Stewart Title Contra Costa buh bye. Houston tossed in the towel today. PBE wishes the best of luck to the folks who lost their jobs. Call me, we’ll do lunch! God knows I haven’t anything else to do.
The Evil Empire cut 1600 jobs in the second quarter and is prepared to lop off more heads. Doesn’t that make you proud? The stock took its largest dump since 2005 last Wednesday. Yet, the Burgermeister continues to show a profit. Not much of a profit, .03 per share, but a profit. Actually it’s a fall off of 92% from last year. Here’s the transcript of the call.
We continue to navigate our way through an extremely challenging market during the second quarter. Title order accounts continuing to weaken, focused on reducing our personnel costs, downsizing our operations, refine the size of our title operations, (inaudible 00:03:13) Randy Quirk, as our cost-cutting efforts.
I’d sure like to refine that guy’s ass.
Today is Ted’s Excellent Title Adventure’s earnings release…after the bell natch. Here’s a little something that ended up in my inbox. Someone needs to tell NASCAR Teddy that you can’t make a silk purse out of a sow’s ear. They downgraded your ass and put you on a negative watch. All the mayonnaise in the world isn’t going to make that taste any different. It’s still a chicken shit sandwich.
The Bloodless Empire will have their call on Thursday. My final act should have been to submit a question to them. Although in a week my question would have changed. Now it would be “What is the Bloodless Empire’s threshold for pain when it comes to terrorism?” You have to wonder, is it the loss of human life or the loss of data? Or my other question “Can the title company really stand on its own after the split or is it ripe for assimilation by FNF or LFG?” They both want to buy it once it’s split off. The hedge fund doesn’t care, they’re busy destroying an over one hundred year old institution, they’re just corporate raiders. We all know who’s pulling Parker Kennedy’s strings. My money’s on Ted on this one. LandAmerica|First American, coming soon.
Dinty Moore reports tomorrow. Doesn’t look like they have the stomach for an earnings call. After bleeding out $1.24 a share Q1, they’re probably just hoping to sneak past the graveyard.
Old Repulsive seems to be just chugging along. They reported a loss of .22 per share last week. They’ve been on a negative watch since June, so Ted’s in good company. Their old school conservative management continues to navigate these treacherous waters. You’d think this would be the one that everyone was gunning for, but I think they’re too stodgy and they’re going to bring their battle weary ship in to port when this is all over with.