Unformatted text preview: Realize sig. savings from refinancing 2008/09-issued debt. Since 05 engaged in 642M in acquisitions (2010 10K) 09-10 cap ex acquisitions totaled 11.2, total cap ex was (38.8+43.4)=82.2-11.2/2 = 35.5 maintenance cap ex per year on average. Probably lower than long term average since certain activities can be put off. Figure out NOLs going forward, dep/am is rapidly decreasing so tax shields will be important. – 285m, expire 2022-2027, 10k From 2q-11 transcript: management suggest they though a stronger economic recovery, part of why costs were up. Assuming they think that recovery is no more (seems to be case), presumably they will cut down on those increased costs (read: employees) going forward, helping margins. 134 new digital units since November. (total 1303). New estimate additional 250 by year end (prior=300) Digital 13% of business (2q-11 call)...
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- Spring '11
- Finance, 10%, 13%, 10 Years, 285m