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Thursday, March 02, 2006

First batch of 2006

HOST AMERICA CORP. (CAFE) website, sec, yahoo, pink
SEC filings have been late due to: 1) a pending SEC investigation, 2) NASDAQ de-listing, 3) class action lawsuits, 4) CEO placed on "administrative leave", 5) disclosure problems related to litigation, IP, and related party transactions in its energy management subsidiary, 6) all of the above.
The answer is 6!
don't follow

Electrobras. Brazil electric company. Lost money in 2005. Capital intensive business. This is outside of what I know.
don't follow

CAPITAL AUTOMOTIVE REIT (CARSO, CARSP) preferred stock, website, sec, yahoo, pink
Merged into Capital Automotive LLC. Auto dealers, storage lots, and body shops can sell their property and then lease it back to raise cash for investing "in higher returning investments, while still maintaining long-term site control for dealerships' operations." Diversify investment, no personal guarantee needed, and other claimed advantages. Triple net leases.

According to their latest 10-Q, they're profitable. In the merger, they paid $38.75 for all common shares, and vested all the options and related stuff. The preferred shares remain.
Our existing Series A preferred shares and Series B preferred shares will remain issued and outstanding as preferred shares of the surviving REIT. The surviving REIT will continue to pay the required quarterly dividends on the preferred shares. In a letter to us, however, Flag Fund V has indicated that it intends to offer to purchase our Series A preferred shares and Series B preferred shares for cash, at par, effective upon the completion of the merger or within a reasonable time thereafter, subject to, among other things, its ability to obtain sufficient funds to purchase the preferred shares.
The pfd shares have been hovering a bit under $25 lately. Par value is $0.01 per share. They paid $3.152 million in 2004 and 2005 for all the pfd shares, which is 48 cents per pfd share. In the notes, they claim to pay $1.875 per year per share for the series A and $2.00 for series B. Earliest redemption is 12/11/08 for Series A and 4/27/09 for Series B.
All of the classes of preferred shares set forth in the table above are non-voting and redeemable for cash, at $25.00 per share plus any accrued and unpaid dividends, at our option only on or after the earliest redemption date, unless in limited circumstances in which early redemption is necessary to preserve our status as a real estate investment trust for federal income tax purposes. The preferred shares have no stated maturity and are not subject to any sinking fund provisions.
Ok, so it appears that the company is going to end up paying $25 for these. Perhaps the merger nullified the earliest redemption dates.
don't follow

CAMBRIDGE BANCORP (CATC) website, yahoo, pink FDIC #8152
Looking at the FDIC database and comparing 2005 results with 2003 results:
At the end of 2005, they had $743 million in assets (vs $693 in 2003)
$663 million in deposits (vs $607 million)
Equity capital is $60.4 million (vs $59.6 million)
The problem is that nearly 2/3 of their loans are in residential real estate and that's probably in the bubbly Boston real estate market. At least they're nearly all primary mortgages.

0.17% noncurrent loans to loans (vs 1.61% in 2003! i.e. things can get ugly)
Net interest margin is 4.37% (similar to prior year). Return on assets is 1.06%. Return on equity is 12.39%.
And for that kind of return on equity, they actually have very high capitalization ratios.
Comparing them to a peer group of similar sized Mass banks, they're a bit better across the board.

So their 2005 results are in this press release. Un-audited. They earned $1.94 per diluted share vs $2.04 in 2004, but the 2004 results included a nearly $1 million gain on the sale of their credit card portfolio partially offset by a goodwill impairment charge. Book value per share is $15.65 ($15.01 tangible).

The stock is selling at about full value at $26.75. Dividends were $1.01 in 2005 ($0.94 in 2004) for a yield of 3.9%.
don't follow

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