Some Recent Earnings Reports of Interest

Numerous earnings reports have been released lately by companies of interest to preferred stock/baby bond buyers.  We post these because we know there are many folks interested in these companies.  Click on the company to go to their report.

mREIT Two Harbors Investment released earnings

JMP Group Earnings

Ladenburg Thalmann reported earnings

B Riley earnings release

These 4 companies have many issues of baby bonds and preferred stock outstanding–some of which are ‘high yield’–pretty junky.

This is not a recommendation to buy anything–but simply a ‘heads-up’.

 

9 thoughts on “Some Recent Earnings Reports of Interest”

  1. This is from the Ladenburg earnings press release; AFTER paying the enormous preferred dividend they post a loss on over $1 billion in revenue for the 9 month period…
    “For the nine months ended September 30, 2018, the Company had revenues of $1.036 billion, a 12.1% increase from revenues of $924.1 million for the comparable 2017 period. Net income attributable to the Company for the nine months ended September 30, 2018 was $24.2 million, as compared to net income attributable to the Company of $1.1 million in the comparable 2017 period. Net loss available to common shareholders, after payment of preferred dividends, was $1.3 million or ($0.01) per basic and diluted common share for the nine months ended September 30, 2018, as compared to net loss available to common shareholders of $23.0 million or ($0.12) per basic and diluted common share in the comparable 2017 period. The results for the nine months ended September 30, 2018 included $10.0 million of income tax expense, $21.9 million of non-cash charges for depreciation, amortization and compensation, $0.3 million of amortization of retention and forgivable loans, $7.1 million of amortization of contract acquisition costs and $7.2 million of interest expense. The comparable 2017 results included $0.3 million of income tax expense, $26.0 million of non-cash charges for depreciation, amortization and compensation, $5.1 million of amortization of retention and forgivable loans and $1.6 million of interest expense.”

    1. Nomad—I haven’t owned the LTS issues for quite some time–I did years ago, but they are outside of my conservative wheelhouse now.

      1. I’m not accusing LTS of being crooked, but let’s just say that the company has a lot of “interesting” moving parts to it. The biggest red flag is the enormous liability preferred A that LTS decided to use like a 8% (!) piggy bank until they pushed out their baby bonds LTSL, LTSF, LTSK. This seems like a game of financial musical chairs and the public will eventual be without a place to sit when the heinous music stops playing its fallacious tune. Wishing you profitable investing, Nomad

  2. Nice little mini sell off on liquidity with LANDP today. I am in with couple buys at 25.34 and 25.36. Always has been a reliable buy here and flip 20-30 cents higher after a monthly divi, and rinse and repeat. I always buy with being comfortable holding long term though. The past call, 2021 maturity or 300 basis point jack up if they dont serve as a good price support though with this issue.

    1. It is possible it could go lower for bargain seekers this time with latest ask at 25.36 and not hiding 20 cents higher as usual. But one nevers knows as it is liquid then bone dry.

      1. Grid–I have a potload of LANDP–I watch it go up and down like a yo-yo–maybe I should be flipping–and then repeat, repeat, repeat.

        1. When you are retired, Tim, you can focus on scooping up the nickles laying beside the road, lol. I am back in nicely myself now. I saw the propsectus they put out this week. They keep recycling this prospectus on LANDB and trying to shove it down peoples throats on the cheap. It isnt working. Nobody wants a 6% perpetual from them that isnt publically issued and tradeable, yet they continue trying with little success. They started at 6% and last open private offering it was $23.50 with a $25 par. Will still take my chances with past call LANDP.

          1. Thanks my plan Grid—when I have the time.

            If they need the cash I don’t know why they don’t just do another term preferred–hell there is plenty of demand.

            1. Its a very odd issue. Its a planned $150 million but take orders a couple times a month if interest occurs. One can buy as little as $5k into their Roth. Has a $22.50 redeemable put (gee thanks) and once bought they wont be tradeable until up to a year after series allotment is complete. And that may take years as they are fine just taking money a little at a time. Not an endearing issue certainly. And yes if it was a new term preferred they would sell it quickly. But he has been hell bent on doing this since beginning of this year for some reason.

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