Centerline Holding Co (fka CLNH)

[paulbk]

DD update: CLNH .073 company that lends millions to other companies to buy real estate.


Former NYSE traded stock that once paid dividends brought to the verge of BK in the financial meltdown. Restructure in 2010 converted debt to shares that institutions like B of A, Citi Bank and Wells Fargo currently hold.

OS = 349 million shares : 84% held by institutions (294 million), 16% in public float (55 Million).

Went positive on EPS one year after the restructure in last 3 of 4 quarters in 2011. Ended year with earnings of +.19 share.

Q1 earnings due on 5/15 and are expected to be positive as well giving the company 4 quarters of consecutive positive earnings and putting it on track to again post positive EPS for fiscal 2012.

10 K lists assets in the neighborhood of 5 billion and the company still trades for .073/share.
Cash per share on hand for financing activities is 95 million. It recently replenished it's warehouse financing facility for 75 million at a favorable rate.
The company posts revenues of around 54 million per quarter. In addition to it's mortgage and refinancing activities the company also manages real estate. It controls or owns over 4 million square feet of rental space in NYC alone.
It has hired 50 people in the last 8 months showing growth despite the slow real estate recovery.
Recent PR's indicate that Q2 is poised to outdo Q1.
http://finance.yahoo.com/q?s=CLNH
177 million in transactional volume so far for 2012.

The story here is really incredible when you compare the dollar amount of the assets and revenues this company controls to it's paltry share price. Right now the company trades for less than half of 2011 posted earnings.