told me since I did not get a 2 weeks notice I am entitled to severance or pay in Leu. Pay day was this morning and I have only recieved my regular pay for the hrs I worked.
Greetings stock investors and bottom feeders. Let me welcome you to our board...the one the employees hijacked to have an open forum about what is really happening on a day to day basis in the black hole of our employment. As you can see by the previous 7000 posts, this company has some issues. Whether or not the money magicians can find a way of fleecing the punters to make profit is of low concern to us. What is is whether or not we can make it through the day while being brow beaten and misinformed, threatened with unemployment, told it is our responsibility daily to exceed reasonable expectations or face concequences, and are forced to sign letters to work for an unknown entity and lord help you if you ask questions. As for scaring potential customers, they damn well should be scared-ask the Americans if they ever got what they paid for last April. As for working harder-bite me. How about you get off your posturepedic office chair and go a round with a day at a studio? And honestly-with all the information available on the history and decline of CPI, the lawsuits, and this board anyone who gets in bed with this company deserves to wake up with the fleas. And probably missing their wallet, watch, and kidney. Bring your own ice.
Sly is not the problem, it would be you my man.
It is a chapter 11 not a BK as of yet don't be scaring of potential customers unless you want a lower price for a bigger spread for when they start shutting down the less profitable stores keeping the profitable ones to pay the interest on the growing ponzi debt that phantom earnings not realized starts taking effect.
To tell the truth I'm waiting for the same thing. there is just to much risk in them getting at those profits and should interest rates go up well that will be a double strike against us one of lower intrinsic value on any sale granted I don't believe they will sell a profitable store even if it does mean they can get at instant gains to take advantage of locked in revenue on the balance sheet.
For sure if a sale should be said that a store with positive returns is sold jump on it but I will tell you your not going to beat the ones bring out the news and as well with the negative earnings reported on the bottom line as well as the negative cash flow indicated things are going to fall back down shortly and you can't be a goofing off you got to have the numbers nailed to take advantage or for sure to stay head to head with the likes of guys like Sly.
Anyone notice on the luggage tags, the name card says STATE and ZIP CODE... With a Canadian flag on the other side!
lol they'll never get their shit together.
What they did Ed is they jacked up the lease and the million dollar question is why would they lower it for them when they can take the spoils them selves.
That is the million dollar question that I won't make that bet but has left the company in a position as to if they can unlock the hidden wealth in tax benefits locked up in the capital surplus and retained earnings obtained by phantom dollars form depreciation as well as amortization of administration dollars spent on UIC,WCB as well as after tax dollars spent on retirement programs federal or other wise this is not even taken in after tax shareholders money used to fund and short the stock due too the crazy number of outstanding shares were there was no alternative but to build up a reserve of phantom tax dollars as collateral to borrow more money to keep things afloat until a profit can be turned.
For me best to play my hand at this table then wait to join another table some twenty years down the road depending on the business model but I have heard many a story were one generation has done very well leaving another to the spoils and a picture of uncle Jed above the fire place in gratitude for handing down such riches that Uncle Jed never saw.
But hey Uncle Jed was remembered for his good business sense above the fireplace granted homes are not built today with as many fireplaces as they did some years ago global warming thing I would imagine.
http://www.usdebtclock.org/
Every thing has come down too what is owed back to investors and then and not until then can a share be sold.
The phantom economy built into the companies have to be cleared away to allow for further growth as well as to deal with debt incurred to see the company through this rough period.
The governments lend to the banks. The governments ask people to pay tax.s in return if the people invest after tax dollars they should on sound investments get those paid tax.s on invested dollars back should the company make a profit if not it is tallied up as phantom dollars until such a time a profit is turned.
It is up to the debtors to convince the creditors that this event is around the corner but what we have here is believers and none believers that this event will happen in a positive or negative way and right now she is leaning on the negative side of things.
It sucks that it has come to that! But I know exactly how you feel, as I am sure MANY of us do! I have always loved my job, enjoyed most aspects of it...now I feel like I would rather be anywhere! :( I am so very tired of the not knowing what is going on, and the not knowing from day to day if we will have a job! And I am VERY tired of the lies! I honestly don't care one way or another what happens! I am almost hoping the company fails so that we can at least collect EI! I hope that you are able to now find something that makes you happy again! You are brave, and I am sure many of us wish we were as brave!! Take Care!!
ok eddy2, so I'm a little confused with all that you wrote. So are we the titanic sinking to our doom or not?
Best of luck Ruffy. You did the right thing.
I handed in my resignation today for a number of reasons. The constant walking on eggshells now is so uncomfortable. There really is no assurance that we won't have happen here what happened in the US. Also policies in our studio do not sit well with me. Tricking people into buying passport wallets cos of a well generated spiel. Not giving customers their receipt from a PP purchase due to the trickery. The general atmosphere has just become tense. Our DM implemented being written up for a 0 shoot day and a 4 shoot day minimum. This has gone from a job I loved and craved to go to, into one I have anxiety attacks before going in for my shifts. *sighs*
CpiCorp Website now links you to Bankruptcy site ...
What Sly is getting at is that the margins are huge due to cost of not using film in the process is eliminated but volume due to so many players have dropped or people are ding it them selves on line.
The revenue has been slowing because of this leaving the business to bring in capital for the short fall often called a pozzi set up due to now your using debt to run the business and in time leaving the depreciation as well as the amortization and what ever asset value to the creditors pushing the debt holders.
Now you would ask your selves why would a creditor want to loan under those conditions and the answere is the depreciation and amortization tax benifit that down the road can be sold to firm that has the means to do so by having those huge profits with bigger ones comming down the road in future earnings should they pick up those unrealized assets on the books of these companies that get themselves into trouble
Not yet after I,m finished with it here.
Okay lets get started. Now we the company is buying back stock due to the treasury stock being purchased and the other equity value purchased and I will explain that shortly.
Now we all know that to buy something cost money and that is an asset be it gained from debt,depreciation or amortization the writing down of cost associated to running a business and in this case it is cost of goods as well as administration cost associated to that business that can be both put of by the taking on of debt.
Take for example you need film and you buy it with debt holding the film as collateral but until one uses the film it is not taken into account so it is put under capital surplus until it is used due to being commodity to the business but not an off the shelf commodity that is goods produced and that is very different in nature as I will explain.
Many get thrown off reading financials because they try to apply the treasury stock with what is happening with the other equity over a quarter well you can't. it is often why a year end is moved to take in all transactions that take place in as far as the buying and selling of the companies shares in that period and if you understand that you would no that every year end for a company the volume dries up.
Lets look at the relationship of the treasury stock, common shares, other equity and share holder liability debt used to buy back shares as well as depreciation associated with the asset should it be sold for less then purchased for.
Treasury stock is the price paid for the repurchase stock at market value. other equity is the price given to what the stock is truly worth. Common stock is the following yearly value of stock that was not resold held if you like and debt is an on going cost to what was purchased over the initial debt associated in selling the shares in the primary market place noted under the S1 filing from the underwriter the one selling the shares for the company.
Now can there be a secondary offering of those same shares? Yes there can but can't be sold for less then the future asset value of the company.
Now when I say future that is not to say they can't be sold for less then the previous primary offering they can and there is were you will have dilution to the former shareholders who purchased at the asking price. Good rule of thumb is to wait to value the asset value movement not forgetting to add the depreciation value as well as the amortization value to your asset value.
So what does his all mean well to the train eye a sell or a buy rating on the stock and that is were your DD comes in to really look at every thing to come up with a future valuation once ever thing is taken into account and don't be listening to others because she is a dog eat dog world and you want to be that alfa dog not the runt of the litter.
... so you're saying the stock will fart out it's last breath in a hail of dollars rather than pennies?
lol I'm just a drone wondering when I'm going to walk into a boarded up photography studio.
Does "going under" look imminent to you?
The misconception as to how the financials are read or the ability to in force that misconception onto the heard to our trading advantage to make money off these dead beat stocks we that can move up wards of a 100% before they go under.
he he he Jack be quick Jack be nimbal Jack make sure you avoid getting burnt from the falling candle stick.
Just warming up this one is a little scary I still have to feel her out some.
Hi Eddy, I see you are a trader and very active on the boards here. I'm curious what makes our rabble worth watching!?
Completely agree. I feel VERY stale here! Sick feeling all the time, stress through the roof, and I live on this board. I just want closure. Lay me off and find a new minion. I have trouble faking enthusiasm and good will when I get none in return from my employer. It feels like the oompa-loompas are about to drown Willy Wonka in the chocolate lake.
Short term gain at best. This is a dying industry. Even if the company had new ideas, new props and a superb R$D team it would be a miracle to turn this into a profitable venture for any length of time. They have none of the stated above. Everything is ran on a band aid. Fix the outdated old stuff and limp along and put as little money into it as possible. Only short term profit to be made if they can everyone except the execs and hire all 9 dollar an hour office people in the home office and field. Get rid of the 35,000 to 50,000 a year desk clerks and replace them with young kids at 9 or 10 bucks an hour and same with the field. Manufacturing as well except the key managers to train all the new hires. Now is the perfect time to clean house if they do this. Get rid of the stale thinking and bring in new ideas cheaper at the Home Office at least.
Interesting play here. I will be watching this.
it was my manager ... and from what I have heard none of us have job security and if you signed the letter you allow them to let you go for any reason they want or none at all .. Even after the 90 day "assessment" period. As they stated second page first line of first paragraph ...
lol... looks like i will now.
Well that is two solid weeks of wait-and-see. Getting old..
And am I the only one who thinks of these guys every time im on the board?
Yesterday on my conference call (we finally had one) we were told lots of new and exciting things were coming our way. ...but my dm wasn't allowed to tell us yet. That doesn't make any sensem why can't we know now. If everything is as good as she's claiming, then why can't she tell us what's coming?
Yes, we were told that Jay is still with the company. Not sure of his "title" but he is one above Bob now I believe. Don't hold me to that though, cause I am not positive! Can't be positive of anything with this company!! :S
I am assuming so. I know in Ontario the training and developing team are gone . The vp for Canada is now a rm. I am not sure how many rm's we had before (between Sears and Walmart) but I know of at least 1 rm who was bumped down to dm. At least 1 dm is laid ] off and in my district I know of 1 studio manager who was let go.does anyone know if Jay More (he was senior vp for international division) is still with the company?
A lot of fat trimming is going on.
Have people been furloughed from the home office? I can never get an answer for supplies so I am assuming so.
Sadly, yeah. I think so. Just weird that it seems to be happening and we are just left in the dark. Im starting to think we are in the same file as 'office equipment'.
So, in other words, same crap...different pile? Because that is exactly what it is going to be! Those people have run the company into the ground, and will just continue to do so by giving everything away for free, and treating the associates like they are the reason that the company is tanking! Oh I love my job! I am so very tired of being lied to by this company it isn't even funny!!
Where did you find out this info? Payday is next week.
So it looks like same people different name. Oh joy. Yes, it has gone through, and as of last week supposedly the new company was paying us. So anybody got a PU pay slip yet?
So it looks like same people different name. Oh joy. Yes, it has gone through, and as of last week supposedly the new company was paying us. So anybody got a PU pay slip yet?
I received new deposit slips this week with a new account #. According to the response received, the deal is not yet finalized, it should be within the next two weeks. I really don't think there are any outside investors. A couple of the executives are pooling their resources and creating a new company. With that being said, not sure what the "old" is going to bring to the "new" table. I have concerns that it will be same s**t, different name, with no real advances is updating and re-energizing this business.
We shut down a few days after easter
We were told the buyers are those from the executive board members, not any outsiders nor investors.
Notice that the last portrait delivery schedule is April 9th, 2014. Last year it was the date when they shut down the US business. Coincidence??
I am from the us side....i wouldnt sign anything if i were any of you..though we didnt get letters we were told we have a buyer almost a done deal we have 3 potential buyers blah blah blah..this all sounds very familiar. It does sound like a way to lay you all off and not have to pay the unemployment. If people are furloughed at home office then id be willing to bet its a permanent furlough. We didnt have a new audit schedule delivery dates didnt update.
PUT IN PTO TIME! i lost 125 hours. I hope that there truley is a buyer but it sounds almost exactly the same as what they did to the us. I would be very weary about all this.
Good luck to all of you
Ya we were told to do it last week to and then when we noticed it wasnt updated on the browser, we were told it would be this weekend. Now we're told its been cancelled for this weekend.
That's crazy bc the district I'm in now did inventory last week just couldn't input it?!
Trading halts to allow the market to digest new company information.
When a company is listed on a U.S. stock exchange, it agrees to notify the listing exchange about any corporate developments that could affect trading activity in its stock—before announcing them to the public. These developments can include:
changes related to the financial health of the company;
major corporate transactions like restructurings or mergers;
significant positive or negative information about its products;
changes in key management individuals; and
legal or regulatory developments that affect the company’s ability to conduct business
The lack of trades could be due to the "sale"
Just not sure why it is taking so long to give us so notice of the actual sale, we are moving out of early March and into mid March.
I do think that there is something in the works and it is not just lip service that they are giving us. Why go through the trouble of the letters if they are just pulling the plug? Seems silly to me. As far as the severance pay (or lack of it) After reading the court order for duff and phelps, my understanding of it, is that they (duff and phelps) are responsible for paying us our wage but excluding severance and termination pay. This is a court order dated April 2013 from the Superior court of Justice in Ontario Canada. So even though it sucks it is completely within realm.
My other clue that something is being put together is the fact that photosunlimited.ca (the domain name) was registered early February. Maybe it is just a coincidence but I am thinking(hoping) it was bought by who ever our investors are.
So we were told there was inventory last weekend. It was cancelled. We've been told all week that tomorrow we will have inventory. Guess what? It's been cancelled again. Just doesn't make sense. Yet I am "reassured" that we're all good. We are NOT all good. Why do they feel the need to lie to us? We're not stupid.
Followers
|
95
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
7437
|
Created
|
06/14/11
|
Type
|
Free
|
Moderators |
CPI Corp., through its subsidiaries, develops and markets consumer services and related products. The Company operates professional portrait studios throughout the United States, Canada, and Puerto Rico. CPI also operates posters, prints, and framing outlets throughout the United States.
As of November 10th, 2012, it operated 2,701 professional portrait studios in the United States, Canada, Mexico, and Puerto Rico, 176 of which are temporary in nature, throughout the U.S., Canada, Mexico and Puerto Rico, principally under lease and license agreements with Walmart and license agreements with Sears and Toys "R" Us. The Company also operates websites that support and complement its Walmart, Sears and Toys "R" Us studio operations. These websites serve as vehicles to archive, share portraits via email (after a portrait session) and order additional portraits and products. CPI Corp. was founded in 1979 and is headquartered in St. Louis, Missouri.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |