Daily Archives: October 12, 2012

Margins matter. The more Liberty Global (Nasdaq: LBTY.A) keeps of each buck it earns in revenue, the more money it has to invest in growth, fund new strategic plans, or (gasp!) distribute to shareholders. Healthy margins often separate pretenders from the best stocks in the market. That's why we check up on margins at least once a quarter in this series. I'm looking for the absolute numbers, so I can compare them to current and potential competitors, and any trend that may tell me how strong Liberty Global's competitive position could be.

Here's the current margin snapshot for Liberty Global over the trailing 12 months: Gross margin is 64.6%, while operating margin is 19.7% and net margin is -0.9%.

Unfortunately, a look at the most recent numbers doesn't tell us much about where Liberty Global has been, or where it's going. A company with rising gross and operating margins often fuels its growth by increasing demand for its products. If it sells more units while keeping costs in check, its profitability increases. Conversely, a company with gross margins that inch downward over time is often losing out to competition, and possibly engaging in a race to the bottom on prices. If it can't make up for this problem by cutting costs -- and most companies can't -- then both the business and its shares face a decidedly bleak outlook.

Of course, over the short term, the kind of economic shocks we recently experienced can drastically affect a company's profitability. That's why I like to look at five fiscal years' worth of margins, along with the results for the trailing 12 months, the last fiscal year, and last fiscal quarter (LFQ). You can't always reach a hard conclusion about your company's health, but you can better understand what to expect, and what to watch.

Here's the margin picture for Liberty Global over the past few years.

Source: S&P Capital IQ. Dollar amounts in millions. FY = fiscal year. TTM = trailing 12 months.

Because of seasonality in some businesses, the numbers for the last period on the right -- the TTM figures -- aren't always comparable to the FY results preceding them. To compare quarterly margins to their prior-year levels, consult this chart.

Source: S&P Capital IQ. Dollar amounts in millions. FQ = fiscal quarter.

Here's how the stats break down:

With recent TTM operating margins exceeding historical averages, but net margins still negative, Liberty Global still has some work to do.

Link:
Does Liberty Global Miss theGrade?

Crowning glory ... the Statue of Liberty reopens to public later this month.

Public access to New York's attractions is increasing, with the city's iconic statue leading the way, writes Lance Richardson.

For many travellers, myriad events during the past decade can be reduced to a single fact: the US is increasingly closed. This is clear every time a person goes through the gauntlet of airport security, X-rayed by spreading their arms and legs in a star-jump manoeuvre. It's clear at the White House in Washington, DC: officials suggest visitors contact the Australian embassy to arrange a tour; the Australian embassy informs visitors that tours are currently "on hold".

An increase in public access is therefore an event. In September, the Museum of Modern Art, New York, announced its intention to stay open seven days a week from next May. The Metropolitan Museum is said to be considering a similar move. Downtown and across the bay, an even more iconic monument is opening its doors wider as well: the statue on Liberty Island.

Liberty Enlightening the World was designed by French sculptor Frederic Bartholdi, with iron framework by Gustave Eiffel, and presented to the US as a gift from France.

Advertisement

Initial reception was mixed. Living through a depression at the time, the US was required to pay for the pedestal; The New York Times complained "no true patriot can countenance any such expenditures for bronze females in the present state of our finances".

The public made it work through donations, though, and on October 28, 1886, Liberty was dedicated during an elaborate ceremony.

Coated in copper and standing 93 metres tall, its features are widely celebrated: the golden torch, originally a functioning lighthouse; the tablet bearing the date of American independence (July 4, 1776); the broken shackles at the statue's feet. After a few years, the exterior began to oxidise, turning green and sending Congress into a panic. New Yorkers thought Liberty looked better this way. The statue symbolises openness.

"Give me your tired, your poor, your huddled masses yearning to breathe free," begins Emma Lazarus's famous poem, mounted on a plaque inside the pedestal. This is what made the closure, after the events of September 11, 2001, so significant. Because of safety concerns, visitor access was restricted to the island's exterior for eight years.

Read more here:
Liberty shows her new face

TORONTO, ONTARIO--(Marketwire - Oct 12, 2012) - Liberty Silver Corp. (LSL.TO)(LBSV) ("Liberty Silver" or the "Company") confirms that a cease trade order was made by the Ontario Securities Commission today providing that trading in the securities of Liberty Silver Corp. (excepting issuances from treasury) shall cease until 11:59 pm EST on October 18, 2012 (the "OSC Order").The OSC Order is effective for the same time frame as the Order of Suspension of Trading (the "SEC Order") imposed by the US Securities Exchange Commission ("SEC") on Friday, October 5, 2012 which provides that the Company''s shares will remain halted on the OTCBB until 11:59 pm EST, on October 18, 2012.

As earlier announced, the Company has been in contact with regulatory authorities in both Canada and the US, and is currently working diligently to resolve the matter. The Company understands that the OSC Order has been made to provide a reciprocal measure to the SEC Order.

The Company believes that it is in compliance with all applicable disclosure and regulatory requirements, and is firmly committed to being fully compliant and transparent in the Company''s governance. The Company will work closely and cooperatively with all regulators to resolve this matter as soon as possible for the benefit of our shareholders. As additional information becomes available, the Company will use its best efforts to communicate that information to our shareholders.

About Liberty Silver

Liberty Silver Corp. is focused on exploring and developing mineral properties in North America. The company is committed to creating value for its shareholders by advancing its projects using its mitigated risk approach to production, developing new resources on its existing properties, and acquiring new properties with potential to expand their resource base. The Trinity Silver property in Pershing County, Nevada is the company''s flagship project. Liberty Silver has the right to earn a joint venture interest in the 10,576 acre Trinity property from Renaissance Gold Inc. For more information, go to http://www.libertysilvercorp.com.

Cautionary Statements

This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management''s expectations. Forward-looking statements include estimates and statements that describe the Company''s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company''s mineral properties, and the Company''s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of the Company''s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company''s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Go here to see the original:
Liberty Silver Comments on OSC Cease Trade Order

October 11, 2012

Speaking to investors yesterday, Liberty Media CEO Greg Maffei said the company's takeover of SiriusXM could take up to 18 months to complete. Multichannel News reports that Maffei said any future transactions with the satcaster would depend on Liberty's ability to monetize high cost shares, but that could take up to a year and half to fully complete.

Liberty Media currently controls approximately 49.6 percent to SiriusXM stock and has made its intentions clear that it wants complete control over the satcaster. Liberty is expected touse a Wall Street maneuver known asReverse Morris Trust to acquire, then spin, off SiriusXM.

"We would want to get our capital out before we do a Reverse Morris Trust," Maffei said on Wednesday, adding that it is not the only possible option for Liberty Media. "If it takes 18 months, that would be sort of a minimum."

Yesterday, SiriusXM reported net subscriber additions were 445,921 in thethirdquarter of2012. SiriusXM ended Q3 on September 30with a record 23,365,383 subscribers.Additionally, the company announced that it is raising its net subscriber additions guidance to 1.8 million for 2012 from its previous guidance of 1.6 million.

Continued here:
Liberty's Maffei: SiriusXM Takeover Could Take 18 Months