Recommendation Updates

Follow the latest news on active Turnaround Letter purchase recommendations.

Small Cap / Retailing

OfficeMax Financials Released

On February 23, 2012, OfficeMax Incorporated (NYSE: OMX) announced the results for its fiscal fourth quarter and full year ended December 31, 2011. Total sales were $1,835.8 million in the fourth quarter of 2011, an increase of 3.9% from the fourth quarter of 2010, while total sales for the full year 2011 decreased 0.4% to $7,121.2 million compared to the full year 2010. For the fourth quarter of 2011, OfficeMax reported net income available to OfficeMax common shareholders of $2.9 million, or $0.03 per diluted share, compared to $12.1 million, or $0.14 per diluted share, in the fourth quarter of 2010. For the full year 2011, OfficeMax reported net income available to OfficeMax common shareholders of $32.8 million, or $0.38 per diluted share. Results for the fourth quarter and the full year 2011 included one additional week of operation in the U.S. compared to fourth quarter and full year 2010. Based on the current environment, OfficeMax anticipates that total company sales for the first quarter will be flat as compared to the first quarter of 2011, including the impact of foreign currency translation. For the full year 2012, OfficeMax anticipates that total company sales will be flat to slightly higher than the prior year, including the projected favorable impact of foreign currency translation in 2012 and excluding the additional week in 2011. Additionally, OfficeMax anticipates that for the first quarter and full year adjusted operating income margin rate will be approximately in line with the 1.7% rate for the respective prior year periods.

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Turnaround Investing Blog

Is there value in bankrupt PG&E’s stock?

In nearly every case, the shares of a company in bankruptcy become worthless. In very rare cases, however, they can become great investments. W.R. Grace (NYSE:GRA) shares produced a 75-fold return, as an example. With California utility PG&E (NYSE:PCG) now in bankruptcy, the range of possible outcomes for its equity is wide.

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EV/EBITDA: What Is It & Why Are We Using It More?

In reading recent editions of The Turnaround Letter, you have probably noticed that we are increasingly using EV/EBITDA as a valuation measure, rather than the better-known price/earnings multiple.  We thought it might be useful to describe this measure and why we like it.

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Turnaround Letter Stock Pick Named Top Performer of 2017

 

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What Last Year's Top Stock Pickers Are Buying in 2018

 

This Forbes write-up follows up on the recent Top Stock Tips report--naming The Turnaround Letter's Crocs recommendation the top performer of 2017: With 90% gains, CROX beat out 100 other investment ideas included in the report; and the stock continues to have value investing appeal, according to Putnam.

 

George notes, "We see additional upside for the stock in 2018 as management's efforts continue to bear fruit, though the gains will likely be more muted than we saw in 2017."