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Many countries ease the lockdown starting next week and plan to return to normal production in May.Demand will follow
Same thoughts here. Loaded the morning flush
Yet, because most people don't spend the time and effort reading, I will load up cheapies tomorrow...
Well, maybe you should continue reading the full release. The RS is a plan presented to NYSE for the unlikely event that the $1 minimum bid price requirement would not be achieved within the next 6 months. It would be up for approval during the Annual Meeting that isn't even scheduled for.
The cost cutting part is excellent.
Added 0.4310
omg, how is this trading? Did Teddy ever bought the MP assets?
That's the plan
Here we go! Green already
Just like the bottom-bouncing chart, liquidity, and counting on oil to rebound mid-term
Got some 45's. Slowly starting to add on the way down.
So true. UCPA was cool when it was a startup story with growing business every year and hopes of international expansion (headquarters in NY lol). But it's a business model that only works for insiders. The minute they sold n365 for next to nothing to "do something good for employees" one should have known management has no interest in shareholders. That was in 2015 or so.
CPE tracks the WTI closely. If WTI collapses by another 50%, CPE won't be at 0.40, but at 0.25. At some point, BK speculation will set in for another price decline.
How far out have they hedged the price for oil? If oil hits $10, the industry is going to implode.
2 million shares trade in AH just went through
Lenders will claim ownership of assets, sell company in parts and wipe out common shareholders
How can it be baked in when it was just extended? Baked in is a shutdown till May 15th.
The Centers for Disease Control and Prevention extended its "No Sail Order” for all cruise ships by at least 100 days -- or until Covid-19 is no longer considered a public health emergency."
Can mean anything, but certainly not favorable to the industry.
https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2020-04-10/cdc-s-no-sail-order-for-cruise-ships-extended-by-100-more-days
Just stopping by out of curiosity for 2019 full-year financials. I see they have a late filing disclosure out on otcmarkets till Wednesday 15th. See you then. Happy Easter.
Public Investment Fund of Saudi Arabia reports 8.2% stake in Carnival Corp. (CCL)
https://www.streetinsider.com/dr/news.php?id=16712941&gfv=1
Quad Provides Business Update Related to COVID-19
Source: Business Wire
Company Takes Actions to Realign Business in Response to Changes in Near Term Customer Demand
Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”) today provided a business update on its actions taken in response to the COVID-19 pandemic.
Quad has been executing business continuity plans focused on protecting the health and well-being of its employees, while also continuing to service customers, and protect the long-term financial health of the Company as the COVID-19 pandemic evolves.
“The health and safety of our employees remains our top priority,” said Joel Quadracci, Quad’s Chairman, President and CEO. “We have directed employees who can work from home to do so, as well as implemented additional social distancing and sanitizing precautions to ensure the safety of our employees working in essential manufacturing facilities. We have implemented a temporary furlough program throughout all areas of the Company and have temporarily ceased operations at a number of our manufacturing facilities. We will continue to prioritize the health and well-being of our employees while making the tough but necessary decisions to protect the financial health of Quad. Through it all, we will continue to provide extraordinary client service and quality to quickly meet our clients changing needs and innovate new ideas to help them maintain business continuity and consumer engagement during this period of uncertainty.”
Recent COVID-19 Actions:
Suspended all domestic and international travel;
Implemented temporary salary reductions for over 300 leaders, including a 50% salary reduction for the CEO and a 35% reduction for the other named executive officers;
At the recommendation of the Board of Directors, temporarily reduced directors’ fees by 50%;
Implemented a temporary employee furlough program with Company-paid medical benefits;
Changed vacation policies;
Suspended production at several manufacturing facilities where declining client volume or other effects of the pandemic have impacted the Company’s ability to operate;
Delayed capital spending projects; and
Increased borrowings by $100 million under the credit facility to increase cash on hand to approximately $200 million to ensure continued financial flexibility.
Given the uncertainty of the duration of the COVID-19 pandemic, Quad is withdrawing its full-year 2020 financial guidance issued on February 18, 2020. Additionally, due to uncertainty in customer demand as a result of COVID-19, the Board of Directors made the proactive decision to temporarily suspend the Company’s quarterly dividend of $0.15 per share. The Company remains committed to paying a dividend over the long-term and will seek to resume the dividend following stabilization of its operating environment.
Added Quadracci: “We have faced tough times before and persevered. While the COVID-19 pandemic is unique and presents uncertainty, I am confident in our ability to find a better way and weather this storm.”
LKSD is removed from sententia website. They are out.
https://www.sententiacapital.com/
Sententia Capital, now is the time for a tender offer to secure majority support
How do u know the float is still 6m? It was in December. Apparently, many are selling, so expect the float be closer to OS of 33m. If Sententia isn't buying here, they aren't serious activist shareholders or have already sold out.
Another letter from Sententia. Lol what did they expect? Apparently, Sententia isn't buying up the shares, so who cares...
Sententia Capital Delivers Letter to LSC Communications Board of Directors and Stockholders
Calls on Board to put LKSD stockholders’ interest first
New York, NY, March 18, 2020 /PRNewswire/ - Sententia Capital Management, LLC and its affiliates (collectively, “SENTENTIA”) announced that it has delivered a letter to the LSC Communications Board of Directors and stockholders.
“We are disappointed at the lack of urgency and con
cern that Mr. Quinlan and the LKSD Board has shown these past few weeks as we have attempted to engage constructively on behalf of stockholders. We call on the Board to be forthcoming with their plans to address LKSD’s liquidity concerns. We also urge fellow stockholders to reach out directly to LKSD to express their concerns,” commented Michael Zapata.
Sententia has nominated six directors and are committed to working for the benefit of stockholders.
Please click the following link to access the full letter:
Sententia Letter to LKSD’s Board and Fellow Stockholders
The real question is whether the cruise industry would receive financial help like the airline industry. I doubt it. Hard to argue for government to spend tax money on a hobby for the upperclass while the companies do everything to avoid paying taxes in the US. In that case, BK is a real possible scenario.
Princess Cruises Announces a Voluntary and Temporary Pause of its Global Ship Operations for 60 Days
Source: PR Newswire (US)
SANTA CLARITA, Calif., March 12, 2020 /PRNewswire/ -- In proactive response to the unpredictable circumstances evolving from the global spread of COVID-19 and in an abundance of caution, Princess Cruises announced that it will voluntarily pause global operations of its 18 cruise ships for two months (60 days), impacting voyages departing March 12 to May 10.
What's positive about large ask blocks? Apparently, Sententia doesn't even buy at 7 cents and they own less than a million shares. Not the White Knight that LSKD needs.
It would just be reverse split
CTHR
Low volume, but solid fundamentals
Yep, they just made it twice as expensive to gain control, but that won't discourage the acquirer if pps drops 50% lol. Anyway, I'm on the bid and will enjoy my doubled premium
Just back in at 0.19. clearly a takeover target.
Has the company addressed how to proceed with the default payment?
As a result of the Default, GameStop provided notice to the Company that it was exercising its right under the Promissory Note to declare the entire unpaid balance of all obligations thereunder to be immediately due and payable (the “Acceleration”). As a result of the Acceleration, a total of $8,132,315.74, representing the principal amount of the Promissory Note and interest accrued thereon through January 9, 2020, is immediately due and payable by the Company. Interest will continue to accrue, pursuant to the terms of the Promissory Note, until the amount due thereunder has been paid in full.
The Company, working through its professional consultants retained on December 30, 2019, is currently in negotiations with GameStop to finalize an approach to resolve the Company’s obligations arising from the Acceleration.
Quad Reports Fourth Quarter and Full-Year 2019 Results
Strong Customer Service Performance Drives Fourth Quarter Profitability, Free Cash Flow and Reduced Leverage; Positions Company for Accelerated Transformation
Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”) today reported results for its fourth quarter and full-year ending December 31, 2019.
Recent Highlights
Exceeded revised 2019 guidance for net sales, Adjusted EBITDA and Free Cash Flow.
Reduced Debt Leverage Ratio to 3.1x in the fourth quarter.
Expands cost reduction program to $100 million, to be fully realized in 2020.
Divested Omaha, Neb., packaging plant for $41 million as part of ongoing efforts to optimize its product portfolio.
Declares quarterly dividend of $0.15 per share.
“I am pleased to report that our fourth quarter results exceeded expectations, driven by continued execution against our strategic priorities, including aggressive cost management and increased manufacturing productivity. We had one of the best quarters in the past decade in terms of customer service performance, achieving strong quality and on-time delivery for our clients in their busiest season. This strong performance is due, in large part, to our decision to invest $40 million to increase hourly production employees’ wages, as we saw significant productivity gains throughout the quarter,” said Joel Quadracci, Chairman, President & CEO.
“In 2020, we will continue to make prudent, long-term decisions as we accelerate the transformation of our company as a marketing solutions partner with a strong foundation in print,” Quadracci continued. “This transformation, which we call Quad 3.0, is focused on counteracting ongoing print industry volume declines in order to reposition the business toward growth. During 2019, this strategy led to $225 million of organic incremental sales growth, helping to significantly offset print sales decline. Our ultimate goal is to completely offset the organic sales decline through growth of our higher-margin marketing solutions, which drive revenue across all our products and services.”
Added Quadracci: “We continue to win segment share, which reflects the strength of our offering as well as the long-term financial and operational stability of our company. We recently secured 100 percent of print volumes from two large national magazine publishers, and are onboarding that multi-year work now. We also continue to optimize our product portfolio for the long term through the lens of Quad 3.0. Most recently we divested our Omaha packaging plant to focus on our higher value packaging solutions that help clients create a cohesive brand experience across channels. This follows our decision to divest our book business and sell our industrial wood crating business in 2019.”
Summary Results
Results for the three months ended December 31, 2019, included:
Net Sales (excluding discontinued operations) — Net sales were $1.1 billion in 2019, down 4.9% from 2018. Organic sales declined 5.9% during the quarter, after excluding sales related to the January 2019 acquisition of Periscope. The organic results benefitted from new sales generated from the Company’s Quad 3.0 growth strategy, which were offset by ongoing print industry volume and pricing pressures, and a negative 0.3% impact from foreign exchange.
Net Earnings Attributable to Quad Common Shareholders — Net earnings attributable to Quad common shareholders were $8 million in 2019, or $0.15 diluted earnings per share, as compared to net loss of $21 million in 2018, or $0.42 diluted loss per share. Excluding the results from discontinued operations, net earnings from continuing operations were $7 million in 2019, or $0.14 diluted earnings per share, as compared to net loss from continuing operations of $11 million in 2018, or $0.23 diluted loss per share.
Adjusted EBITDA (excluding discontinued operations) — Adjusted EBITDA was $96 million in 2019, as compared to $118 million in 2018, and Adjusted EBITDA margin was 9.0% in 2019, as compared to 10.5% in 2018. The variance to prior year primarily reflects the impact from the organic sales decline of 5.9%, a $13 million decrease in print profits from the reduction in market price for paper byproduct recoveries, the impact of a $6 million gain in 2018 from a sales tax litigation settlement in Peru, and $5 million of strategic investments made to increase hourly production employees’ wages, partially offset by cost reduction activities.
Results for the full-year ended December 31, 2019, included:
Net Sales (excluding discontinued operations) — Net sales were $3.9 billion in 2019 as compared to $4.0 billion in 2018, down 1.6%. Organic sales declined 3.5% after excluding sales related to the acquisitions of Ivie and Periscope, and an investment in Rise Interactive. The organic results reflect new sales generated from the Company’s Quad 3.0 growth strategy, offset by ongoing print industry volume and pricing pressures, and a negative 0.6% impact from foreign exchange.
Net Loss Attributable to Quad Common Shareholders — Net loss attributable to Quad common shareholders was $156 million in 2019, or $3.12 diluted loss per share, as compared to net earnings of $9 million in 2018, or $0.16 diluted earnings per share. Excluding the results from discontinued operations, net loss from continuing operations was $56 million in 2019, or $1.11 diluted loss per share, as compared to net earnings from continuing operations of $30 million in 2018, or $0.59 diluted earnings per share.
Adjusted EBITDA (excluding discontinued operations) — Adjusted EBITDA was $335 million in 2019, as compared to $428 million in 2018, and Adjusted EBITDA margin was 8.5% in 2019, as compared to 10.7% in 2018. The variance to prior year primarily reflects the impact from the organic sales decline of 3.5%, $33 million in non-recurring benefits in 2018 that did not repeat at the same level in 2019, a $29 million impact from strategic investments made to increase hourly production employees’ wages, and a $27 million decrease in print profits from the reduction in market price for paper byproduct recoveries, partially offset by cost reduction activities.
Net Cash Provided by Operating Activities — Net cash provided by operating activities was $156 million in 2019, as compared to $261 million in 2018, primarily due to lower net earnings and $61 million in transaction costs associated with a terminated acquisition during the year.
Free Cash Flow — Free Cash Flow, excluding $61 million in payments from a terminated acquisition, was $106 million in 2019, as compared to $164 million in 2018, primarily due to lower net earnings and increased capital expenditures on long-term investments in automation and productivity improvements in the manufacturing platform.
Dividend
Quad’s next quarterly dividend of $0.15 per share will be payable on March 9, 2020, to shareholders of record as of February 28, 2020.
Dave Honan, Executive Vice President and CFO, concluded: “In fiscal 2020, we remain disciplined in our efforts to manage our costs, and drive earnings and Free Cash Flow growth to reduce our leverage and further strengthen our balance sheet. In line with these goals, we have doubled our previously announced $50 million cost reduction program to $100 million, which we expect to fully realize in 2020. Looking ahead, these efforts, and the ongoing success of our Quad 3.0 strategy, are expected to continue to significantly offset ongoing print industry volume and pricing pressures.”
Quarterly Conference Call
Quad will hold a conference call at 10 a.m. ET on Wednesday, February 19, to discuss fourth quarter and full-year 2019 results.
Participants can pre-register for the webcast by navigating to http://dpregister.com/10137590. Participants will be given a unique PIN to gain immediate access to the call on February 19, bypassing the live operator. Participants may pre-register at any time, including up to and after the call start time.
Alternatively, participants without internet access may dial in on the day of the call as follows:
U.S. Toll-Free: 1-877-328-5508
International Toll: 1-412-317-5424
An audio replay of the call will be posted on the Investors section of Quad’s website shortly after the conference call ends. In addition, telephone playback will also be available until March 19, 2020, accessible as follows:
U.S. Toll-Free: 1-877-344-7529
International Toll: 1-412-317-0088
Replay Access Code: 10137590
https://ih.advfn.com/stock-market/NYSE/quad-graphics-QUAD/stock-news/81787777/quad-reports-fourth-quarter-and-full-year-2019-res
LSC Communications, Inc Announces Actions to Strengthen Manufacturing Platform
Source: Business Wire
Continuing to Focus on Optimization of Asset Base to Align with Industry Trends
LSC Communications, Inc. (OTCQX: LKSD) (“LSC” or the “Company”) today announced that it will close its manufacturing facilities in Strasburg, VA, Glasgow, KY and Mattoon, IL as the Company continues to focus on manufacturing footprint optimization to align with industry trends. These actions will strengthen the Company’s manufacturing platform by significantly reducing costs and improving utilization across LSC’s production facilities. The streamlined platform will enable the Company to continue providing the industry’s highest levels of quality and service to publishers of magazines and catalogs. The closing of the three plants is expected to be completed by July 2020, and the Company will be working closely with clients to ensure a smooth transition.
“LSC continues to take actions to capitalize on our greatest value drivers while optimizing our platform to efficiently and effectively deliver the best products and services for our clients,” said Thomas J. Quinlan III, LSC’s Chairman, Chief Executive Officer and President. “The actions we announced today represent another step in our proactive efforts to address the significant structural changes in the industry. With many print titles moving to a fully digital platform, decreasing their frequencies, page and/or run counts, or closing entirely, our strategy is to further align our platform with these industry trends. This strategy is consistent with our companywide platform consolidation and cost savings initiatives over the last several months as we take important and necessary steps to strengthen LSC’s operational and financial position. As a leading producer of magazines and catalogs in the United States, we are continuing to serve all of our clients with the same quality and service in everything we do.”
Since the announcement of the termination of LSC’s merger agreement with Quad/Graphics in July 2019, LSC has taken a series of actions to strengthen the Company’s operational and financial position. Including today’s announcement, LSC will have closed a total of eight facilities across various business segments and reduced its workforce by approximately 2,500 employees. Additionally, the Company has undertaken other actions to strengthen its position, including the implementation of new capabilities to enhance its industry-leading cooperative mailing solutions, relocation of key equipment, an increased focus on technology solutions for specific markets and strategic changes to LSC’s supply chain to reduce working capital requirements.
Mr. Quinlan continued, “It is always difficult to make business decisions that impact our employees and the communities in which we operate, and we are committed to supporting employees impacted by these closings with severance packages and transition assistance as well as potential relocation opportunities.”
Here we go!
Not many shares available down here. Think it can shoot up quickly.
LPCN pinching
Got in at $0.20 yesterday. Looks ridiculously undervalued now and I can only think of OTC holding restrictions for certain funds and tax selling that created this opportunity. Should see a nice bounce in January.
I'm not doubting the existence of Local Planet Media. All I'm saying is that the business is not consolidated on the books of Local Planet International Ltd of which UCPA allegedly owns about 5%.
The operations of Local Planet Media are consolidated among the 60 or so private companies that are set up by local agencies in their respective territory to perform work for Local Planet.