Published On Seeking Alpha: The Pantry Is Empty: The Pantry Inc. Is Overvalued And Overleveraged

The Pantry, Inc. (PTRY) has made numerous changes to the company and its operations, hired a new CEO, remodeled stores, and even attracted a modicum of activist investor attention. Yet the company continues to see a steady slide in EBITDA, uses all of its cash flow to service debt and spruce up its stores, and has leveraged up its balance sheet in the process to the point where the firm has little room for error. The Pantry appears to be an obvious short based on declining operating performance, high leverage, and management's apparent inability to stem the deterioration of both the business and the balance sheet.

To see the rest of the article go here: http://seekingalpha.com/article/1988591-the-pantry-is-empty-the-pantry-inc-is-overvalued-and-overleveraged

As always, this is for your entertainment only, not investment advice.  Consult your advisors, do your own research, take your own risks.  I am just some dude spouting off over the interwebs.

Published on Seeking Alpha: Underperforming Olin Corporation Needs To Be Acquired

"Olin Corp. (OLN) reported fourth quarter 2013 earnings on Monday meeting analysts' estimates and tallying up record annual EBITDA of $424 million. While this is a notable achievement, management indicated first quarter EPS well below the consensus forecast and EBITDA for 2014 at best equal to 2013's performance. Meanwhile the company continues to laud itself for its increasing cash balance (up $143 million during 2013 to $308 million at the end of the year), continuing its 20 cent per share quarterly dividend (which has not been raised since 1999), and repurchasing 1.5 million shares during the course of 2013 (1.9% of shares outstanding for perhaps $40 million or 10% of EBITDA). Based on Monday's closing price, the company trades at EV/EBITDA of approximately 6 times and has done so for some time. Despite their multimillion dollar compensation, management together with the board owns a trivial amount of the company giving them little incentive to do much beside collect their pay and options grants. Olin is ripe for an activist to shake things up or a buyer to emerge to unlock the company's value."

The above is an excerpt from my recently published article on Seeking Alpha.  To read the whole thing, go here: http://seekingalpha.com/article/1980331-underperforming-olin-corporation-needs-to-be-acquired?source=yahoo

Author's note: Now that I am no longer subject to the numerous restrictions related to my prior employment, I have started trying new things professionally.  I submitted an article to Seeking Alpha which they selected for publishing as a "Small-Cap Insight."  I intend to split content in the future between this blog and Seeking Alpha, assuming they like my stuff enough to publish it.

As always, the linked article is for your entertainment only rather than investment advice.  Consult your advisors, do your own due diligence, take your own risks, and be careful with your money.  I am just some over-educated boob on the inter-tubes: what do I know?