1933 Industries – April 30, 2019 – Breakeven and SGA SBC as % of Sales

Here is a company that has languished over the past 6 Q's with a total increase in sales over that period of $2.1 million. QoQ sales finally showed a bit of a bump of 24%. Gross Margin both down as $% of sales to all time low of 25% and in absolute $'s to a 6Q low of $1.2 million. Opex climbing 18% QoQ to 111% of sales or $5.1 million. This results in EBITDA doubling to the negative from -$1.3 to -$2.7 million QoQ. Which leads to Breakeven Q sales on +NOP and + EBITDA basis increasing to 155% and 150%, respectively. And…

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1933 Industries – Structure and Current State – 04/19

Busy earnings day on April 1st - And 1933 is one of them. I've got many more structures to come. I’ve been interested in $TGIF since I came across them in late 2017, as well as 2018 when I did rundowns on them in both of the Dive Bar Pub Crawls past two years running. TGIF has a back story that I never quite got a handle on…which…while important to me at the time...has faded into the rearview of relevance. 2 years ago, it was important to me because it was not only my first pass, but also to get insights into the ‘jockey’…

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