Listen Live : http://www.voiceamerica.com/episode/80574/lets-trade-the-market
Wednesday, September 24, 2014
Listen Live : http://www.voiceamerica.com/episode/80574/lets-trade-the-market
Friday, September 12, 2014
chart source: (bigcharts.com) click chart to enlarge.
The stock has closed under $14 per share for 21 consecutive days and saw a brief spike yesterday after the CEO bought 90,000 shares @ 13.03. The trade in my opinion is insignificant in light of the most recent prior trade the CEO did when he appeared on Jim Cramer's MAD MONEY and touted TITAN MACHINERY's future. 30 days later DAVID MEYER SOLD 300,000 shares @ $27.80 and received proceeds of $8,340.00.00 and CEO Peter Christianson sold 200,000 shares $27.80 for proceeds of $5.56 million. (more on Hyping of Shares (Unrealistic Guidance) that Directors used to take advantage of Stock Sales can be found here)
incorrect classification of the VAT asset as a non-monetary asset
coupled with the significant devaluation of the UAH resulted in an
overstatement of the Company’s assets (Prepaid expenses and other) as of
April 30, 2014 and an understatement of the Company’s loss (Interest
income and other income (expense)) for the three months ended April 30,
2014. This correction increased the Company’s Net Loss Attributable to
Titan Machinery Inc. by $2.3 million (from the previously reported $4.2 million to $6.5 million) and increased the diluted loss per share by $0.11 (from the previously reported $0.20 loss per share to a $0.31
loss per share). This correction is reflected in the accompanying
unaudited Consolidated Statements of Operations for the six-month period
ended July 31, 2014.Based on an evaluation of all relevant factors, the Company concluded that this correction was immaterial to the Company’s results for the three months ended April 30, 2014; therefore, the Company determined that an amendment of its previously filed Form 10-Q for the quarterly period ended April 30, 2014 was not necessary, and the correction will be reflected in future 10-K and 10-Q filings."
- FY2015 2nd quarter 10Q included a footnote regarding the covenants of Titan's $150 million indenture with Wells Fargo, specifically the 4th amendment in less than a year. What is interesting to not is that the underwriting only occurred 2 years ago and the investment banker found it seemed fir to make yet a 4th amendment.
Tuesday, September 9, 2014
$TITN FY2015 Q2 loss ($0.03) vs. FY2014 Q2 $0.18— tom renna (@StockPicker908) September 9, 2014
$TITN OUTLOOK LOWERED , cut in half. expects net income to be in range $6.4 mil- $12.7 million, vs previous range of $14.8 mil to $21.1 mil— tom renna (@StockPicker908) September 9, 2014
$TITN reports third consecutive quarterly loss— tom renna (@StockPicker908) September 9, 2014
$TITN Net Income for TRAILING TWELVE MONTHs ending July 31,2014 : $690,000 that's 690 thousand dollars. Mkt Cap $275 million, PE is 398 ttm— tom renna (@StockPicker908) September 9, 2014
$TITN FloorPlan Payable increased from $798 million in Q1 to $850 million in Q2— tom renna (@StockPicker908) September 9, 2014
Tweets by @StockPicker908
$TITN CURRent LIABILITES increased from $940 million in Q1 to $972 million in Q2 3.4% increase— tom renna (@StockPicker908) September 9, 2014
Friday, September 5, 2014
The above chart demonstrates how Equities Research llc SEEKS ALPHA!
(chart source: www.bigcharts.com)
After Titan Machinery reported disappointing Fiscal Year 2014 annual financials on April 10,2014, shares went on a three day tear and traded up from $16 to $20.40.
In less than 5 months since hitting the 52 week high of $20.40 on April 14,2014, shares are now down 40%, closing yesterday @ $12.44. The S&P500 index is up 9% over the same period. (1830 to 1997).
Management of Titan can blame price of corn, the weak construction & agricultural economy, poor farming, the unrest with their footprint in the UKRAINE, but I blame The company's poor financial condition on GREED AND RELATED PARTY TRANSACTIONS
Equities Research remains bearish Titan heading into the company's 2nd quarter earnings release scheduled to be reported pre-market next Tuesday.
- On June Q1 conference call Chairman gave guidance: "expect our Ag same-store sales to be negative 10% to 15%".
- Investment Banking firm William Blair has Titan rated a Sell (under perform). William Blair covers 98 stocks and Titan is its only SELL rating.
- Titan Machinery's $150 million Convertible Bond traded at an all time last week @ $77.50 yielding 9.78%.
- YEAR over Year Earnings are down (-79%) .
- Trailing Twelve Months ending April 30,2014 Net Income : $5.07 million. At current $250 million market capitalization, shares are trading at a Price to Earnings Multiple of 60.
- Other Q1 2015 CC Highlights:
- Agriculture Adjusted Pre-Tax Income Declined 50% in FY2015 Q1 vs FY2014Q
- "Used Equipment Prices Under Pressure due to Higher Industry Levels of Used Equipment"
- Q1 equipment margins declines. Gross profit margin was 16.3% in the Q1 fiscal 2015, compared to 16.7% in the first quarterQ1 last yr
- inventory level was $1.12 bil as of April 30, 2014, compared to $1.08 billion as of January 31, 2014.Floorplan interest exp $4.6 mil
- FY15 Q1 Operational Cash FLow : (Negative $54 mil) vs (Neg $6 mil) in FY14 Q1. operational cash flow per share NEG ($2.44) per share
my former twitter handle was @GFNNSTOCK
This guy makes a serious case that this company is, umm, furry. (@gfnnstock)newsgrade.blogspot.com/2013/04/titan-…
— Roddy Boyd (@BoydRoddy) April 28, 2013
I've got to hand it to $GFFNStock (Tom Renna): He's been warning on $TITN for quite awhile http://t.co/Fso3e4laAg Also not a fan of $SSYS
— Herb Greenberg (@herbgreenberg) May 24, 2013
Thursday, September 4, 2014
OLSTEIN: Earnings vs. Cash Flow
To calculate a company's cash flow, start with net income. Add back what it has taken in depreciation expenses and accounts payable. Then subtract capital expenditures, inventories and accounts receivable.
Watch out, Mr. Olstein said, if net income is much higher than cash flow. The company may be speeding or slowing its booking of income or costs, perhaps to meet analysts' earnings forecasts."
WarningsYou Want to See by Herb Greenberg
As the market goes higher, it becomes more important to measure the quality of corporate earnings,he said.
You have to look behind the numbers.
Cash flow, on the other hand, is actual money that a company generates and that its managers can use to invest in the business or pay out to shareholders.
SOME of the widest gulfs between earnings and cash flows, Mr. Olstein said, are showing up the ways companies account for capital expenditures."
Cash is king,he says. He spends a lot of time crunching numbers in a search for strong cash flow, and his winnowing process goes something like this:
First, he scrutinizes a company's financial reports in an effort to determine whether they paint an accurate picture. In this work, he has considerable expertise: he was an auditor with the old Arthur Andersen & Company, and then, in the 1970s, was co-author of The Quality of Earnings, a financial newsletter that, in its day, was perhaps the foremost authority on spotting the gray areas of corporate accounting.
If you're analyzing a company,he says,
you first have to understand what they're really earning, as opposed to what they say they're earning.
to analyze a company's results and the quality of its
earnings for valuation purposes.
1. Using the company's cash fl ow statements, we begin by
reconciling the difference between free cash fl ow and
reported earnings under accrual accounting. (Accrual
accounting records revenues, expenses and income
when the transaction occurs, as opposed to when
the cash is actually received or spent.) The smaller
the difference between free cash fl ow and reported
earnings, the higher the quality of earnings."
a company's financials.
RO: We begin by reconciling the difference
between free cash flow and reported
earnings under accrual accounting. The
smaller the difference, the higher the
quality of earnings. The bigger the difference,
the more work we have to do to
understand the makeup and sustainability
of free cash flow."