Air Music&Media Share Discussion Threads

[philjeans] 23/9/2008 08:10

Several little nibbles of 5k in recent days - looking forward to the figures confirming excellent cash generation.

[davidsheila1] 18/9/2008 12:38

Just a reminder:

9 July 2008


AIR MUSIC & MEDIA GROUP PLC
("AIR GROUP" or "THE GROUP")

RESULTS FOR THE YEAR
ENDED 31 MARCH 2008


The Board of Air Group, the UK distributor of home entertainment products, announces its
final results for the year ended 31 March 2008.

The results continue to reflect significant underlying profitability and cash generation
throughout the Group

HIGHLIGHTS:

* Turnover up 31.5% to £80.9 million (2007: £61.5 million);
* PBT before exceptional items increased to £5.7 million (2007: £5.4 million);
* £2.9 million of borrowings repaid and cash balances of £1.7 million at 31 March
2008;
* New customers at Music Box Leisure deliver £8.3 million sales; and
* EPS, before exceptional items of 24.9 pence per share.

Peter Cowgill, Non-Executive Chairman of Air Group, said: "When I took over as Chairman in
2006 I stated that I was confident that the
management team could deliver profitable growth of the Group. I am delighted to report a set
of results that demonstrate the growth and
sustained underlying profitability of the Group.

"We began the year with clarity over the focus of the Group, having completed the
divestment of unprofitable and underperforming
business units in 2007. The underperforming businesses were, for the most part, inherited by
the current Board. Our distribution business
strengthened its market position in the UK commencing supply to several new customers this
year and, against a challenging market backdrop,
I look forward to continuing with the progress achieved to date.

"We have changed our financial statements to reporting under International Financial
Reporting Standards and, as part of our annual
review, have reduced the carrying value of goodwill. Due to the size and nature of the
reduction, this amount has been reflected as an
exceptional item. The write down has no impact on the cash position of the Group."

[davidsheila1] 18/9/2008 10:09

One of a few showing blue on my screen today ?

[8trader] 16/9/2008 23:12

If i had the stake in the company you had i would be there but i'm not
pulling the wool over anybody's eyes, i'm just a small stake punter, i
use to play with bigger numbers but thesedays i look elsewhere to make
money although i still spend a lot of time watching the shares David
hence i dont need to get seriously involved in stuff like Agm's !

[davidosh] 16/9/2008 22:57

8Trader....If you attend then you will have the chance to assess management, see the company sites and HQ and also get a better feel for the company and the business itsel. More importantly though it is the opportunity to show support and question strategy or simply try to find out why the market has valued AMU so lowly for the last two years.

I would suggest a number of investors have stayed clear because the business did not appear to have growth potential or do not like the very large director remuneration compared to the market cap and other ratios. It may also be the lack of dividend for shareholders so that they can share in this return from profits.

I intend to find out more and ensure that shareholders see a return from here. That will also encourage future potential buyers and holders and so increase the share price and capital returns from this low base. I think all shareholders should try to show their support by attending as II do not want another year of low share price, no dividends and 60% increase in director remuneration.

It is not always the markets...there can be an underlying reason.

[8trader] 16/9/2008 22:20

I would like to attend but then it's a long way away and there's
others who can post what happened here so why make the effort as
i dont have any real issues with Amu, it's the markets that have
made Amu's price so low in recent years and not the managements efforts.

[davidosh] 16/9/2008 19:15

goonertone....Are you coming this year ?

[goonertone] 16/9/2008 19:12

David

They'll have to get some more chairs and/or move it. Wasn't exactly the biggest room I've been in:)


GT

[davidosh] 16/9/2008 17:12

I know of six investors attending so should be interesting. I certainly think there are a number of questions to be answered so do add to the thread here if any holders want some answers

[davebowler] 16/9/2008 14:57

I might go to the AGM and if I do I will report back.

[goonertone] 16/9/2008 14:56

More like 38% as Trevor Allen is the main man but you have to take his wife and brothers(sor son cant rember which it is)shares into account.

GT

[goonertone] 16/9/2008 14:51

davidosh - way more than that. give me a mo.

[davidosh] 16/9/2008 14:49

Anyone here going to the AGM ?

davebowler...Directors hold about 23% of the shares from memory

[davebowler] 16/9/2008 14:28

Any idea as to what %age of co. shares the 3 Directors referred to in 3071 hold each/ in total?

[8trader] 12/9/2008 23:22

I think Clv will have to be another to add to the list.

3 mil market cap, recent profits of over 1 mil and a 4% stake today
changing hands at 9.25p when the current offer closed at 8p.

This bear market is presenting some stiff challenges to Amu's crown
of being the best value stock around !

[davidosh] 10/9/2008 20:02

You asked if there are any more...You could check out a few of these



Low rating, net cash but still growth in the forecasts at time of posting.

[8trader] 10/9/2008 16:58

I'm still here David, while the price is unchanged and inbetween
results there's not much more we can add at the moment, i can exhaust
the fact that Amu is probably the cheapest or best value stock out
there at the moment...well actually i already have several times so
now is the crucial patient time where we find out if Amu transforms
to a cash cow now that debt has been eliminated.

In this dire market i feel these type of stocks are the only ones to
invest in, they have to be profitable, debt free, cash generative and
on low multiples, i'm sure there quite a list that have cropped up since
the bear Aim market but for me the best value i currently see is Amu, Tnd,
Fts,Hdt and Netd, all 5 seem to fit the bill well, whilst they may not be
hitting new highs at least they are not falling either and that is half
the battle in this market along with avoiding a delisting which seems
to be the new Aim fashion for cash strapped loss making stocks.

ps...anymore like them ?

[davidosh] 09/9/2008 14:01

On page 34 it states that the highest paid director received £706k and that the amount received the preevious year was £406k. There should be full details of payments but the absolute minimum is provided. The remuneration committee is one person AFAIA. Shareholder returns are not in question over the last few years so about time ALL holders shared some of the rewards. This is a very cash generative company. I would urge shareholders to attend the AGM and give their views on the way forward for shareholder value.

[aleman] 09/9/2008 13:32

You are ignoring subsidiary directors of which there are at least 2. Still, that does not seem to account for the very large increase. I can find no reference to how remuneration is set.

P.Cowgill
T. Allan
L. Clarke
A. Bellis
K. Staton

[davidosh] 05/9/2008 19:35

There are only two directors plus one non exec and they received £1.4m...I am staggered ! I feel sorry for the hard working employees who on average received 17k and that includes many sales staff who presumably received some sort of incentives. The warehouse staff probably earn a pittance so hope they do not get to read this.

The Threesome received only £885k last year so not sure why the hike and in 2006 it was around £400k. In that two year period it cannot be said that shareholders have shared in these benefits with the dividend halted in 2005 and the share price halved in the same time.

Peter Long who holds 12%, BSI generali with 10% and Aberdeen Asset Management with 7% need to ask some questions on behalf of all holders but nothing to stop any shareholder asking for an explanation for the wage and remuneration package explosion.

The other alternative is to attend the AGM and question them directly

[crawford] 04/9/2008 21:41

tanners,
I agree, that is far too excessive compared to earnings.

[tanners] 04/9/2008 21:11

Got mine earlier in the week........one point that caught my eye was that the highest paid Director received over #700k last year - does anyone else think this is a bit excessive?

I agree the management have done a great job in transforming the business, but there's been little benefit for shareholders yet - perhaps they should get cracking on the capital restructuring that would allow payment of a dividend; after all 5p per share would cost em less than a million, and they are our earnings!

In fairness, this is mentioned on Page 11, notably that the Group continues to generate significant cash and expects to announce a procedure to restructure it's share premium account in due course........if succcessful, the Board will then embark on a progressive dividend policy.

Let's hope our patience is rewarded!

[crawford] 04/9/2008 20:18

Annual report due tomorrow....

[crawford] 01/9/2008 11:52

Thanks fmcalorum.