Ebtm Share Discussion Threads

[westcoastrich] 26/10/2008 21:42

dixi - 26 Oct'08 - 20:34 - 898 of 899


From iii:

"2 new CCJ's for October:

liverpool C.C case no: 8LV61181 21/10/08 £14,715 unsatisfied judgement
northampton cc 8QZ00665 6/10/08 £4033 unsatisfied judgement

Remains unpaid:

£19,541 from Northampton August hearing, clocking up interest at well above base.

They need to get this situation sorted as future credit will become very difficult with these ccj's piling up"


dixi - 26 Oct'08 - 20:36 - 899 of 899


If the above continues is it not possible that somebody will become so p*ssed off that they try to pull the plug on EBTM if they cannot get paid??





----
I think you can do the following



you can appoint a liquidator.

[dixi] 26/10/2008 20:36

If the above continues is it not possible that somebody will become so p*ssed off that they try to pull the plug on EBTM if they cannot get paid??

[dixi] 26/10/2008 20:34

From iii:

"2 new CCJ's for October:

liverpool C.C case no: 8LV61181 21/10/08 £14,715 unsatisfied judgement
northampton cc 8QZ00665 6/10/08 £4033 unsatisfied judgement

Remains unpaid:

£19,541 from Northampton August hearing, clocking up interest at well above base.

They need to get this situation sorted as future credit will become very difficult with these ccj's piling up"

[greengiant] 26/10/2008 19:48

Lloyd - you are showing your ignorance again. For someone who wants to be seen as being an "expert" on ebtm, why don't you know that Converse has been part of the company's stockholding for years!!

gg

[moob] 25/10/2008 11:50

How much cash is left and what are directors salaries here please

[aly48] 25/10/2008 00:42

They have had converse for years

[lloydebtm] 24/10/2008 23:06

Yay, I had emailed them about 6 weeks ago so maybe they do listen after all :)

[lloydebtm] 24/10/2008 19:14

They had been waiting for the delivery, they had the stock sheet but needed to check the delivery in to ensure there was no mistakes or it would of thrown the stock control out.

I have also suggested they stock Converse...

Brilliant post by BAHEID...

[moob] 24/10/2008 19:05

how much cash is left? We hear lots about the banks reining in overdraft facilities, wonder if its had an impact here?

[clueless] 24/10/2008 18:46

I see stock from sizes 4 to 12

[dixi] 24/10/2008 13:56

Hopeless - still no stock of Dr Martens - this is their new line and heavily promoted on the home page - how many sales lost so far since this was added to the site yesterday?

I had thought they may have addressed this by now. Maybe stock has been delayed arriving at the warehouse, if so why not change the offer until stock is on hand!

I have set up an email alert to let me know when they are in stock - not going to hold my breath.

LLOYDEBTM - how do you feel about this situation? Is it acceptable?

[niggle] 24/10/2008 13:07

"Every pixel on ASOS.com is created with loving care"

I love that! - true, wasted real estate is a crime.

[baheid101] 24/10/2008 12:04

your absolutely right Dixi - this type of lack of attention to detail drives me absolutely mad. Every pixel on ASOS.com is created with loving care and attention and EBTM should be striving for nothing less. This is the focus of the business now and shareholders should expect to see substantial and tangible improvements in short order or you can forget about Blue Oar's forecasts, which assume 50% growth in EBTM.com this year.

[trigger45] 23/10/2008 20:43

Many thanks BAHEID101.

[granny7] 23/10/2008 19:57

Good post BAHEID101.

[baheid101] 23/10/2008 19:51

Lots of doom on this board, and its hard to argue with given the lack of information from the company. Its a shame the Blue Oar note isn't out for public consumption because it is essentially the business plan from the company under a different name - obviously whether they achieve what they set out is a big if - but I thought it might be helpful, since I have got a copy of the broker note, to flesh out some of the detail here because there is some serious rubbish being written on this board.

(1) As at 30 April 2008, the last financial year end, they had net debt of £0.5m (out of a facility of £750k), reported EBITDA of £1.02m, £0.9m operating profit, and EPS of 0.23p

So we are starting from a point of profitability, but with £0.5m of debt equivalent to 1/2 the year's profits on the balance sheet.

(2) They have subsequently raised £675,000 of fresh cash through an institutional placing in July 08, a further £200k from the sale of the Lowlife brand with a potential further £100k earn out. Management/Blue Oar's new forecasts estimate the group will move to a net cash position of £270k this year (April 09) and £0.97m in 2010.

(3) Main downgrade to forecasts comes from wholesale business, which is mainly UK and Spain. Total sales are now forecast to grow 20% this year to £8.09m and by 15% in 2010 to £9.28m. The note breaks down these forecasts into retail, wholesale and Atticus royalties (100% margin, mainly USA). The retail business is forecasting 50% growth to £2.75m in 09 and 40% growth to £3.84m in 2010. Atticus royalties (which are 100% gross margin) are expected to double from a low base to £300k this year, then rising by 1/3 to £400k in 2010. The main downgrade however came with the wholesale business which is now forecast to grow by 5% (previously 40%) to £5.04m this year and remain flat in 2010.

(4) Yet EBITDA guidance (£1.7m, +67% year on year) for 2009 maintained and profitably transformed (EBITDA margin +600bp from 15% to 21%) by cost cutting. Admin costs are set to fall by 20% as a result of £600k savings from restructuring the wholesale business. EPS is forecast to rise +35% to 0.31p, even after the dilution from the institutional placing.

As a reminder to those who judge management harshly, the forward order book at the time of the last results for the wholesale business was +40% on the previous year. The slowdown in consumer spending outlook in the UK (67% of wholesale sales) and in Spain (the other main market where they have warehouses etc) has subsequently deteriorated extremely fast and caught out many retailers, who as everyone knows have to buy in advance of future expected demand. EBTM have clearly been caught with excess inventory burning a hole in their working capital and have had no choice but to discout aggressively through EBTM.com to release cash. Their response to this new reality has been swift and few retailers would be able to protect their bottom line in the way EBTM are predicted to by shaving 21% off their cost base.

Clearly execution risk is high and visibility is low. Matters aren't helped by poor disclosure to the market (e.g what percentage of sales come from the Lowlife brand?), however there may be substantial rewards should the company execute on their plan.

[dieterich buxtehude] 23/10/2008 14:02

Wow, sounds like they've got their act together!!

[granny7] 23/10/2008 12:23

Completely Independent Distribution was formed in 2002 with the intention of offering music-related licensing and merchandising companies a reliable and independent route into the UK and Europe's entertainment retail market. CID now represents most of the key music merchandisers within Europe, including Signatures Network, Giant, Cinder Block as well as entertainment heavyweights such as Disney and Warner Bros.

The company has worked harder than anyone else to increase the performance of music and character merchandise in the European markets including the development of new packaging and POS solutions, which have, according to retailers, completely revitalised t-shirt sales. This is reflected in the fact that in the UK alone CID sold in excess of 1,000,000 t-shirts during the last twelve months – or to put it another way CID sold roughly two t-shirts every minute of every day, proving the strong market there is for the product.

CID is located in the heart of the United Kingdom, at the centre of the road and rail network. It also has distribution hubs in key mainland European cities including Paris and Amsterdam.

CID employs a team of 50 staff who are all dedicated to serving our customers and are all passionate about the products they sell. At our Leicester HQ we handle all aspects of t-shirt design, production and sales with an on-site creative design team, production department and eight-person strong sales department with specialist teams serving various sales streams and retailers. We also have two warehousing and logistics facilities where we handle all aspects of product storage, order picking and packing, and distribution.

Loudclothing, our Internet brand, is the only European web store that is in a position to offer all the main music brands all of the time. The site is growing in terms of traffic and sales at an expediential rate.

[whiterussians] 23/10/2008 11:51

One market maker SCAP on 0.5p, looks like it wants to go down

[dieterich buxtehude] 23/10/2008 11:34

Yes, well done Lloyd - you have perseverence akin to the Titanic's bandsmen... Go Lloyd!

[aly48] 23/10/2008 11:01

Would be nice to see the directors have the same confidence as LLOYDEBTM by buying a few!