Bella lost $42mm

[Tom]

CPI Corp - SEC Filings

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The Company has incurred losses since inception and incurred net losses of $16,985,411 and $18,550,382 for the years ended December 31, 2009 and 2008, respectively. The Company’s current liabilities exceed its current assets by $8,698,022 whiles its total liabilities exceed its total assets by $13,550,317 as of December 31, 2009.

Bella apparently never made a profit.

[Nikonfan]

Originally Posted by Thomas Campbell

CPI Corp - SEC Filings



Bella apparently never made a profit.

Here's some more up to date information:

01:55 PM Eastern Daylight Time, 04/19/2011 (MidnightTrader) -- CPI Corp (CPY

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) is lower after it says Q4 sales were $128.9 million and adjusted EPS were $2.24. Analysts were looking for EPS of $2.40 and sales of $133.53 million, StreetInsider.com says.

It says preliminary net sales on a point-of-sale (POS) basis for the first 10 weeks of Q1 declined 11% to $73.7 million from $83.2 million in the same period last year due significantly to the shift in the Easter holiday.

On a comparable same-store POS basis, excluding the impacts of the Kiddie Kandids operations and foreign currency translation, preliminary net sales for the first 10 weeks declined approximately 17% compared with the corresponding period in the prior year.

Price: 18,43, Change: -2.91 , Percent Change: -13.64

MidnightTrader - Stock News, Earnings Alerts, Pre-Market, After-Hours, Trading Ideas

[Tom]

Your data is for CPI corp, which is mainly not Bella.

My link is for the SEC filing of CPI's takeover of Bella, in which they list the details of Bella's financials.

Two very different things.

[kenw]

Originally Posted by Thomas Campbell

....
Bella apparently never made a profit.

But the marketing guy said we could make up for that with volume....

[Tom]

Originally Posted by kenw

But the marketing guy said we could make up for that with volume....

Hulu - Saturday Night Live: First CityWide Change Bank 1

[Phisch]

^^^

I *love* that skit!

[Nikonfan]

Originally Posted by Thomas Campbell

Your data is for CPI corp, which is mainly not Bella.

My link is for the SEC filing of CPI's takeover of Bella, in which they list the details of Bella's financials.

Two very different things.

I spend 40 hours a week as a licensed stock broker, so it's safe to say that I am aware of what my data is for.

Your original post was not very clear and made it appear that you were referring to CPI Corps financials. The data was several months old which is an eternity in the investing world. That's why I provided the more recent data for CPI.

Also, Bella is owned by CPI and under their umbrella now. So there is no mainly. They will not be publicly traded under Bella. Just like Redbox being owned by Coinstar. So if you wanted to invest in Bella, you would have to purchase CPI. Hence the reason to look at CPI corp's financials.

[Tom]

Your original post was not very clear and made it appear that you were referring to CPI Corps financials.

When I say "Bella [not CPI Corp] lost $42mm" and then "Bella apparently never made a profit" and link to the SEC filings of CPI corp's takeover of Bella, how is that not clear, if you are someone who deals with this stuff 40 hours a week? No where was I referring to CPI's financials - I was clearly referencing Bella's financials - which had been previously been private as they were a private business - not publicly traded. When Bella was taken over by CPI, these numbers weren't disclosed publicly until this was filed. The pull out quote I selected from the auditor was about Bella's history of financial deficit.

The data was several months old which is an eternity in the investing world.

Well, it is data for previous years, which is kinda interesting, since Bella played the big bad wolf for a number of years in the wedding industry, had gained a lot of money and even a big name photographer (or few) backing them.

Also, Bella is owned by CPI and under their umbrella now. So there is no mainly.

Well, there is. Bella is a tiny part of CPI [and will most likely be dissolved], so the numbers for CPI are mainly parts OTHER than Bella.

I think CPI was trying to get Bella's photographic contacts more than anything.

[Nikonfan]

Originally Posted by Thomas Campbell

When I say "Bella [not CPI Corp] lost $42mm" and then "Bella apparently never made a profit" and link to the SEC filings of CPI corp's takeover of Bella, how is that not clear, if you are someone who deals with this stuff 40 hours a week? No where was I referring to CPI's financials - I was clearly referencing Bella's financials - which had been previously been private as they were a private business - not publicly traded. When Bella was taken over by CPI, these numbers weren't disclosed publicly until this was filed. The pull out quote I selected from the auditor was about Bella's history of financial deficit.


Well, it is data for previous years, which is kinda interesting, since Bella played the big bad wolf for a number of years in the wedding industry, had gained a lot of money and even a big name photographer (or few) backing them.


Well, there is. Bella is a tiny part of CPI [and will most likely be dissolved], so the numbers for CPI are mainly parts OTHER than Bella.

I think CPI was trying to get Bella's photographic contacts more than anything.

Yes Thomas, you mentined Bella (owned by CPI) in your OP twice. However, the link you provided was to a page on CPIs website that is blank. It doesn't have the 8K or the report you quoted. The report BTW which never references Bella. Being that you provided a link next to the quote that was for CPI it would appear that you had put a quote referencing CPI, not Bella. Overall, it just wasn't very clear. Once you followed up with more information that the quote was in reference to an 8K of Bellas financials it became clear.

And yes, Bella is just a part of CPI. That's what was meant when I said it was part of the CPI umbrella. The "umbrella" term means that CPI owns many businesses of which Bella is one.

You may be right about CPI just trying to get Bella's contacts. Also, the quote you referenced doesn't mention this. But when reviewing the information it's important to note that any booked appointments Bella has are liabilities and not assets. So its outlook may not be quite as bleak as it sounds.

[Tom]

. However, the link you provided was to a page on CPIs website that is blank. It doesn't have the 8K or the report you quoted.

It goes to the 8K filed on 4/13/11.

The report BTW which never references Bella.

Ummm.... Did you even read it?
"Item 9.01 Financial Statements and Exhibits

CPI Corp. (the “Company”) filed a Current Report on Form 8-K with the Securities and Exchange Commission (“SEC”) on February 1, 2011, disclosing that on January 26, 2011, the Company had acquired substantially all of the assets (the “Assets”) of Bella Pictures, Inc., a leading provider of branded wedding photography services"

Being that you provided a link next to the quote that was for CPI it would appear that you had put a quote referencing CPI, not Bella.

The quote I provided was referencing the fact that Bella had never made money and was gushing money out. It was from independent auditors used for the takeover.

Overall, it just wasn't very clear.

Not sure how it wasn't clear. I SAY it is about Bella and link to the 8K/A form about Bella's takeover. You apparently weren't too thorough before you jumped the gun on your post.

Once you followed up with more information that the quote was in reference to an 8K of Bellas financials it became clear.

My original post had a quote from Bella's 8K/A, more specifically the independent auditors hired for the takeover.


But all that is kinda beside the point. The point of all this is the fact that Bella was losing money at a fantastic rate, and if you would be so kind, lets get this back on topic, rather than your nit picking on financial things that aren't at all relevant to the matter at hand.

[Nikonfan]

Wow, someones got their panties in a wad. I don't know why you get so upset at such little things. You asked me if I read the report but then try to keep me from responding by saying "let's stay on topic." Nice try, but I will respond to your answer. NO, I did not read the report because, as I said earlier, your link doesn't work. It goes to a blank page. Did you even read that? I didn't jump any gun. I only tried to contribute by adding some additional information. If anyone jumped the gun it was you. You posted a bad link without taking the time to make sure it works. Your original quote doesn't reference Bella at all. I guess I was supposed to read your mind and know what you were talking about since I didn't have a link to the report or third party that wrote the quote. I only had what you wrote to go off of. But by all means, let's stay on topic. Enough of this right.

[brad]

Originally Posted by Thomas Campbell

Bella apparently never made a profit.

Wish I could say that was a surprise.

Originally Posted by Thomas Campbell

Hulu - Saturday Night Live: First CityWide Change Bank 1

I was thinking this same thing.

Originally Posted by Nikonfan

Your original post was not very clear and made it appear that you were referring to CPI Corps financials. The data was several months old which is an eternity in the investing world. That's why I provided the more recent data for CPI.

To those of us who aren't investors, I thought the original post was pretty clear... he wasn't giving us numbers upon which to base decisions about investing in Bella or CPI... he was showing us what we all long suspected - that Bella's business model was apparently unsustainable. At least, that's what I took away from it.

[Tom]

David, don't know why you find it fit to act the way you are, but your personal communication skills are lacking a bit.

The link worked then and still works. If there is something wrong with it, it is on your end. The forum software was able to read the link and automatically change it from the long URL to the page title, so the forum was able to read it. I've tried it in three separate browsers and all were able to open it. Bit.ly was able to open it. Somehow you are unable to open it.

Try a bit.ly link.
CPI Corp - SEC Filings

Your original quote doesn't reference Bella at all.

I didn't pull the entire quote. I pulled the relevant information. Here is the entire quote:

We have audited the accompanying balance sheets of Bella Pictures, Inc. (the “Company”) as of December 31, 2009 and 2008, and the related statements of operations, stockholders’ equity (deficiency), and cash flows for the years then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America as established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bella Pictures, Inc. as of December 31, 2009 and 2008, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2, the Company incurred a net loss of $16,985,411 during the year ended December 31, 2009, and, as of that date, the Company’s total liabilities exceeded its total assets by $13,550,317. These factors, among others, as discussed in Note 2 to the financial statements, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Pretty normal to not spell out the entire company name every time they are referred to in legal documents.


Back to Bella......

The Company [BELLA PICTURES, in case you were wondering] has incurred losses since inception and incurred net losses of $16,985,411 and $18,550,382 for the years ended December 31, 2009 and 2008, respectively. The Company’s current liabilities exceed its current assets by $8,698,022 whiles its total liabilities exceed its total assets by $13,550,317 as of December 31, 2009.

So Bella never made a profit. They incorporated in 2006 and operated in ~40 states.

[Nikonfan]

Nevermind. You obviously are not getting what I was trying to tell you so now you are resorting to personal attacks on my charachter. Imaturity at its finest! I don't really have the time to waste on you anymore. Oh and BTW.. your last link didn't work either. The page that both links goes to does not have any reports.

[SCone]

Not sure what you are reading...

"Fiscal 2010 fourth-quarter Adjusted EBITDA and diluted EPS were $28.0 million and $2.06 per share..."

"Newly acquired Bella Pictures... substantially expands the Company's mobile photography capabilities and offers substantial sales and fulfillment synergies with CPI's core studio operations as well as a strong growth platform."

Sounds to me like CPI has plans for Bella?