JMIH...Sorry but that was me selling...
That was me selling my JMIH position... I started at 3PM and finished before the close,,, All ticks at 0.26 and 0.25 were mine.. The reason being is because I have been to two boat builder liquidation auctions in the past week for some pretty good boat builders... Due to increases in workman's comp and resin (mine has gone from 1.39 to 2.17 a pound in the last eight months profit margins are really getting squeezed... We are up around Daytona Beach and Edgewater Boats ,,Boston Whaler,, Sea Ray are the largest builders,,, Eighty Miles north we have LURHS,,Mainship and Huckins,,,,Sailboat manufactures are almost all on the west coast of florida.. There is a site called Boatmoldtrader.com and the size of molds for sale at 0.10 on the dollar is increasing... A friend started a shallow water boat company 6 yers ago and built over 70 boats in that time... Has not had an order since the hurricane...The factors of his floor plans ceased his assets for non payment and sold the new boats,,all three fo 50 cents on the dollar... Suppliers who I had to call 3 times six months ago come by weekly without notice and call weekly asking if I need supplies... As I live on the ICW i have noticed the traffic going north by big buck yachts down by at least 40%.. this i have to attribute to 2.65 Diesel and almost 4.00 a mile for overland travel.. Both almost doubles of last year,,, Marinas are disappearing all over Florida and condos have taken thier place,,, Next store is a condo project going in that is selling dock space at 1500 a foot with a 30 ft min...Monthly rates for the ones left have gone from 6.50 a foot to over 12.00 a foot per month during the last year...and those are in municipal marinas...Now I know we are in the central part of the state but the last time I was in Miami the rates here were bargins... Some yards in ft.lauderdale and Miami are charging 1.25 per foot per day for land storage which 3 years ago would of been 5.00 per month per foot... The JMIH large boats carry 2 and sometimes 3 outboards capable of drinking 40gal of gas per engine per hour... So the beat goes on,,, I predict a rapidly consolidating industry dominated by the likes of Brunswick corp and a couple of others.. If you read what lines are just owned by Brunswick it will show the point I am trying to make.. After all they are the largest floorplanners and and factors in the industry supplieing engines to 60% of the boat builders that They do not own...Good luck to all the longs.. I also sold out my total positions in FIND and ALLN..hank
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