Thursday, February 08, 2007

endgame for new century / new ?!

a big restatement for 3 quarters and a massive warning for the fourth quarter. if you have the guts you can read the press release here http://tinyurl.com/yqkeya . i´ve hard almost every call from them since 2005 and was shocked by perma optimism from management. i can smell lawsuits .......

verkehre bilanzen für 2006 und ne fette warnung. oben könnt ihr die presseerklärung nachlesen. ich habe von denen seit 2005 jeden call gehört und konnte den daueroptimismus des managements nicht fassen. nun kommen sicher saftige klagen auf die zu..........



the cannot offer a date when the are able to file the final results and are proud that they still have 350 mio$ in cash and liquidity. well, with billions of loans coming back to new century this number could not be enough. and remember, they praised almost every month their strong loan production...

bisher können die kein genaues datum nennen wann ne bilanz vorgelegt werden kann. immerhin sind sie stolz das sie noch 350 mio$ in cash und liquidität vorhalten. bei mrd von austehenden krediten können die in rekordzeit weg sein. man sollte zudem in erinnerung rufen wie jeden monat die starken kreditproduktionszhalen vom management abgefeiert worden sind.




good to know that in the last call from november!!!! management has this to say
as jeff matthews http://jeffmatthewsisnotmakingthisup.blogspot.com/ (great blog!) would say

"i´m not making this up"

http://immobilienblasen.blogspot.com/2006/11/new-century-warns-again.html (make sure you read the full link. amazing! bitte den ganzen link lesen)

The company repurchased 992,500 shares of its common stock during the third quarter of 2006 at an average price of $41.66 per share for an aggregate amount of $41.4 million.

Since the inception of the stock repurchase program in November 2005, the company has purchased an aggregate of 2.4 million shares of its common stock in the open market, at an average price of $39.60 per share (today 38$, round about 25% of the shares that new bought back were sold at the same time from insiders) now well under 30$!!!!!!! well done!



company is authorized to repurchase over the next 12 months 5 million shares, which represents approximately 9 percent of the company's outstanding common stock as of October 31, 2006. ( they can bury this one......)

During the third quarter of 2006, the company issued 2.3 million shares of its 9.75 percent Series B Cumulative Redeemable Preferred Stock at $25 per share and also completed a $50 million private placement of trust preferred securities (thats the new mantra, borrow to buy back stock...../die neue realität. verschulden um aktienzurückzukaufen.....)

disclosure: short new

here are the latest details on credit quality from new via russ winter
http://wallstreetexaminer.com/blogs/winter/?p=417#more-417

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6 Comments:

Anonymous ulle said...

Dann wird es jetzt wohl nicht mehr lange dauern und NEW ist auch platt, denke mal nach dieser Nachicht wird die Bereitschaft Hypothekenanleihen von NEW zu kaufen noch einmal beträchtlich sinken, was den Verfall noch mal beschleunigen wird.
Ich warte schon seit Monaten auf die Meldung die eine erste allgemeine Verunsicherung auslöst und damit das ganze Finanzgebilde auseinander reisst und die Aktien auf Talfahrt schickt. Bin mal gespannt wie die Reaktion heute an der US-Börse ist, ich kann diese immerwärende Hausse schon lange nicht mehr nachvollziehen.

4:07 AM  
Blogger jmf said...

hallo ulle,

yup.

besser hätte ich es nicht sagen können.

du sprichst mir aus dem herzen!

gruß von der küste

4:27 AM  
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