Look into PARL (Parlux Fragances) that makes (under license) designer fragrance brands of Perry Ellis, Ocean Pacific, Beverly Hills, and JOCKEY. 5.80 of BV/share (price to book of 0.56)No Debt4.42 Price/FCFTotal Common Shares Outstanding (past 5 years, in million shares)8.55 9.98 9.97 10.27 13.81 (major share repurchases)I grant profit margin and ROE has been far from ideal, but it's a cheap company that has been a target for acquisition not too long ago. And then things get truly sickening: OPTION/SAR GRANTS IN LAST FISCAL YEAR Ilia Lekach, CEO got 500,000 LEAPS (expiration 2012) accounting for 71.4% of options granted (and some 6% of outstanding shares)Frank A. Buttacavoli, COO/CFO got 200,000 LEAPS (expiration 2012) accounting for (you guessed it) 28.6% of options granted.Mr Lekach has 30,9% of the company and the 2 together hold 2,118,000 options. Considering the 8,55 million shares outstanding, it shouldn't be long for them to take over the company thru (in part) excessive option grantng.I forgot to mention that Lekach himself, made a tender offer for the company, after which he and the company was promptly sued in a class-action suit.In all excitment, I forgot to mention that if there's change in management, the golden parachute is assured by among other things a doubled salary and options.So it all comes down to a simple strategy: drive share prices down by acting irresponsible, use cash flow to reduce float, grant yourself more and more options, and take over the company.Truly disgusting.-< CB >-
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