Broadcade Communications (BRCD) Q4 2009 Earning Call Recap

BRCD operates in two segments: Storage and Ethernet.  The challenge to BRCD is revenue from Ethernet segment did not meet expectation, according to company statement

This business model is driven by our two key markets, namely our core Storage Networking business and our
newer Ethernet business, which we acquired in Fiscal 2009. During the quarter our Storage Networking
business grew a very healthy 16.3% sequentially. We believe our success in Storage Networking provides a
robust strategic and financial platform for our Ethernet business as we build upon our product portfolio and
account penetration in that market. The high level of customer satisfaction and our reputation in Storage
Networking helps open doors to accounts at the highest levels and provides us with new opportunities to sell
our Ethernet product portfolio along with the resources to build out our distribution model to increase share
in this multi-billion dollar market.

It is clear, however, that we have some work to do in growing our Ethernet business to the levels we expect.
In short, our Ethernet business did not meet our revenue expectations, largely due to lower-than-expected
revenues from Federal customers and slower-than-anticipated development in our go-to-market routes.
However, we have focused on the issues behind these results and have taken immediate steps to rectify
them. We faced and successfully overcame similar challenges when we entered the Fibre Channel business
more than a decade ago. At that time, we recognized that product superiority and channel presence alone
are not sufficient to drive revenues. We needed and established customer intimacy by evangelizing our
technologies, solutions and expertise to customers and channel decision makers.

Leveraging this experience, Brocade is accelerating its strategy and redeploying resources to drive direct
account acquisition and penetration in our Ethernet business. Our stated strategy is to focus on new
account penetration and to have 1000 new Ethernet accounts by the end of 2010. As we exited Q1, we are
on track to exceed this goal. Building share requires sustained effort; and we expect success to take time,
but we have planted flags throughout the Global 2000, and are confident in our resources, vision and
commitment to succeed.

High Dividend Stocks Ex-Dividend from 3/2/2010 to 3/8/2010

This post lists high dividend (annual yield > 3%) stocks go ex-dividend next week order by ex-dividend date and then by yield. Since the timing of capturing the dividend of these stocks are one day before ex-dividend, therefore the listings go from next Tuesday up to the Monday in week after. A total of 14 high dividend stocks go ex-dividend in next week.

Tuesday 3/2/2010
None

Wednesday 3/3/2010
None

Thursday 3/4/2010
None

Friday 3/5/2010
None

Monday 3/8/2010
Ferrellgas Partners L.P. (FGP), player in Specialty Retail, Other, with market cap $1.60B, avg daily vol 172.67K, annual div yield 8.68%
NL Industries (NL), player in Synthetics, with market cap $350.97M, avg daily vol 29.38K, annual div yield 6.93%
Reynolds American (RAI), player in Cigarettes, with market cap $15.39B, avg daily vol 1.29M, annual div yield 6.82%
Pepco Holdings (POM), player in Electric Utilities, with market cap $3.73B, avg daily vol 2.2M, annual div yield 6.42%
UIL Holdings (UIL), player in Electric Utilities, with market cap $820.28M, avg daily vol 115.17K, annual div yield 6.3%
Ameren Corp (AEE), player in Diversified Utilities, with market cap $5.87B, avg daily vol 1.71M, annual div yield 6.23%
CompX International (CIX), player in Machine Tools & Accessories, with market cap $114.92M, avg daily vol 2.94K, annual div yield 5.38%
SCANA Corp. (SCG), player in Diversified Utilities, with market cap $4.44B, avg daily vol 604.12K, annual div yield 5.27%
Barnes & Noble (BKS), player in Specialty Retail, Other, with market cap $1.12B, avg daily vol 1.64M, annual div yield 4.98%
Rayonier (RYN), player in REIT - Diversified, with market cap $3.30B, avg daily vol 717.67K, annual div yield 4.81%
Public Service Enterprise Group (PEG), player in Diversified Utilities, with market cap $15.04B, avg daily vol 2.93M, annual div yield 4.61%
Univest Corp of Pennsylvania (UVSP), player in Regional - Northeast Banks, with market cap $286.00M, avg daily vol 44.37K, annual div yield 4.61%
Flushing Financial Corp (FFIC), player in Savings & Loans, with market cap $395.00M, avg daily vol 100.64K, annual div yield 4.1%
South Jersey Industries (SJI), player in Gas Utilities, with market cap $1.18B, avg daily vol 167.01K, annual div yield 3.31%

High Dividend Stocks Ex-Dividend from 2/23/2010 to 3/1/2010

This post lists high dividend (annual yield > 3%) stocks go ex-dividend next week order by ex-dividend date and then by yield. Since the timing of capturing the dividend of these stocks are one day before ex-dividend, therefore the listings go from next Tuesday up to the Monday in week after. A total of 32 high dividend stocks go ex-dividend in next week.


Tuesday 2/23/2009
None


Wednesday 2/24/2009



DNP Select Income Fund (DNP), player in Closed-End Fund - Equity, with market cap $2.16B, avg daily vol 310.86K, annual div yield 8.42%
Park National Corporation (PRK), player in Regional - Midwest Banks, with market cap $822.38M, avg daily vol 46.18K, annual div yield 6.8%
Dominion Resources Incorporated VA (D), player in Electric Utilities, with market cap $23.45B, avg daily vol 2.54M, annual div yield 4.67%
Bank of Hawaii Corporation (BOH), player in Regional - Pacific Banks, with market cap $2.09B, avg daily vol 367.35K, annual div yield 4.13%
The York Water Company (YORW), player in Water Utilities, with market cap $172.22M, avg daily vol 23.96K, annual div yield 3.71%


Thursday 2/25/2009

Cherokee Inc. (CHKE), player in Conglomerates, with market cap $154.95M, avg daily vol 73.26K, annual div yield 8.65%
Empire District Electric (EDE), player in Electric Utilities, with market cap $674.36M, avg daily vol 203.17K, annual div yield 6.84%
Inland Real Estate (IRC), player in REIT - Retail, with market cap $715.37M, avg daily vol 526.04K, annual div yield 6.74%
FNB Corp (FNB), player in Regional - Southeast Banks, with market cap $839.86M, avg daily vol 652.48K, annual div yield 6.52%
Penn Real Estate Trust (PEI), player in REIT - Retail, with market cap $429.54M, avg daily vol 378.66K, annual div yield 6.23%
Realty Income Corp (O), player in REIT - Retail, with market cap $2.98B, avg daily vol 930.45K, annual div yield 6.02%
Lorillard Inc. (LO), player in Cigarettes, with market cap $11.94B, avg daily vol 1.47M, annual div yield 5.23%
Home Properties Inc. (HME), player in REIT - Residential, with market cap $1.53B, avg daily vol 476.34K, annual div yield 5.88%
Horizon Lines (HRZ), player in Shipping, with market cap $121.00M, avg daily vol 246.17K, annual div yield 5.03%
Transalta Corp (TAC), player in Electric Utilities, with market cap $4.51B, avg daily vol 43.92K, annual div yield 4.87%
Delta Natural Gas (DGAS), player in Gas Utilities, with market cap $97.20M, avg daily vol 3.81K, annual div yield 4.44%
Safety Insurance Group (SAFT), player in Property & Casualty Insurance, with market cap $545.75M, avg daily vol 41.85K, annual div yield 4.41%
Brookfield Properties (BPO), player in Property Management, with market cap $6.74B, avg daily vol 3.07M, annual div yield 4.19%
CNB Financial Corp (CCNE), player in Regional - Northeast Banks, with market cap $135.44M, avg daily vol 12.14K, annual div yield 4.19%
Nacco Industries (NC), player in Farm & Construction Machinery, with market cap $414.60M, avg daily vol 25.45K, annual div yield 4.14%
Trustmark Corp (TRMK), player in Regional - Southeast Banks, with market cap $1.48B, avg daily vol 505.06K, annual div yield 3.97%
Connecticut Water Services (CTWS), player in Water Utilities, with market cap $196.10M, avg daily vol 19.69K, annual div yield 3.96%
Northeast Utilities (NU), player in Diversified Utilities, with market cap $4.68B, avg daily vol 1.33M, annual div yield 3.86%
NBT Bancorp (NBTB), player in Regional - Northeast Banks, with market cap $732.99M, avg daily vol 106.85K, annual div yield 3.75%
HNI Corp (HNI), player in Business Equipment, with market cap $1.08B, avg daily vol 199.33K, annual div yield 3.6%
McDonald's (MCD), player in Restaurants, with market cap $69.87B, avg daily vol 7.64M, annual div yield 3.4%
CSS Industries (CSS), player in Business Services, with market cap $172.67M, avg daily vol 20.98K, annual div yield 3.36%
Lockheed Martin (LMT), player in Aerospace/Defense Products & Services, with market cap $28.79B, avg daily vol 2.85M, annual div yield 3.26%
CullenFrost Bankers Inc. (CFR), player in Regional - Southwest Banks, with market cap $3.21B, avg daily vol 411.19K, annual div yield 3.22%
Sara Lee Corp (SLE), player in Processed & Packaged Goods, with market cap $9.73B, avg daily vol 5.14M, annual div yield 3.15%
First Merit (FMER), player in Regional - Midwest Banks, with market cap $1.78B, avg daily vol 858.42K, annual div yield 3.1%
Administaff (ASF), player in Staffing & Outsourcing Services, with market cap $439.60M, avg daily vol 262.25K, annual div yield 3.03%


Friday 2/26/2010

None


Monday 3/1/2010

None

Earning Recap: Major Solars in Q4 2009

Solar's Q4 earnings continue to reflect two stories: western companies' market share continue to lose to low cost manufacturers in China, high demand due to year-end rush before German feed-in-tariff cut. 

JASO (2/11)

JASO is positioned to be an OEM provider.  Regarding the expected drop of ASP in 2H following feed-in-tariff cut in Germany, JASO CEO commented that their technology cost cutting roadmap lead them to larger cost cut than expected ASP drop in 2H.

Expecting 2H 2010 demand to be higher than 1H due to year-end rush, in anticipation of price decline, demand will pick up (which doesn't quite make sense).

71% of Q4 sales went from China.

2010 Outlook: 2010 shipment to come in 900MW exceeding previous guidance of 700-800MW in Sep-09. Q1 shipment 250-255MW. Q1 gross margin 20%.  Assuming feed-in-tariff 15% cut in Germany, expect ASP to drop 10-15%.  40% - 50% end sales are in Germany.

FSLR (2/18)

Q4 module manufacturing cost is 84c per watt.  According to FSLR forecast, global PV demand will grow at 20-30% rate from 5.2GW to 7.5GW in 2010 mainly driven by increased demand in France, Italy, US and China.

TSL (2/24)

Market share grew from 2.5% in 2008 to 6.5% in 2009.  Q4 non-silicon manufacturing cost is down from 82c to 78c per watt. Q4 polysilicon cost was 46c per watt, expect Q1 to drop 10-15% from Q4 level

ASP outlook: Expect 5-10% decline in Q1 including Euro exchange rate drop, Q2 to be flat to Q1 level, and 15-20% decline in full year 2010 including impact from Euro.

Shipment outlook: 1H 2010 350-400MW, keep 2H 2010 outlook unchanged at 750-800MW, 80% of which go to Europe

Margin outlook: 26-28% gross margin in Q1

Appendix: Historical P/E (courtesy of ycharts.com)

period	CSIQ	JASO	TSL	STP	YGE
Q4/06				50.0147
Q2/07				45.5875
Q3/07		37.42	103.5818
Q4/07		59.6077	74.7222	80.7059
Q1/08	29.0278	40.4348	35.7442	34.3729	26.7188
Q2/08	33.7731	25.1493	29.4615	28.5954	19.6543
Q3/08	13.1959	27.0256	15.5068	27.1742	13.775
Q4/08		21.85	8.0086	19.1803	7.9221
Q1/09			14.8857	38.9667	16.7222
Q2/09			36.0986
Q3/09			41.7792

Further Reading

• Click here to read recap for Q3 2009 major solar earnings conference calls.
• Click here to read recap for Q2 2009 major solar earnings conference calls.
• Click here to read recap for Q1 2009 major solar earnings conference calls.
• Click here for an in-house free estimate from SunPower to install roof-top system in your house.

High Dividend Stocks Ex-Dividend from 2/16/2010 to 2/22/2010

This post lists high dividend (annual yield > 3%) stocks go ex-dividend next week order by ex-dividend date and then by yield. Since the timing of capturing the dividend of these stocks are one day before ex-dividend, therefore the listings go from next Tuesday up to the Monday in week after. A total of 32 high dividend stocks go ex-dividend in next week.

Tuesday 2/16/2009

Gladstone Capital Corporation (GLAD), player in 40225, with market cap $182.19M, avg daily vol 107.38K, annual div yield 9.72%
Gladstone Commercial Corporation (GOOD), player in 40225, with market cap $119.88M, avg daily vol 34.97K, annual div yield 10.71%
Gladstone Investment Corporation (GAIN), player in 40225, with market cap $110.84M, avg daily vol 53.94K, annual div yield 9.56%
Reaves Utility Income Fund (UTG), player in 40225, with market cap $431.43M, avg daily vol 118.5K, annual div yield 7.26%
LTC Properties Incorporated (LTC), player in 40225, with market cap $598.69M, avg daily vol 119.71K, annual div yield 6.05%






Wednesday 2/17/2009

Eaton Vance Tax-Managed Global Diversified (EXG), player in 40226, with market cap $N/A, avg daily vol 993.97K, annual div yield -%
Eaton Vance Tax-Managed Diversified Equity (ETY), player in 40226, with market cap $N/A, avg daily vol 493.84K, annual div yield 0.84%
Western Asset High Income Fund II Incorpor (HIX), player in 40226, with market cap $771.31M, avg daily vol 330.73K, annual div yield 12.17%
Western Asset High Income Opportunity Fund (HIO), player in 40226, with market cap $440.91M, avg daily vol 270.45K, annual div yield 10.59%
Western Asset Managed High Income Fund Inc (MHY), player in 40226, with market cap $264.70M, avg daily vol 126.43K, annual div yield 10.38%
Western Asset High Income Fund Incorporate (HIF), player in 40226, with market cap $47.16M, avg daily vol 17.16K, annual div yield 9.85%
Western Asset Global Partners Income Fund (GDF), player in 40226, with market cap $175.40M, avg daily vol 70.68K, annual div yield 9.94%
Western Asset Global High Income Fund Inco (EHI), player in 40226, with market cap $335.77M, avg daily vol 120.2K, annual div yield 9.57%
LMP Real Estate Income Fund Incorporated (RIT), player in 40226, with market cap $86.38M, avg daily vol 39K, annual div yield 9.47%
Western Asset Emerging Market Debt Fund In (ESD), player in 40226, with market cap $533.00M, avg daily vol 107.82K, annual div yield 8.3%
Qwest Communications International Incorpo (Q), player in 40226, with market cap $7.65B, avg daily vol 26.4M, annual div yield 7.22%
Western Asset Worldwide Income Fund Incorp (SBW), player in 40226, with market cap $164.55M, avg daily vol 43K, annual div yield 7.59%
American Software Incorporated Class A (AMSWA), player in 40226, with market cap $148.52M, avg daily vol 47.83K, annual div yield 6.14%
Western Asset Municipal High Income Fund (MHF), player in 40226, with market cap $159.97M, avg daily vol 29.97K, annual div yield 5.85%
Western Asset Municipal Partners Fund Inco (MNP), player in 40226, with market cap $130.62M, avg daily vol 22.97K, annual div yield 5.8%
Western Asset Managed Municipal Portfolio I (MMU), player in 40226, with market cap $531.91M, avg daily vol 78.14K, annual div yield 5.67%
Telecom HOLDRs Trust due 12/31/40 (TTH), player in 40226, with market cap $N/A, avg daily vol 66.87K, annual div yield -%
Western Asset Intermediate Muni Fund Incor (SBI), player in 40226, with market cap $129.80M, avg daily vol 21.81K, annual div yield 4.76%
Oil-Dri Corporation of America (ODC), player in 40226, with market cap $115.31M, avg daily vol 16.48K, annual div yield 3.7%
Western Asset Inflation Management Fund In (IMF), player in 40226, with market cap $113.89M, avg daily vol 17.35K, annual div yield 3.72%
PPG Industries Inc. (PPG), player in 40226, with market cap $10.08B, avg daily vol 1.3M, annual div yield 3.58%
The Standard Register Company (SR), player in 40226, with market cap $149.46M, avg daily vol 108.48K, annual div yield 3.86%





Thursday 2/18/2009

Alpine Total Dynamic Dividend Fund-Shs of B (AOD), player in 40227, with market cap $N/A, avg daily vol 1.03M, annual div yield -%
Alpine Global Dynamic Dividend Fund (AGD), player in 40227, with market cap $N/A, avg daily vol 126.53K, annual div yield 14.09%
Main Street Capital Corporation (MAIN), player in 40227, with market cap $172.65M, avg daily vol 61.18K, annual div yield 10.5%
Alpine Global Premier Properties Fund Shs o (AWP), player in 40227, with market cap $N/A, avg daily vol 391.41K, annual div yield -%






Friday 2/19/2010

Johnson & Johnson (JNJ), player in 40228, with market cap $173.05B, avg daily vol 11.34M, annual div yield 3.13%




Monday 2/22/2010

None!

High Dividend Stocks Ex-Dividend from 2/9/2010 to 2/15/2010

This post lists high dividend (annual yield > 3%) stocks go ex-dividend next week order by ex-dividend date and then by yield. Since the timing of capturing the dividend of these stocks are one day before ex-dividend, therefore the listings go from next Tuesday up to the Monday in week after. A total of 46 high dividend stocks go ex-dividend in next week.


Tuesday 2/9/2009

Gabelli Global Gold Natural Resources and I (GGN), player in 40218, with market cap $336.10M, avg daily vol 367.94K, annual div yield 10.8%
Gabelli Utility Trust (GUT), player in 40218, with market cap $228.81M, avg daily vol 83.17K, annual div yield 9.66%
Lazard World Dividend & Income Fund Inc. (LOR), player in 40218, with market cap $71.21M, avg daily vol 26.92K, annual div yield 8.21%
Summit State Bank (SSBI), player in 40218, with market cap $25.16M, avg daily vol 6.66K, annual div yield 6.79%
Gabelli Dividend & Income Trust (GDV), player in 40218, with market cap $1.01B, avg daily vol 223.08K, annual div yield 5.94%
Ellsworth Fund Limited (ECF), player in 40218, with market cap $82.58M, avg daily vol 24.4K, annual div yield 6.27%
Blue Square Israel LTD (BSI), player in 40218, with market cap $476.52M, avg daily vol 3.39K, annual div yield 6.79%





Wednesday 2/10/2009

Cornerstone Progressive Return Fund Shs of (CFP), player in 40219, with market cap $N/A, avg daily vol 144.58K, annual div yield -%
Cornerstone Strategic Value Fund (CLM), player in 40219, with market cap $82.86M, avg daily vol 40.03K, annual div yield 14%
Cornerstone Total Return Fund Inc. (CRF), player in 40219, with market cap $29.10M, avg daily vol 21.39K, annual div yield 14.09%
Western Asset Premier Bond Fund (WEA), player in 40219, with market cap $150.06M, avg daily vol 38.82K, annual div yield 9.24%
New America High Income Fund Incorporated (HYB), player in 40219, with market cap $197.95M, avg daily vol 59.96K, annual div yield 26.4%
Alliance Holdings GP LP (AHGP), player in 40219, with market cap $1.67B, avg daily vol 49.19K, annual div yield 6.49%
Western Asset Income Fund (PAI), player in 40219, with market cap $119.39M, avg daily vol 16.44K, annual div yield 6.62%
Hickory Tech Corp (HTCO), player in 40219, with market cap $109.02M, avg daily vol 31.07K, annual div yield 6.24%
Duke Energy Corporation (DUK), player in 40219, with market cap $21.29B, avg daily vol 7.83M, annual div yield 5.88%
Courier Corporation (CRRC), player in 40219, with market cap $165.71M, avg daily vol 29.45K, annual div yield 6.06%
Allete Incorporated (ALE), player in 40219, with market cap $1.01B, avg daily vol 157.54K, annual div yield 5.7%
Eli Lilly & Company (LLY), player in 40219, with market cap $39.66B, avg daily vol 6.8M, annual div yield 5.68%
DuPont E.I. DE Nemours & Company (DD), player in 40219, with market cap $29.58B, avg daily vol 6.59M, annual div yield 5.01%
Brooklyn Federal Bancorp Incorporated (BFSB), player in 40219, with market cap $101.83M, avg daily vol 10.61K, annual div yield 5.57%
Tower Bancorp Incorporated (TOBC), player in 40219, with market cap $180.26M, avg daily vol 29.6K, annual div yield 4.43%
MDC Partners Incorporated Class A (MDCA), player in 40219, with market cap $N/A, avg daily vol 70.32K, annual div yield -%
Shaw Communications Inc CL B (SJR), player in 40219, with market cap $8.01B, avg daily vol 277.96K, annual div yield N/A%
Spectra Energy Corporation (SE), player in 40219, with market cap $13.58B, avg daily vol 3.41M, annual div yield 4.76%
WVS Financial Corp. (WVFC), player in 40219, with market cap $29.47M, avg daily vol 0.69K, annual div yield 4.49%
Greene County Bancorp (GCBC), player in 40219, with market cap $60.70M, avg daily vol 0.41K, annual div yield 4.61%
Middlesex Water Company (MSEX), player in 40219, with market cap $226.56M, avg daily vol 39.51K, annual div yield 4.29%
Enbridge Incorporated (ENB), player in 40219, with market cap $16.52B, avg daily vol 273.86K, annual div yield 3.65%
Linear Technology Corporation (LLTC), player in 40219, with market cap $6.05B, avg daily vol 3.67M, annual div yield 3.46%
Corus Entertainment Incorporated CL B (CJR), player in 40219, with market cap $1.34B, avg daily vol 26.14K, annual div yield N/A%
Wisconsin Energy Corporation (WEC), player in 40219, with market cap $5.69B, avg daily vol 810.53K, annual div yield 3.29%
Hooker Furniture Corporation (HOFT), player in 40219, with market cap $140.85M, avg daily vol 30.01K, annual div yield 3.05%




Thursday 2/11/2009

Evergreen Income Advantage Fund (EAD), player in 40220, with market cap $636.53M, avg daily vol 189.65K, annual div yield 12.12%
Evergreen Utilities and High Income Fund (ERH), player in 40220, with market cap $130.04M, avg daily vol 48.47K, annual div yield 9.2%
Evergreen Multi-Sector Income Fund (ERC), player in 40220, with market cap $580.78M, avg daily vol 140.73K, annual div yield 9.41%
UMH Properties Incorporated (UMH), player in 40220, with market cap $96.06M, avg daily vol 27.15K, annual div yield 8.83%
Monmouth Real Estate Investment Corporation (MNRTA), player in 40220, with market cap $212.74M, avg daily vol 59.1K, annual div yield 7.85%
Evergreen International Balanced Income Fun (EBI), player in 40220, with market cap $151.13M, avg daily vol 55.35K, annual div yield 5.97%
CenterPoint Energy Incorporated (CNP), player in 40220, with market cap $5.43B, avg daily vol 3.64M, annual div yield 5.6%
Exelon Corporation (EXC), player in 40220, with market cap $29.20B, avg daily vol 4.43M, annual div yield 4.75%
DPL Incorporated (DPL), player in 40220, with market cap $3.18B, avg daily vol 968.69K, annual div yield 4.55%
Mine Safety Appliances Company (MSA), player in 40220, with market cap $842.97M, avg daily vol 93.86K, annual div yield 4.1%
Bar Harbor Bankshares (BHB), player in 40220, with market cap $77.02M, avg daily vol 14.65K, annual div yield 3.9%
Southwest Gas Corporation (SWX), player in 40220, with market cap $1.22B, avg daily vol 198.54K, annual div yield 3.5%





Friday 2/12/2010

Consolidated Edison Incorporated (ED), player in 40221, with market cap $11.90B, avg daily vol 2.05M, annual div yield 5.51%



Monday 2/15/2010

Happy President Day