Followers | 8 |
Posts | 744 |
Boards Moderated | 0 |
Alias Born | 07/16/2006 |
Sunday, July 26, 2009 8:19:43 PM
1: Regarding CFO vacancy: One of the most remarkable features of the recent EXP conference call was the total absence of any reference to the company’s lack of a CFO. ... Two months ago (in June), Mark Dendle resigned from his position as EXP CFO to become CFO at ECOM Trading. He had served EXP for less than a year when he made this decision to leave. (ECOM Trading is a privately held company in the International Trade and Development Industry located in Dallas.)
Based on the signature sheets of the 2010 Q1 Q-10, current CFO responsibilities at EXP have been assumed by William R Devlin who is described as Vice President and Controller (principal accounting officer). Bill Devlin has been Vice President and Controller at EXP since 2005. He was Director of Internal Audit from 9/04 to 9/05. Prior to that he was Senior Manager of PricewaterhouseCoopers LLP (7/99-8/04).
2. The major theme of the CC: EXP is maintaining profitability through strict cost control. Costs that are falling industry wide (i.e. natural gas, transportation, etc) are translated into reduced selling prices by all concerned and do not contribute substantial profits to the bottom line.
One cost reduction strategy that gives EXP an advantage over its competition is that EXP has been using its positive net cash provided by operating activities (about $20M/quarter) to reduce debt (and the associated interest expense). Whereas its major competitor, USG, has needed to sharply increase its debt, notably through issuance of a $400M 10% convertible note in Nov 2008.
EXP’s current long-term debt is $325M with interest rates ranging from 5.25-6.48%. Net interest expense in Q1 2009 was $5.6M which includes interest to the IRS (see #msg-26577461). This compares to a net interest expense in Q1 2008 of $8.0M, which was before the repurchase of $100M private placement debt in Feb 2009.
3. Miscellaneous points raised in the EXP CC ...
a. With respect to wallboard pricing, the critical sentiment expressed by Steven Rowley was
c. Natural gas prices will continue to come down a little bit over the next quarter or so as some of the gas hedges are worked off. Paper prices will continue to rise a bit as will freight costs. So margins are likely to remain the same. Currently, EXP has about 30% of its gas needs hedged at slightly under $5.50 for the rest of the fiscal year.
d. EXP’s current overall customer mix: 20% residential construction, approx 17% commercial construction, 48% public infrastructure, approximately 15% repair and remodelling.
=========
Sources:
Mark V. Dendle as Chief Financial Officer at ECOM Trading: http://www.linkedin-ech3.com/in/mdendle
SEC filing for Dendle resignation: http://www.sec.gov/Archives/edgar/data/918646/000119312509107374/d8k.htm
SEC filing for USG convertible: http://www.sec.gov/Archives/edgar/data/757011/000095013708014115/c47965e8vk.htm
EXP’s current debt and net interest expenses: http://www.sec.gov/Archives/edgar/data/918646/000119312509155019/d10q.htm
Recent EXP News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/19/2024 08:35:30 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/17/2024 09:16:36 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/09/2024 08:06:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/07/2024 08:30:32 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 08/07/2024 08:14:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 08:45:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 08:44:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 08:42:46 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 08:41:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 08:39:50 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 08:38:41 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 08:36:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 08:35:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 08:33:09 PM
- Eagle Materials Declares Quarterly Dividend • Business Wire • 08/05/2024 08:15:00 PM
- Form 144/A - Report of proposed sale of securities: [Amend] • Edgar (US Regulatory) • 08/02/2024 09:15:34 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 08:19:32 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/02/2024 08:14:55 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/31/2024 08:02:59 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/31/2024 07:59:26 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/30/2024 08:51:46 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/30/2024 10:45:30 AM
- Eagle Materials Reports Record First Quarter Results With 16% EPS Growth • Business Wire • 07/30/2024 10:30:00 AM
- Eagle Materials Schedules First Quarter Fiscal 2025 Earnings Release and Conference Call with Senior Management • Business Wire • 07/17/2024 08:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/17/2024 08:10:04 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM