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Centerplate (CVP) : Shares Drop

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MLD38   Friday, 04/04/08 10:51:26 AM
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Centerplate (CVP) : Shares Drop

Loss of Yankee Stadium Contract, also said it may have to stop paying dividends as early as June

NEW YORK (AP) -- Centerplate Inc., a convention center and ballpark caterer and manager, struck out with investors on Thursday after the company said it will not get a contract with the new Yankee Stadium in New York.

Shares dropped 38 cents, or 8.6 percent, to $4.05 in midday trading.
The slide followed a big drop Wednesday when Centerplate said it may have to stop paying dividends as early as June if it does not obtain an amendment to its credit facility.

That news led shares to fall to an all-time low of $3.50.

After the market closed, Centerplate said it was informed by the New York Yankees that it won't be the concessionaire for the new stadium, set to open in 2009. The company's current contract with the team that covers the existing stadium runs through Dec. 31.

Centerplate said if it does not obtain any new business to offset the loss of that contract in 2009, it will have a "material adverse effect" on its adjusted earnings.


52 week range: USA$ 3.50 - 18.85

5 day chart (CVP, CVP-UN.TO)

Had been paying $0.13 USA per share/unit

C/W's Cash Machine 25% newletter written by Bryan Perry got back in CVP in Jan 2008
I do NOT subscribe, but I did a symbol search ( see the titles below), since one of C/W's recent promos discussed the company (without naming it). Here is what the promo said : ..."A leading provider of food and related services this company has just signed a huge contract with one of the largest convention centers in the country. Current yield, 13.1%. "...

Feb 2008 news item Centerplate Wins One of Nation's Largest Convention Centers --
Centerplate Awarded 10 year contract for F&B Rights to Orange County Convention Center

Here are the most recent that probably had commentary regarding CVP

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01/25/2008 Congress Gets the Checkbook Out ... Must Be an Election Year Cash Machine 25%
01/18/2008 Tell Me Something I Don't Know Cash Machine 25%
01/14/2008 Play Ball! It's Time to Get Back Into Centerplate Inc. (CVP) Cash Machine 25%

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