RJR & Caribbean Producers paying dividends

RJR_logo280x150Radio Jamaica (RJR) will be paying an interim dividend of 5 cents per share on October 15, 2014, to shareholders on record as at September 9.
The stock will traded ex-dividend on September 5, 2014. RJR last paid a dividend of 10 cents, in November 2011 and 12 cents in October 2010. The latest dividend comes against to back ground of a jump in the company’s first quarter results to June.
CaribbeanProducers(CPJ)600X250Shareholders of Caribbean Producers (CPJ) will be enjoying a dividend of 4 cents per share payable on October 1, 2014 to shareholders on record as at September 10, 2014. The stock trades ex-dividend on September 8. CPJ paid a dividend of 3 cents per share on January 31, this year and 4.5 cents March 2013.
Caribean Producers enjoyed increased profits for the Year to June 2014, but the last half was lower than for the similar period in 2013.

Kingston Properties sells & buys apartments

KingstonProperitesREIT280X150Kingston Properties has successfully concluded the sale of 4 of its 19 residential condominium units, for approximately US$980,000, realizing cumulative gains of 69.5 percent over the four year holding period.
The Company, re-invested the net proceeds in a 19 unit residential apartment building in the Miami area. The property was purchased for US$1.88 million, a release from the company said. Kingston Properties is listed on the Jamaica Stock exchange and reported rental income $50.4 million, an increase of 15 percent for the six months ended June this year. Total comprehensive income for the period was $28.3 million, an increase of 7.4 percent, over the $26.3 million reported for the six months to June 2013. Comprehensive income includes, results of operating activities and foreign currency translation differences for foreign operations. The latter was positive $27.8 million for the six months in 2014 versus $33 million for the similar period in 2013.
The company owns and rents properties in Jamaica and Miami, in the United States.

Inside buying at D&G and Mayberry

D&GRed-StripeSilos280x150Hot on the heels of Desnoes and Geddes reporting strong full year results, with the promise of higher earnings in the new fiscal year, the company reports the purchase of it’s shares by a Director, who acquired 250,000 shares on August 29. 2014.
Mayberry Investments reported a small transaction, by a related party, who purchased a total of 16,690 of the company’s shares, between August 22 – 26, this year.
Jamaican Teas reported that a related party sold 1,592,907 of the company’s shares, on Friday August 27.

Caribbean Producers disappoints – Watch

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CaribbeanProducers(CPJ)280X150Much has been expected of Caribbean Producers (CPJ), but it disappointed investors with lower profits in the second half of the fiscal year to June, with profit of $95 million in the June quarter, versus $140 million in 2013.
The March quarter numbers had sent the signal of a lousy second half, with virtually flat profits of $124 million, in contrast to a vibrant increase of 82 percent in the December quarter of J$118 million, up from $65 million in 2012. Revenues climbed by 34 percent in the quarter compared with 2013 to reach J$2.57 billion and 24 percent in the prior quarter. Revenues in US dollars, climbed 13.37 percent to hit US$78.64 million for the 12 months to June.
Administrative and selling cost rose by 17.7 percent year over year, faster than the growth in revenue. Part of the increase management states, is due to some reorganizational restructuring, which contributed to short term increased cost during the period.
Gross profit in US dollar climbed 14.67 percent but gross profit margin improved slightly to 40.9 percent for the full year, from 40.2 percent in 2013.
Management attributes the performance to competitive pricing pressures and changes to the product mix, they also speak to new products now being distributed and the startup of their St Lucian operation, during the September quarter.
The stock has pulled back, to sit at $2.35 which is about where it should be, based on valuation in the local market at this time. While new products should add to revenues, the performance of the company in the last half of the fiscal year, suggests some amount of caution. The next set of quarterly results will be important to glean clearly, if the recent set back is over. Accordingly the stock is being considered a watch for the time being.
CPJ has managed to reduce the poor debt to equity ratio, with borrowed funds now at US$24.7 million, versus $24.5 million in 2013, and equity now at US$16.2 million, up from US$13 million at the end of June last year. By the end of this current fiscal year, they should be close to a ratio 0f 1:1 with the likelihood of continuing profitability, close to that of the past year’s figures.

Blue Power Q1 profit flat, upturn ahead

BluePower150x150Sales at Blue Power, for the quarter to July, were $278 million, an increase of 13 percent over the $246 million for the same period in 2013. The Lumber division enjoyed a 5 percent increase, from $174 million to $185 million, while sales for the Blue Power division, jumped impressively, by 33 percent, from $70 million to $93 million.
The Lumber division in the 2013 quarter, benefited from significant sales to one client, which was not repeated in the recent quarter.Blue Power recorded profits of $29 million, compared to $30 million in the same period last year. The Lumber division delivered $6 million of the overall profit, compared to $18 million in 2013, while the Blue Power division made $23 million versus $12 million in 2013. Earnings per stock unit, moved down slightly from 53 cents to 51 cents. IC Insider forecast earnings of $165 million or $2.90 per share, for the year ending April 2015, and $3.40 for the following year, which will see taxes being applied at half the regular tax rate for companies.
The Lumber division’s profit was negatively affected by bad debt provisions made, for receivables which were due for over 90 days. The provision pushed administrative and other costs to $40.35 million, up $12.4 million, from the $28 million in 2013.
Gross profit margin improved with the higher sales from the Soap division, moving to 31 percent for the latest quarter versus 28.4 percent in the 2013 period, and 26.4 percent, for the twelve months to April this year.
Blue Power had no loans the end of July, but had cash and bank balances of $156 million, with the forecasted profit, the amount should increase to well over $250 million by the fiscal year end. Current assets stand at $460 million and current liabilities $65 million. The latest results has confirmed the stocks Buy Rated stamp of approval.

Profit up strongly at D&G, more expected

RED STRIPE  factDesnoes & Geddes brewers of the world renowned Red Stripe Beer, reported impressive results for the year to June 2014, with pretax profit jumping 96 percent, including a gain on sale of shares, in two overseas breweries in the Caribbean. Excluding this one off gain, profit before tax would have been up by a still respectable 45 percent to $2.7 billion, instead of the $3.68 billion reported.
Profit after tax ended at $3.15 billion, but excluding the gain from the shares, it would have been $2.2 billion or 80 percent up, instead of the 160 percent increase the net result shows. Net profit benefited from a reduction in the tax rate from 30 percent in 2013 to 25 percent in 2014, in addition, other income that was negative in 2013 at $130 million, was a positive $232 million in 2014, a swing of $360 million. Profit before tax amounted $928 million for the June quarter versus just $371 million in June 2013 quarter and after tax credit, $1 billion, compared with only $161 million in 2013.
Gross profit margin improved slightly from 50.13 percent in 2013 to end at 50.38 in 2014. In 2012 gross profit margin was at 44.86 percent. The 2014 performance is still well off the 60 percent achieved in 2006. During the 2014 financial year staff cost was cut due to redundancies, from $2.25 billion in 2013 to $1.74 billion for 2014, a reduction of $500 million, in addition the company spent $311 million in making staff redundant in 2013. These two items resulted in more than $800 million cost reduction in 2014 versus 2013.
Revenue for the year climbed 10.6 percent to $14 billion and in the final quarter it grew by a stronger 17 percent, to $3.84 billion, from $3.3 billion in 2013. Foreign sales declined by 7 percent for the year to June, to end at $1.8 billion while local sales climbed 13.75 percent to $12.3 billion. The US market declined the most, falling from $566 million to $300 million. Royalties earned declined during the year to $525 million, from $556 million.
While earnings per share in the audited accounts is $1.12, earnings from ongoing operations is 77.6 cents for 2014. IC Insider forecast earnings of 90 cents per share for the current year ending June 2015, with the stock price under $5, the potential exists for investors to make a nice capital gain down the road and collect tidy dividend payments while they wait.
D&G has embarked on a brewery consolidation “project which will configure the brewery and process layout to ensure more cost effective production. By closing down the cellars and moving from horizontal to vertical processing vessels, we will reduce operating cost” management said in a report to shareholders. The company in April commissioned a combined heat and power plant which is expected to reduce energy cost.
At year end cash funds stood at $1.79 billion, current assets amounted to $4.6 billion and current liabilities at $2.6 billion, there were no loans on the books as of June.
The stock which was placed on the Buy Rated list months ago, remains there.

Three up three down on TTSE

Trading on the Trinidad Stock Exchange on Thursday saw 12 active securities, of which 3 advanced, 3 declined and 6 traded firm. A total of 103,044 units changed hands, with a value of $4,901,363.
TTSE 28-8-14The Composite Index declined by 0.98 points to close at 1,151.20, the All T&T Index fell by 1.96 points to 1,987.28 while the Cross Listed Index remained unchanged at 41.25.
Gains| Stocks increasing in price at the close are National Flour Mills contributed 12,112 shares with a value of $15.74 to gain 3 cents to $1.30, for a 52 weeks high, Point Lisas Industrial Port put through 1,000 units at $4.20 with 5 cent gain and Scotiabank gained 10 cents to end at $63.40 while trading 94 shares.
Declines| The stocks declining at the end of trading are National Enterprises with a volume of 20,500 shares traded for $363,875, closed with a 2 cents loss at $17.75, Republic Bank with 31,323 shares changing hands, valued at $3,816,394 to close at $121.84 after losing just 1 cent and Trinidad Cement closed at $2.80 after shedding 5 cents.
Firm Trades| Stocks closing with prices unchanged at the end of trading are Clico Investment Fund with 21,561 shares valued at $474,342 remained at $22. Firstcaribbean International traded 3,460 shares at $5, First Citizens Bank with 1,228 shares closed at $35.95, Guardian Holdings added 10,102 shares valued at $136,520, to close at $13.75, Massy holdings traded 14 shares at $68.50 and West Indian Tobacco with 10 units closed at $118.01.
IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 6 stocks with bids higher than their last selling prices and 1 stock with an offer that was lower.

What’s up with Grace’s stock?

Grace HQAt the close of trading on Monday, there were two lots of Grace’s stock on offer on the Jamaican Stock Market, 9,360 units at $63 and 200,000 at $65.
Over at the Trinidad Stock Exchange, the bid on the stock was the same as the last sale price, at TT$3.55 which equates to J$63, but only for 886 units. There was an offer to sell 12,300 units at TT$3.70 or J$65.50. Could the stock be set to jump? Probably.
Grace has been in the news recently with rise of 21 percent in profit for the six months to June and the purchase of a USA trading operation, La Fe Foods with revenues of US$80 million per annum, that should add nearly $9 billion to revenues in a full year.
Grace expects much benefit to flow from this acquisition, as La Fe Foods services the Hispanic market with a large population that should allow some of Grace’s branded products to find new markets. In addition, the acquisition will allow some products with inadequate margins, to be sold to a non-related distributor, to be exported by Grace to the USA market.

CWJ making headway, not there yet

CWJ old 1Revenue from core business is up 11 percent while expenses are up by a much smaller 5 percent but Cable & Wireless still ended up with a loss of $712 million in the June quarter, this year, better than the $804 million reported for the 2013 quarter. The 2013 performance is boosted by other income representing, gain on sale of fixed assets of $130 million, putting operating income at $934 million than the reported figure. The company had a $580 million improvement in operating profit in 2014 excluding the gain on sale of fixed asset.
Cost rose by $250 million in the quarter as amortization cost, administrative, marketing and selling expenses and interest cost rose, offset by lower out payments for calls to other networks and labour cost. The company increased marketing spend during the quarter to drive sales of it MVP data and talk EZ plans, during the 2014 World Cup tournament. They were the leading sponsors of the CVM TV live broadcast of the games. The largest cost increase, is finance, rising 69 percent to $962 million, due mainly to a sharp rise in the interest rate charged by the parent company, based on higher Jamaican Treasury bill rates. Up to March this year the rate was 7.7 percent effective May 11th, it moved to 10.03 percent, the rate should decline by time the next reset date comes around November 11 this year as Treasury bill rates have been on the decline since May and should get even lower than currently, when the rate resets.
The company continues its focus on attracting new cell customers as well as internet data users, while trying to maintain landline business. The results show, in the strong growth seen in the June quarter, compared with June 2013. Mobile subscriber base increased by 37 percent with revenue up 34 percent, broadband base increased by 12 percent with revenue up 39 percent, in addition total revenue for the quarter is up on the inflows of $4.7 million for the March quarter.
The next two quarters, are periods when the company places emphasis on aggressively growing the customer base, as a result increased focus on marketing spend, can be expected to continue to increase revenue. While data suggest the possibility of profit this year based on continuing growth in revenues, a lot will be dependent on the aggressiveness of customer acquisition and by extension the cost to acquire them.
Cable & Wireless has a negative book value of $25 billion or $1.46 per stock unit, having written off large portion of its assets in recent years. The business as it now exists has a positive value, as such the net value per share could be far better than the book value indicates. The real value to shareholders must be its ability to convert losses to profit and soon. Investors in the market are sensing the improvement, driving the stock price up from 16 cents at the start of the year to 35 cents presently. Importantly, selling of the stock is down from what it has been in 2013 and in the early months of this year.
Of course the company has to depend on its parent company for financial support for capital in the short term but it is close to a positive cash flow from operations.

Is KLE Group about to turn a profit?

KLEKLE Group raised $94.6 million from the IPO share issue when 27 million shares were sold at $3.70 per each, but the company has melted through these funds in a relatively quickly having turned a $9 million surplus at the end of 2011 into an accumulated loss of $81 million, as of June this year, leaving equity of only $42 million.
KLE operates Usain Bolts’ Tracks and Records and Friction Lounge night club in Kingston and Nightclub, in Portmore starting in the middle of 2013.
In 2013 the group lost $56 million and for 2014 to June, $21 million of losses were added to reduce the level of equity further. But things may well be looking up for them if information for the second quarter holds. Although there was a loss of $8 million in the quarter, this was a bit better than the $13 million in the first quarter, this year, even as revenues were less than in the first quarter as well as against the 2013 quarter. The first task at the company has at hand, is the curtailment of cash, this could be just around the corner. In fact there was a positive $6 million cash flow inflow from operations in the June quarter, a big improvement to the half a million in the first quarter.
Revenues| fell sharply in the June quarter from that in 2013 with $59 million in 2014 versus $89 million in 2013. The June income is also down on that of the first quarter at $68 million. For the six months to June, revenues fell to $127 million compared with $152 million in 2013, all the reduction occurred in the second quarter.
Administrative and other expenses fell to $40 million in the latest quarter, from $71 million in 2013 and $87 million in the six months versus $120 million last year. The cut in administrative cost in the quarter, helped to produce a small loss of $2 million, before depreciation and finance expenses and an overall loss of $8 million for the quarter, versus $19 million in 2013. “The company has further reduced operating cost including overheads eliminated as a result of corporate office consolidation at the beginning of May.” Gary Matalon CEO of the company stated in his report to shareholders. He went on to indicate, that the cost rationalisation has brought expenses much more in line with revenues. Expenses included a charge against fixed asset, amounting to $8 million in the June quarter. Unfortunately for the company, a 193 percent gross profit margin enjoyed in the 2013 second quarter, melted down to a still respectable 160 percent.
Making allowances for the one off charge against fixed assets and the cost reduction which only applied for two months out of the June quarter, KLE could be looking at a profit in the next quarter, assuming that revenues and margins are kept up.
Matalon spoke to the franchising arrangements reaching a matured stage where selling can commence, if successful it would bring in added revenues. But that is a promise, although reference is made about two potential candidates being courted.
Finances| As can be expected, with the burning through of capital, the group’s finances have deteriorated. Borrowing stands a $52 million, current assets stands at only $50 million including cash of $7 million and current liabilities of $143 million.
KLE stock last traded at $1 and now has a bid to buy 100,000 units at $1 and an offer at $1.90, the stock traded as low as 90 cents.

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