Scov, Two thumbs up IMHO! These are the highlights (in the world according to me).
Recent drop in price is due to longtime holders who were restricted from selling due to insider information with the CCE deal as well as convertables selling. Seems reasonable to me. No surprises here.
As expected, OS is "officially" 110 mil but "probably" 230 mil. (These are very rough figures, because I didn't write them down). At any rate, the OS numbers are consistent with what has been discussed here repeatedly. Again, no surprises.
Major increase in distribution due to CCE MDA with primary focus on convenience stores, ma and pa shops, schools, vending machines, etc. Smaller bottles--8 and 10 oz.
Good news here!
Increase in distribution results in a margin of roughly 30% vs. 32% without CCE. Good trade-off IMO.
Forward looking financials consistent with what was reported during the 2nd qtr cc.
CCE wanted to buy the company, but BRVO wasn't willing to sell and lose control. This is why the previous deal fell apart.
New products in partnership with 7-11--"Blenders." Apparently, this product line will not be hampered by special production requirements (a.k.a. Jasper). I didn't get all the details on this, as I had to take a phone call, but someone here will fill in the gaps.
No immediate/further need for taking on extra debt, but was a bit tentative on this.
All in all, a very good call, and I am very happy to be long!
Good luck to you, and I am sure someone will correct me on my poor memory regarding specific figures. I simply know that I wasn't surprised by any of them.
John
