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.
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.
Bloomberg:Volatility for Breakfast: Egg and Bacon Prices Go Opposite Ways
by Mark Glassman
11:49 AM EDT
May 27, 2015
This chart shows how the price of the American breakfast is out of sync—and likely to stay that way
You can’t put a single price on the American breakfast—at least, not for any length of time. The cost of foods commonly eaten at breakfast fluctuate independent of one another. The last year has seen egg prices jump and bacon prices crash, while cereal remains almost dead-even.
That different foods will be affected by varying market forces isn't surprising, but ongoing shifts in the cost of breakfast foods have been significant enough to affect how people eat. Cheap bacon, for instance, is suddenly found in all sort of counterintuitive places—even atop veggie burgers.
To track the changing prices paid by consumers for five staples at the breakfast table— eggs, bacon, cereal, bananas, and coffee—we looked at the components of the Consumer Price Index from April 2014 to March 2015. Egg prices jumped more than 5 percent, the biggest gain among the five foods, even as the broader index barely budged. At the same time, bacon prices collapsed.
Some of the price swings in breakfast’s underlying commodities have been more severe than consumers might be able to detect on a trip to the grocery store. The spot price of pork bellies, used to make bacon, fell 54 percent in the 12 months prior to March 31, even though consumers are paying just 7 percent less for the end product, based on CPI data. That’s partly because food manufactures take measure to offset volatility and don’t pass all cost savings or increases on to consumers.
Still, anyone budgeting for a morning meal will have seen things get strange in the past year. Here’s a look at what’s changed—and why.
Eggs
The American embrace of a higher-protein diet has helped drive egg prices higher. Over the past five years the price of eggs climbed by a third—and that was before an outbreak of avian flu started cutting into the nation’s egg supply.
Approximately 40 million birds have been affected since the disease was first detected in December, according to the Department of Agriculture. Earlier this month the USDA lowered its forecast for egg production and now projects an annual decline for the first time since 2008. Goldman Sachs says consumers may spend as much as an additional $8 billion on eggs this year because of the disease.
Companies have already responded. Food manufacturer Post Holdings has warned investors that the bird flu will weigh on its earnings in fiscal 2015. At least one giant distributor, Sysco, is in talks with its customers about switching their menus to cope with costlier eggs. If other companies follow, that could mean a noticeable drop-off in egg items served at restaurants.
Compounding the problem is a new California law that has made egg farming more expensive. The law requires larger cages for hens; even farmers from outside the state who wish to send their eggs to California must abide by the rules. Some farmers have pared hen flocks to make room for larger accommodations, and some outside the state have halted shipments to California. Egg prices in California have surged.
Bacon
Retail bacon prices hit a record high last summer, hovering for months above $6 per pound. Behind the pricey pork was new demand, coupled with a sudden drop in supply caused by a porcine epidemic diarrhea virus that killed more than 7 million hogs. But the high price didn't last long. The hog population rapidly rebounded in the past year, prices dropped dramatically, and bacon suppliers rejoiced. Ohio-based Sugar Creek Packing told Bloomberg News that it is working seven days a week to fill orders and now projects a 15 percent jump in sales this year.
Cereal and Bananas
Breakfast cereal prices have been more or less flat for the last year, as measured by CPI. It’s difficult to raise prices when fewer people are buying. The high-protein trend hasn't helped, and gluten-free diets have been a big problem for cereal makers. Kellogg’s revenue from its U.S. morning foods and Kashi division has been declining since 2011, contributing to the company's having missed overall sales estimates in seven of the last nine quarters. General Mills’ cereal division has held up better after changing the ingredients in some of its products.
Banana prices have held fairly steady over the last year. The most commonly eaten fruit in the U.S. enjoys its preeminence, in part, because it remains so cheap. Pound for pound—and the average American eats more than 10 lbs of bananas per year—the yellow fruit costs less than half the price of apples and oranges. With demand holding steady, any significant change in price would probably have to come from either a new market efficiency that could be passed on to consumers or some disruption to the supply chain. Really bad weather could do this, as could climate change.
Coffee
The consumer price of coffee jumped about 4 percent over the 12 months ending in March, according to the CPI, but a steep drop in futures over the last three months suggests things are on their way back down again. Volcafe, the coffee division of the Swiss commodities trading firm ED&F Man, raised production forecasts earlier this month and now predicts global demand will exceed supply in the 2015-2016 season. Futures fell again after that report. Rising production will take some price pressure off coffee, although with more Americans switching to espresso-based drinks, the decline could be offset for many consumers by price changes in other ingredients.
coffee eggs Prices California Food Consumer Price Index
http://www.bloomberg.com/news/articles/2015-05-27/volatility-for-breakfast-egg-and-bacon-prices-go-opposite-ways
LOL...That would be a convenient and lengthy stretch of the imagination.
Did you see the update to that case?
Lakeshore wins appeal of $2.4-million decision for developer
blogs.windsorstar.com/news/lakeshore-wins-appeal-of-2-4-million-decision-for-developer
Dude..it's NO BID..and there's no news to be had for many months!
Keep your turds to yourself
LF Jan 2015 5.000 calls @.20
http://finance.yahoo.com/q?s=LF150117C00005000
A cognitive note??
I can't afford BABA...
maybe I will grab some more BABB!
GL
6. Netco Investments, Inc. (“NCVT”) (CIK No. 1518510) is an involuntarily
dissolved Texas corporation located in Boca Raton, Florida with a class of securities registered
with the Commission pursuant to Exchange Act Section 12(g). NCVT is delinquent in its
periodic filings with the Commission, having not filed any periodic reports since it filed a Form
10-Q for the period ended September 30, 2011, which reported a net loss of $1,093,251 for the
prior six months. On May 29, 2007, NCVT filed a Chapter 7 petition in the U.S. Bankruptcy
Court for the Western District of Texas, which was closed on May 6, 2009. As of September 5,
2014, the common stock of NCVT was quoted on OTC Link, had seven market makers, and was
eligible for the “piggyback” exception of Exchange Act Rule 15c2-11(f)(3).
http://www.sec.gov/litigation/admin/2014/34-73089.pdf
METALICO TURNS PROFIT IN SECOND QUARTER
http://ih.advfn.com/p.php?pid=nmona&article=63237062
CRANFORD, NJ, August 13, 2014 – Metalico, Inc. (NYSE MKT: MEA) reported net income of $300,000 or $.01 per share, for the second quarter of 2014, compared to a net loss of $2.7 million or $.06 loss per share for the same period in the prior year.
The Company posted sales of $142 million for the June 2014 quarter, compared to $130 million for the 2013 second quarter. The current year period was principally impacted by higher scrap volumes, higher ferrous selling prices and a favorable non-ferrous product mix. Lead product selling prices rose, while unit shipments were lower versus Q2 of 2013.
Metalico’s Scrap Metal Recycling segment returned to profitability, generating $3.5 million before corporate overhead of $1.3 million. The Lead Fabricating segment continued to report strong results with $822,000 operating income before corporate overhead of $165,000. The quarter saw significant improvement in consolidated operating income to a gain of $2.7 million from a loss of $2 million in the same quarter in 2013.
Prior Year’s Second Quarter Comparison
Year-over-year second quarter comparisons reflect improved financial results on increased volumes and selling prices for most commodities:
• Sales rose 9% to $142 million from $130 million.
• Operating income improved by $4.7 million to $2.7 million from an operating loss of $2 million.
• Net income of $300,000 was up from a net loss of $2.7 million.
• Net income per share of $0.01 compares to a loss per share of $0.06.
• EBITDA rose by $5.3 million to $7 million from $2.7 million.
• Non-ferrous unit volume shipments jumped 28% to a record 56.6 million pounds
• Ferrous volume rose by 9%, while lead product shipments fell 20%
Commenting on the results for the quarter, Carlos E. Agüero, Metalico’s President and Chief Executive Officer, said, “Our results confirm business improvement on multiple fronts. We continue to maintain disciplined scrap buying practices which has increased metal margins. Ferrous shipments were the second highest ever and non-ferrous shipments surpassed our previous record by a significant quantity despite unimpressive commodity selling prices.”
He added, “We are also seeing reduced commodity selling price volatility, increased scrap flows and more rational scrap buying decisions by competitors throughout our markets, resulting in improving metal margins. These positive developments have carried over into the third quarter and hopefully will remain in place through the remainder of the year.”
Item 7.01 Regulation FD Disclosure.
ih.advfn.com/p.php?pid=nmona&article=63202158
On August 4, 2014, TPG Specialty Lending, Inc. ("TSL"), as agent for the lenders (the "Lenders") party to the Financing Agreement dated as of November 21, 2013 by and among Metalico, Inc. (the "Company"), each of its subsidiaries signatory thereto, the Lenders, TSL as agent, and PNC Bank, National Association, as service agent (the "Financing Agreement") delivered a Payment Blockage Notice (the "TSL Notice") to the holders (the "Holders") of the Company’s 7% Convertible Notes (the "Notes") triggering a 210-day standstill period under the Subordination Agreement dated May 1, 2008 between the Company’s senior secured lenders and the holders of its 7% Convertible Notes and their respective successors and assigns. As previously disclosed, under the terms of the Notes the Holders were entitled to deliver notices of redemption on or before June 30, 2014, requiring the Company to redeem the Notes, at par, plus any accrued but unpaid interest through the date of redemption. Such notices were held in abeyance following an agreement in principal announced June 30, 2014, which has not yet been effectuated as negotiations to resolve, among other matters, certain logistical and intercreditor issues continue. The primary effect of the TSL Notice is to block any payments of principal or interest to the Holders. The aggregate principal balance of the Notes is approximately $23.5 million (with accrued interest, approximately $24.1 million). Availability provided under the Financing Agreement to redeem the Notes has been restricted by the Lenders due to the Company’s noncompliance with the Maximum Leverage Ratio covenant as of March 31, 2014 as prescribed by the Financing Agreement. The Company’s inability to redeem the Notes is a default under the terms of the Notes and its failure to redeem the Notes is a default under the terms of the Financing Agreement. TSL delivered the TSL Notice as a result of such defaults The Company is negotiating with the Holders and the Lenders to reach an agreement that will satisfy the Holders’ repurchase right which may include an extension of such right, the issuance of new debt or equity or a combination of both, starting with the framework of general agreements in principal reached among the parties on June 30, 2014. No assurance can be provided that the Company will be able to reach definitive agreements with the other parties or that the terms of new agreements will be as favorable as the Company's previously announced proposed terms. The Company has positive cash flow from operations and sufficient liquidity to maintain operations, and is current on its trade payables.
Im not counting chickens yet
but Im building a bigger coop anyway!
gl
Monster volume and top % Gainer on the AMEX today!
Weeeeee!
dyodd
imo
Metalico Sets August 13 Call, Anticipates Improved Results
CRANFORD, NJ , July 15, 2014 - Metalico, Inc. (NYSE MKT: MEA), a scrap metal recycler and lead products fabricator, plans to report financial results for the quarter ended June 30, 2014 and provide an update on business developments in a conference call on Wednesday, August 13, 2014 at 10:00 a.m. ET.
http://ih.advfn.com/p.php?pid=nmona&article=62908806&symbol=MEA
The Company is scheduled to release its results earlier that day. It is expected to announce improving performance through the Second Quarter. The Company is providing this preliminary information at this time as an update to investor and customer inquiries regarding the status of company operations, finances and liquidity.
The conference call can be accessed by dialing (800) 446-1671 (toll free) or (847) 413-3362 (toll), Conference Confirmation Number 37710650. Callers should identify the Metalico Second Quarter Results Call.
For the Second Quarter, Metalico anticipates total sales of $142 million, an increase of approximately 9% from $130 million in the same period last year. Operating income improved and is anticipated to be between $2 million and $2.5 million, compared to a loss of $2 million in the same period last year. The Company benefitted from increased non-ferrous volumes and improvement in related margins. Metalico estimates that reported EBITDA for the quarter will more than double and be in a range of $6.8 million to $7.2 million, compared to $2.6 million for the same quarter in 2013.
As of the date of this release, the Company has not completed its financial closing process for the quarter, including its analysis of the carrying value of its goodwill. During the course of the close and related auditors' review, the Company may identify items that would require it to make adjustments to earning results or carrying values of assets, any of which would impact results. As a consequence, the estimates above constitute forward-looking information and are subject to risks and uncertainties, including possible adjustments to preliminary results.
A transcript of the results call will be posted on the Company's website, www.metalico.com, when available. An audio replay of the call will be accessible at (888) 843-7419 (toll free) or (630) 652-3042 (toll) for the first week after the call's conclusion. Callers will be required to enter the Conference Confirmation Number to access the recording.
Metalico, Inc. is a holding company with operations in two principal business segments: Ferrous and Non-Ferrous Scrap Metal Recycling, including PGM and Minor Metals Recycling, and Fabrication of Lead-Based Products. The Company operates recycling facilities in New York, Pennsylvania, Ohio, West Virginia, New Jersey, Texas, and Mississippi and lead fabricating plants in Alabama, Illinois, and California. Metalico's common stock is traded on the NYSE MKT under the symbol MEA.
MEA Oct 2.50 calls @.05
http://finance.yahoo.com/q?s=MEA141018C00002500
Jumpin' Java: A Follow Up On Coffee Holding Company
Apr. 24, 2014 11:13 PM ET | About: Coffee Holding Co., Inc (JVA), Includes: GMCR
Disclosure: I am long JVA. (More...)
Summary
seekingalpha.com/article/2164403-jumpin-java-a-follow-up-on-coffee-holding-company
Address the concern regarding CEO Gordon's selling of some of his shares.
State the case that coffee is poised to continue up in price and JVA is a good way to play the rise.
Talk a bit about the rising coffee price and why JVA may benefit.
Back on March 4th I penned an article titled, "That's Some Lava Java", in which I made the case why I thought buying Coffee Holding Co. (JVA) was a good way to play the rise in coffee. I still believe that JVA has a lot going for it, but investors are expecting too much too soon. JVA is not coffee in the same way that gold mining stocks are not gold; they don't track the commodity price in sync all the time while dramatically outperforming at other times. At the moment JVA is consolidating its gains as the coffee price continues its rise, at some point JVA will join the party.
After JVA's earnings came out, its shares shot up to a high of $8.58 on March 18th and have subsequently traded back down to fill in the gap left by the announcement. Shortly after the shares' dramatic run, coffee futures began a plunge from over $210 to about $169, with a report from MDA Forecasting that rain would fall in Brazil thereby saving the growing season. I am not sure where the MDA Forecasters got their information, or for what purpose, but through the miracle of the internet I was able to track radar of rainfall in Brazil and see that they were incorrect. Even if they were correct, growing living things is not like making a widget; just because the rain arrives, it is not like flipping a switch to ramp up production. A drought like Brazil has faced takes an entire season to overcome affecting the following year's crop as well. Now the latest reports coming out are showing that the victory dive in coffee prices was apparently premature as the rains now will be overwhelming as an El Nino is forming. The situation seems to be going from bad to worse, which could be very beneficial for coffee suppliers that have inventory, a pipeline to more beans and are able to hedge. The net result is that coffee futures have rebounded smartly to the upside and are $212.70 as I pen this tome awaiting more confirmation - crop reports are due in May a couple weeks from now.
In the meantime, I want to address a couple issues that have popped up regarding JVA. The first item is the insider selling of shares by Andrew Gordon, the CEO of Coffee Holding. I took it upon myself to contact Mr. Gordon, who graciously answered my questions. Regarding his 105B-1 planned sale he had the following to say: "Diversification was the sole reason for sales, not my view of future company performance. Also, I did cancel the plan rather than sell additional shares at this time." Furthermore, it should be noted that while Mr. Gordon did sell 124,198 shares, he still holds 216,183 shares which is around $1.6 million of skin in the game. Moreover, it should be noted that Andrew's brother David Gordon, who has access to the same internal information, did not register or sell a single share of his 363,185 shares roughly $2.5 million of equity (at today's prices).
The next topic is the concept that some of JVA's earnings were derived from hedging. In the last earnings report with coffee trading at multi-year lows of roughly at $1.20 a pound, the company was still able to earn $.22 per share - not too shabby. It appears that $.10 of those earnings were attributable to hedging strategies and there are those that complain about that. There is no way to make all people happy all the time. When coffee was declining into the multi-year low, the Gordon brothers were on the wrong side of the hedge and it cost them and shareholders; yet when they right the ship and are correct they are criticized. Realistically, when your business involves a commodity that can have price swings it is only prudent to have some hedges to help normalize earnings. In my communication with Mr. Gordon he pointed out that hedges are needed to help minimize risks. He went further stating: "Disclosures to say we have problems when (coffee) prices fall quickly but tend to benefit in times of rising prices (or at least market stability)."
Another area of concern for investors appears to be the idea that rising coffee prices are going to hurt JVA, but between hedging and inventories purchased at lower prices there is at least a modicum of protection. Looking at the latest 10-K for JVA the company was carrying almost $9 million in inventory which we know was acquired before coffee started its rise so it was likely purchased well below the $2 mark. The company also was showing another $620 thousand of prepaid green beans yet to be roasted in the pipeline. This lower cost inventory will end up going to JVA's bottom line in the future as the margin has expanded due to the rise in coffee.
Changing gears a bit, I then asked Mr Gordon, "In the past, Coffee Holdings has relied on long-term relationships for both procurement and sales of beans\coffee, but with the changes in the market is the company looking to move to more contractual-based relationships?" His answer was short and to the point simply replying, "We currently do both".
As a follow up I pose the following: "Between inventory of beans that was disclosed in the 10K and current agreements that Coffee Holdings has in place with favored suppliers do you feel that the company will be able to contain costs in a rising price environment as not to shrink margins for an extended period as the drought and El Nino play out?"
Gordon responded, "This information will come out in our next Q2 report." The question may have been a little to close to non-public information at this time but at least we should have answers to that question during earnings.
I noticed that the DTS8 Coffee Company, mentioned in my prior article as one of the methods through which Coffee Holdings is looking to diversify their customer base beyond the key customer dependency with Green Mountain Coffee Roasters (GMCR), was profiled by S&P Capital IQ Factual Reports on April 21, 2014. DTS8 Coffee Company has the exclusive license to roast and sell JVA coffee using their premium brands like Don Manuel into most of Asia. The fact that they made S&P's radar could be indicative of the company making inroads in the Asian market, which dovetail's nicely into JVA's growth and diversification plans. I did query Mr. Gordon with regards to this development, but he was unable to comment at this time because it was not public information.
The conclusions I draw are that JVA will continue to do very well as long as coffee prices are moving up or stable. One also has to remember that JVA sells the commodity, but is not the commodity, therefore it will not necessarily jump the same day as coffee does nor will it necessarily fall if coffee pulls back. JVA will trade on its own timetable and is subject to the mentality of equity players who tend to have a different mindset than an individual who might be purchasing commodities.
I believe that the Gordons have a handle on the business and are making the right moves to address the problems that plagued them over the past couple years. Some of those problems were in their control, some were not such as falling coffee prices. I believe that the Gordons have righted the ship and everything from coffee price to weather affecting coffee harvest will push JVA stock up over the coming months. Please remember that companies with a market cap this size can be volatile, especially given the limited number of shares and small float, so it is not for the faint of heart. All one has to do is look back at the performance of JVA the last time coffee peaked out at about $2.50 a pound the shares rocketed to $35 each.
Assuming coffee keeps going up as I believe it will due to Mother Nature, JVA's earnings will continue to grow and demand for its shares will drive the price higher than most expect, then you will see what they mean by Jumpin' Java!
Editor's Note: This article covers a stock trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.
Source: Jumpin' Java: A Follow Up On Coffee Holding Company
Additional disclosure: I did converse with Mr. Gordon the CEO but I did not receive any proprietary insider information only clarifications. I have no relationship with JVA or Mr Gordon other than being a shareholder in the company. All information other than quotes from Mr. Gordon are either readily accessible on the internet or hyperlinked. The views and analysis are my own and I am long the shares.
I bet you say that to all the boards!
FYI...It makes you sound absurd..like you haven't a clue but you're determined to post anyway!
LOL
EDIT: $$$$$WOWowoWOW..you DO say that to ALL the Boards$$$$$$
lmao@u
Theyr not new..or improved
save the stamp
GL
juda, Welcome to the NIR Board.
Everyone who posts on this board has an axe to grind
or a wound to lick,
or a bucket to haul,
or a stone to drag.
GL
4/11/78 Fox Theater
Source: SBD -> Master Reel -> PCM -> Dat (44.1k)
Lineage: Dat (Sony R500) -> Sound Devices 744T-> Samplitude Professional v11.1 -> FLAC
Transferred by: Charlie Miller
Set 1
Bertha-> Good Lovin', Friend Of The Devil, Me & My Uncle-> Big River, Tennessee Jed, Looks Like Rain, Brown Eyed Women, Minglewood Blues, Deal
Set 2
Samson & Delilah, Scarlet Begonias-> Fire On The Mountain, Sunrise-> Terrapin Station-> Drums-> Iko Iko-> Sugar Magnolia, E: Johnny B. Goode
archive.org/details/gd1978-04-11.sbd.miller.108666.flac16
Goldman Small Cap Research was compensated in the amount of $5000 by a third party in advance of the publication of this report.
http://ih.advfn.com/p.php?pid=nmona&article=61577083&symbol=DEQI
Cyberworld Studios Announces Its Officers And Directors
SALT LAKE CITY, Feb. 5, 2014 /PRNewswire/ -- Cyberworld Studios, Inc. (OTCPINK: DEQI) announced that it has elected new officers and directors to manage its apps publishing company.
ih.advfn.com/p.php?pid=nmona&article=60931750&symbol=DEQI
"Our new officers and directors are key to the development of our new company and will be instrumental in developing and continuing its culture of evolution and efficiency," said Mr. Geo-Jaja, CEO and President of the Company. "We will need to evolve quickly and be very efficient to become sustainable in this market; and we believe our new officers and directors have the management experience and business expertise to make the Company a success."
The Company's new officers and directors are as follows:
Macleans A. Geo-Jaja, CEO, President and Treasurer
Dean Becker, Secretary
Peter Spagone, Director
Claire Singleton, Director
These Officers and Directors were approved in January 2014 and will serve until successors are elected.
The Company encourages those interested to view the biographies of each of its officers and directors at the Company's webpage at the OTC Markets website at www.OTCMarkets.com.
The Company is engaged in the business of developing and publishing video games and mobile software applications ("Apps") of all types and available to gaming, healthcare and financial sectors. The Company also serves as a business incubator for companies engaged in the business of developing video games and gaming related software. The Company seeks to provide companies access to investment capital, management, industry expertise, business services and financial planning, as well as office and development space.
For more information and a sneak peek at the Company's latest games, visit their website at http://www.Cyberworld-Studios.com.
Forward-Looking Statements – Statements about the Company's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term are defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management, as well as assumptions made by any information currently available to the Company or its management. When used in this document, the words "anticipate," "estimate," "expect," "intend," "plans," "projects," and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties.
Contact:
Claire Singleton
1-801-363-4328
info@cyberworld-studios.com
SOURCE Cyberworld Studios, Inc.
Copyright 2014 PR Newswire
ih.advfn.com/p.php?pid=nmona&article=60931750&symbol=DEQI
Metalico Reports Third Quarter Results
http://ih.advfn.com/p.php?pid=nmona&article=59982051&symbol=MEA
Metalico Reports Third Quarter Results
- Total Operating Income Before Charges of $1.8 Million
- Non-Cash, After Tax Goodwill Impairment Charge of $28.6 Million
- EBITDA at $6.6 Million and Revenue of $136 Million
- Adjusted Net Income of $938,000 or $0.02 per Share
- Debt Reduction of $8.3 Million Since Beginning of Year
CRANFORD, NJ--(Marketwired - Nov 12, 2013) - Metalico, Inc. (NYSEMKT: MEA) today announced adjusted net income of $938,000 or $0.02 per share for the third quarter ended September 30, 2013, excluding a non-cash goodwill impairment charge, net of related tax benefit.
The Company reported a net loss of $27.7 million or $0.58 per share for the third quarter compared to a net loss of $10.7 million equivalent to $0.22 per share, both losses principally due to non-cash after-tax impairment of intangible assets. (See Table I for reconciliation of adjusted results to reported results.)
Notwithstanding the impact from goodwill impairment charges, the company generated a significant increase in EBITDA along with adjusted operating income of $1.8 million in the quarter, compared to an adjusted operating loss of $1.3 million last year. The improved operating results were driven by expanding gross metal margins and continued reduction in SG&A expenses which offset flat to declining selling prices for scrap metal products.
The company posted sales of $136 million for the September quarter, compared to $133 million in the 2012 period. Higher ferrous scrap metal shipments and lead product selling prices contributed to the sales increases, partially offset by lower non-ferrous sales pricing. Average metal margins improved due to lower average unit costs coupled with rising unit volumes.
The company reduced SG&A expenses by $624,000 to $5.9 million, or 4.4% of sales compared to 4.9% of sales in the same prior year period. Operating expenses exclusive of metal costs increased by $761,000, principally for freight, repairs and maintenance, offsetting the improvement of SG&A.
Quarterly Results Year-over-Year
Year-over-year comparison to the third quarter of 2012 shows higher scrap shipments, offset by 8% lower lead product shipments.
Sales increased 2% to $136 million from $133 million.
The Company had adjusted operating income of $1.8 million, versus adjusted operating loss of $1.3 million.
Reported net loss was $27.7 million compared to reported net loss of $10.7 million.
Reported loss per share was $0.58, compared to loss of $0.22.
EBITDA (defined below) nearly doubled, to $6.6 million from $3.5 million.
Shipments of ferrous metals jumped 13% to 152,200 gross tons. Non-ferrous shipments rose 4% to 45.4 million pounds.
Lead product shipments decreased 8% to 10.4 million pounds, but average selling price per pound rose 10% due to improved value product mix.
The Company's Scrap Metal Recycling segment reported an adjusted $353,000 operating income in the third quarter, compared to an adjusted loss of $2.9 million last year.
The Lead Fabricating segment reported operating income of $1.0 million compared to $1.4 million in the prior-year period. A better product mix and higher selling prices were offset by higher product costs.
Sequential Comparison to Second Quarter of 2013
Sales rose 5% to $136 million from $130 million.
Adjusted operating income recovered to $1.8 million compared to a loss of $2.0 million.
Adjusted net income was $938,000 compared to a $2.7 million loss.
Adjusted income per share was $0.02, compared to a loss of $0.06.
EBITDA jumped 144% to $6.6 million from $2.7 million.
Unit volumes rose by 12% for ferrous scrap and 3% for non-ferrous.
Lead product shipments fell by 11% to 10.4 million pounds from 11.7 million.
Result Drivers in the Period
In the quarter, Metalico's ferrous and non-ferrous recycling business experienced relatively stable selling prices compared to the sequential and prior-year quarters. Year-over-year selling prices were down slightly, with ferrous pricing dropping $4 per gross ton to $366, and non-ferrous dropping from $0.98 to $0.95 per pound. Sequentially, ferrous pricing was virtually flat, while non-ferrous prices rose three cents per pound to $0.95.
Lead product pricing and product mix contributed to selling prices rising 3% sequentially and 10% year-over-year to $1.74 per pound. However, segment volume decreased 11% sequentially and 8% from 2012.
Carlos E. Agüero, Metalico's President and Chief Executive Officer, said, "I am pleased that the Company returned to positive operating income this quarter and that tight scrap supplies and competitive buying pressures abated somewhat, resulting in improved metal margins and EBITDA."
He continued, "We are satisfied that in light of flat-to-declining scrap selling prices, we increased ferrous shipments and maintained non-ferrous volumes while improving margins, demonstrating that we achieved better discipline in buying metal.
"Equally important, our ferrous inventory levels today are well positioned as we enter a period of anticipated rising scrap prices."
Agüero concluded, "We expect average realized scrap prices to trend higher during the fourth quarter and anticipate solid performance from the fabricated lead product subsidiary. Furthermore, we remain optimistic about resolving pending balance sheet maturities, managing our leverage and preserving a strong liquidity position to operate comfortably and grow our business."
Liquidity & Capital Resources
The company had cash on hand of $4.6 million and availability under its revolver of $36.1 million for combined liquidity resources of $40.7 million, sufficient to operate its business and for general corporate purposes.
For the nine months ended September 30, 2013, Metalico generated $17.7 million of cash from operating activities, compared to $14.9 million through nine months of last year.
Year-to-date 2013 Metalico invested a total of $10.3 million for equipment, capital improvements, and to acquire three scrap metal feeder yards. In addition, since the beginning of the year, debt balances have been reduced by $8.3 million.
Working capital at September 30, 2013 was $12.5 million, as compared to $111 million in December. The entire outstanding balance under the revolver and convertible Notes was re-classified to short term liabilities as a result of an effective pending maturity of January 23, 2014 for revolver and note holder put rights at June 30, 2014.
The company has repurchased or committed to repurchase $12.6 million of its Notes so far this year and intends to continue repurchasing Notes or obtaining capital to refinance its debt before the effective maturity dates.
Business Outlook
Ferrous: Domestic steel production has been steady this year at 76% of reported industry capacity. Finished steel prices have been rising of late supported by strong demand for automotive and energy related products, although some of the demand is being met by rising imports. After a series of scheduled and unscheduled outages, domestic mills are coming back on line, looking to melt scrap, build inventories and increase production.
On the scrap front, demand and prices for export are improving. Scrap availability is already tight and expected to become more competitive with the onset of potentially disruptive winter weather. Consequently, given rising domestic and export demand, the Company expects to see higher scrap selling prices and fierce competition for supply in the months ahead.
Non-Ferrous (Including Aluminum Deox): Pricing for aluminum, copper and other non-ferrous metals has been flat to trending lower for most of the year. This trend is expected to stay intact for the remainder of the year. However, demand for metal units for export and domestic consumers remains firm.
The Company anticipates that fourth quarter non-ferrous shipments will be slightly below the third quarter levels and that pricing will trend sideways until early next year.
In 2014, Metalico expects demand for aluminum, and hopefully pricing, to increase, driven by growing demand from the automotive sector to lower vehicle weight and improve mileage. Nickel prices should remain subdued, lulled by low demand, under-utilization of production capacity and record high warehouse metal inventories.
The Company expects prices for PGM metals to gradually improve after very mediocre performance so far this year. Sourcing and supply is anticipated to remain quite competitive consistent with the recent past. Minor Metal prices continued to exhibit weakness after setting stable but lower floor pricing amidst sluggish demand from manufacturers.
Lead Fabricating: Metalico anticipates financial performance of this reporting segment to remain consistent with recent past quarters. Volume shipments should also be consistent with third quarter, aided by favorable product mix and stable raw material costs.
About Metalico
Metalico, Inc. is a holding company with operations in two principal business segments: Ferrous and Non-Ferrous Scrap Metal Recycling, including PGM and Minor Metals Recycling, and Fabrication of Lead-Based Products. The Company operates recycling facilities in New York, Pennsylvania, Ohio, West Virginia, New Jersey, Texas, and Mississippi and lead fabricating plants in Alabama, Illinois, and California. Metalico's common stock is traded on the NYSEMKT under the symbol MEA.
Forward-looking Statements
This news release, and in particular its "Business Outlook" section, contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, such as Metalico's expectations with respect to its results of operations for the fourth quarter of 2013, commodity pricing, volumes, and trends. These statements may contain terms like "expect," "anticipate," "believe," "should," "appear," "estimate" and other words that convey a similar meaning, or are statements that do not relate strictly to historical or current facts. Forward-looking statements include statements with respect to Metalico's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond Metalico's control, and which may cause Metalico's actual results, performance or achievements to be materially different from future results, performance, expectations or achievements expressed or implied by such forward-looking statements. Factors that could cause such material difference are discussed in more detail in the Company's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. All statements other than statements of historical fact are statements that could be forward-looking statements. Metalico assumes no obligation to update the information contained in this news release.
Shareholders Equity
The Company has an authorized stock issuance of 150,000,000 shares at $.001 par value.
The Company has 15,450,994 outstanding shares.
https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=112082
2008 profile...Macleans A. Geo-JaJa..fyi
http://folk.uio.no/bbrock/implan2008/program/profiles/geojaja.html
DYODD!
DEQI Officer/Director Disclosure:
https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=112058
dyodd
imo
Don't spill that water, Woogs...
you have a long haul still!
LOL
BSOI...from today's 10Q filing:
10-Jun-2013
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
The net loss for the six months of fiscal year 2013 was $36,215 or $0.04 per share, compared with a net loss of $43,797 or $0.05 per share for the same period last year.
No sales were recorded for the Company in the six months of fiscal years 2013 and 2012.
The sale by Bison of its product lines in prior years has essentially rendered Bison inactive.
The General Manager, Larry Martin, administers the corporate affairs of the Company and monitors residual business matters. During the period ended April 30, 2013, the Company incurred expenses to Mr. Martin of $2,700 for these services. An office is maintained in Chanhassen, Minnesota, which is provided free of charge by Mr. Martin. An affiliate of Andus Inc., the majority shareholder, provides management and accounting services at no charge to the Company.
The Company has income tax losses of approximately $1,240,500 per 10-K available for carry forwards, which may be used to reduce future years' taxable income and for which the benefit has not been recorded. These losses expire between 2018 and 2032.
The Company has no means to generate revenue necessary to pay its obligations to regulatory bodies, directors, accountants and lawyers. In this regard, Andus Inc., the majority shareholder has committed to support the Company for its normal management and corporate expenses at levels of present expenditure until May 1, 2014.
Management continues to pursue other business opportunities for the Company including merger opportunities with other businesses which may result in a reverse-take-over of the Company. However, there is no guarantee that management will be successful in their endeavours.
CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Except for historical matters, the matters discussed in this Form 10-Q are forward-looking statements based on current expectations, and involve risks and uncertainties. Forward-looking statements include, but are not limited to, the operation of the business and to statements regarding the general description of Management's plan to seek other business opportunities including merger opportunities with other businesses which may result in a reverse-take-over of the Company, and the manner in which the Company may participate in such business opportunities.
The Company wishes to caution the reader that there are many uncertainties and unknown factors which could affect its ability to carry out its business plan to pursue other business opportunities for the corporation. There is no guarantee that the Company will be successful in its endeavors.
http://biz.yahoo.com/e/130610/bsoi10-q.html
Actually those are options given to the Directors.
And I doubt they will be exercising 3.50 options anytime soon.
GL
Coffee Holding Co., Inc. today announced its operating results for the three months ended January 31, 2013.
ih.advfn.com/p.php?pid=nmona&article=56760131&symbol=JVA
"We are pleased with our results for the quarter.In the first fiscal quarter of 2012, we recorded record revenue of $56.6 million, which was more than 121% of the first fiscal quarter of 2011 revenue and well in excess of any previous fiscal first quarter and not consistent with our historical growth.We believe this year's level of sales of $31.3 million in the first fiscal quarter of 2013, while below the first fiscal quarter of 2012, is more normalized from a historical perspective. Excluding 2012, our revenue for the first quarter of 2013 well exceeded previous first fiscal quarter results. In the first fiscal quarters of 2011, 2010, 2009, and 2008, we had revenues of $25.6 million, $21.4 million, $18.9 million, $15.0 million, respectively. In addition, during this quarter our gross margins increased on a percentage basis from 7.9% to 11.8% reflecting our efforts to increase our profit margins which we believe will result in greater future profitability for the company. We also believe this is a successful result given the negative impact on our profitability attributable to our withdrawal of our investment in Global Mark during the quarter," noted Andrew Gordon, our President and CEO.
"We experienced growth in key areas compared to the first quarter of fiscal 2012, most importantly on the branded and private label sides of the business. We believe it is the growth in these two areas that will ultimately enable us to achieve the targeted annualized gross profit level of nine percent for our 2013 fiscal year. A more favorable revenue mix is the first step for overall increased margins. We also believe coffee prices will rebound in the second half of 2013, helping to improve both our revenues and profits on the sales of wholesale green coffee. We anticipate a more normalized growth pattern on a going forward basis, while we remain focused on margin expansion and new business opportunities," stated Mr. Gordon.
Results of Operations
The Company had net income of $937,537, or $0.15 per share basic and $0.14 diluted, for the three months ended January 31, 2013 compared to net income of $1,578,345 or $0.25 per share basic and $0.24 diluted, for the three months ended January 31, 2012. The decrease in net income primarily reflects lower sales for the period year over year and the write off involving the Company's investment in Global Mark partially offset by higher gross margins of 11.8% during the three month period.
Net sales totaled $31,318,804 for the three months ended January 31, 2013, a decrease of $25,282,880, or 44.7%, from $56,601,684 for the three months ended January 31, 2012. The decrease in net sales primarily reflects lower coffee prices as well as reduced volumes of wholesale green coffee sales during the three month period.
Cost of sales for the three months ended January 31, 2013 was $27,636,207 or 88.2% of net sales, as compared to $52,151,940 or 92.1% of net sales for the three months ended January 31, 2012. The decrease in cost of sales reflects a shift in our overall business to a higher percentage of roasted coffee sales which tend to be more profitable on a percentage basis than our green coffee.
Total operating expenses increased by $65,686, or 3.6%, to $1,895,178 for the three months ended January 31, 2013 as compared to operating expenses of $1,829,492 for the three months ended January 31, 2012. The increase in operating expenses was due to increases in selling and administrative expense of $82,907 partially offset by a decrease in officers' salaries of $17,221.
About Coffee Holding
Coffee Holding is a leading integrated wholesale coffee roaster and dealer in the United States and one of the few coffee companies that offers a broad array of coffee products across the entire spectrum of consumer tastes, preferences and price points. Coffee Holding has been a family-operated business for three generations and has remained profitable through varying cycles in the coffee industry and the economy. The Company's private label and branded coffee products are sold throughout the United States, Canada and abroad to supermarkets, wholesalers, and individually owned and multi-unit retail customers.
Any statements that are not historical facts contained in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements upon information available to management as of the date of this release and management's expectations and projections about certain future events. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve risks and uncertainties, including but not limited to those relating to product demand, coffee prices, pricing of our products, market acceptance, the effect of economic conditions, intellectual property rights, the outcome of competitive products, risks in product development, the results of financing efforts, the ability to complete transactions, and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made.
Sure, why not?
Here's where they once had a really bad website with stock photos and no credible information about the company, officers or their alleged products:
www.nuearthcorp.com/
hmmm...wait...surely they've updated their otc profile and maybe they have a new website on there:
http://www.otcmarkets.com/stock/nuec/quote
Huh?
Indicates companies that are not able or willing to provide disclosure to the public markets - either to a regulator, an exchange or OTC Markets Group. Companies in this category do not make Current Information available via the OTC Disclosure and News Service, or if they do, the available information is older than six months.
OTC Pink No Information® includes defunct companies that have ceased operations as well as 'dark' companies with questionable management and market disclosure practices. Publicly traded companies that are not willing to provide information to investors should be treated with suspicion and their securities should be considered highly risky.
Oh well, I'm sure Moshe will straighten this out for us soon...LOL
LF 4/20 10.00 calls @ .25 today...
http://finance.yahoo.com/q?s=LF130420C00010000
I'm pounding the table with my LeapPad here!
LOL
.5 x .10 on those March 10.00 calls today...a long shot, no doubt, but...
Same ting on the April 10.00 calls!
@.20 x .25 !
http://finance.yahoo.com/q?s=LF130420C00010000
I'm banging my LeapPad on the table here..lol
10.00 March calls on the discount rack today...
.25 x .30
LF130316C00010000
.25 x .30 today on those LF130316C00010000
http://finance.yahoo.com/q?s=LF130316C00010000