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#	AUTHOR DATE SUBJECT
43	member 1/18/11 5:13PM RE: RE: RE: 85 million preferred convertible raise 42
Sorry to have been absent. I think any email notifications on this name must have been going into the wrong email box. Yes, this raise was incredibly dilutive and certainly was a surprise. I think view available tags
42	member 9/02/10 6:14PM RE: RE: 85 million preferred convertible raise 41
Francisco, Not sure what happened to Kalman on this one... The official annoucement was 100M in preferred shares will be issued at 13.5% PIK until 2012 then Cash Interest. The conversion price is 5.43, so the dilution... login to read the rest view available tags
40	member 8/31/10 6:50AM 85 million preferred convertible raise
Kalman, So, as expected, theres gonna be a loan mod and a dilutive hit, to the tune of at least 85 million. Obviously, it depends on where the preferreds convert and the interest rate that they... login to read the rest view available tags
39	member 8/09/10 2:10PM Timing of Earnings & Reiteration
Kalman, Did you notice anything strange about the annoucement today? Here's what it says (implies) to us. "Earnings to be annouced one month later than usual, on the same date our bank loan covenant forebearance is up. ... login to read the rest view available tags
37	member 8/02/10 2:53PM Covenants (again) 36
Kalman, What do you make of the lender covenant leniency? Can lenders just keep providing forbearance? It seems as if KSP is likely to be in violation of Fixed Charge Coverage Ratio probably throughout the next... login to read the rest view available tags
33	member 7/09/10 11:47AM RE: 10k per day selloff 29
Gordon Smith runs K-Sea's pacific division. Per my conversation with the CFO, Mr. Smith is a section 16 officer and these insider sales were program sales that were executed for tax reasons. In August 2007,... login to read the rest view available tags
32	member 7/09/10 11:46AM RE: BP spill effects 30
K-Sea reported yesterday that 5 single hulled and 3 double hulled barges had been deployed to the US GoM to assist with oil recovery and subsequent transport. These deployments occurred in mid to late June.... login to read the rest view available tags
29	member 6/09/10 2:59PM 10k per day selloff 28
The heavy insider selling by Gordon Smith just caught my eye on this one. Is he involved in this business at all any more? He got 250,000 units (that were once worth $30+ each) as part... login to read the rest view available tags
27	member 5/20/10 8:52AM RE: RE: RE: RE: RE: RE: RE: Francisco 26
Cameron7, these new vessels are expected to contribute ~ $12 million in incremental EBITDA. This will slowly phase out over the next three quarters as the vessels show actual earnings. For modeling purposes, assume a view available tags
25	member 5/19/10 9:50AM RE: RE: RE: RE: RE: Francisco 24
Cameron57, are you including the full year performa EBITDA from vessels (DBL185. DBL106, etc.) that have been paid for, but were not generating revenue in the prior twelve months? On an adjusted basis, debt/EBITDA is view available tags
19	member 4/26/10 12:31PM RE: Pushback 18
Francisco, 1) Single-Hulled vessels are being retired ahead of their OPA mandated retirement dates because day rates on these older vessels are not sufficient to cover the dry-dock/inspection expenses. So, I agree, in of itself, SH... login to read the rest view available tags
17	member 4/14/10 5:09PM RE: Valuation / Distribution 16
Cameron, I did see a sell side report from Goldman that reported an average transaction multiple of 9.2x EBITDA on asset transactions in the pipeline MLP space. Although I was not able to find transaction data... login to read the rest view available tags
15	member 4/12/10 11:55AM RE: More Questions 14
You're right, the credit availability on the $175m revolver is $56m. You are not missing any bucket. The $65m (instead of $56m) was a typo on my part. To my knowledge, all of the asset backed... login to read the rest view available tags
14	member 4/07/10 5:34PM More Questions
Hey Kalman, thanks as everyone has said for the great analysis. Quick questions- you mention that the company has $65 million cash availability under its credit facility but I have this at $56.4 million (10Q, 2nd... login to read the rest view available tags
13	member 4/07/10 2:06PM RE: Questions 12
1. Why do you assume G&A will fall by $4m in your model? In light of the steep decline in revenues, management has initiated a cost reduction program. In fiscal Q2, 2010, G&A expenses declined -6.3%... login to read the rest view available tags
11	member 4/05/10 2:38PM RE: RE: RE: Covenants 10
The reduction in the revolving loan facility tenor from August 2014 to August 2012, indeed puts more pressure on management. Historically, the Company has used the revolver to finance new build construction projects which it... login to read the rest view available tags
8	member 3/31/10 1:50PM RE: Additional questions 5
- It looks like they issued 2.9MM units at $19.15 in August (plus over-allotment). Any thoughts as to the probability of additional issuance to plug the $29.8 WC shortfall, reduce indebtedness, fund capex, etc.? In August... login to read the rest view available tags
7	member 3/31/10 10:22AM RE: Covenants 3
Dbh, Indeed there is risk that the Company could violate the Debt/EBITDA covenant if the business does not rebound. In my view, this could be an issue for Fiscal Q1 2011 (ends Sept. 2010), when the... login to read the rest view available tags
6	member 3/31/10 10:15AM RE: Question - Debt 2
Teton, Debt schedule as of June 30th, 2009: 2012 $13,181 2013 $93,736 2014 $17,418 2015 $31,885 2016 $46,023 2018 $41,093 view available tags
4	member 3/31/10 9:55AM RE: Great write up 1
Nails4, The referenced chart was obtained from a recent KSP IR presentation. The projected 90 vessel retirements are all compliance driven mandatory retirements of single-hulled barges. This number does not include vessels that may come out... login to read the rest view available tags

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			2010	2011
Price:	8.89	EPS	$1.06	-$0.75
Shares Out. (in M):	19	P/E	8.3x	n/a
Market Cap (in $M):	169	P/FCF	7.8x	28.9x
Net Debt (in $M):	359	EBIT	36	10
TEV (in $M):	529	TEV/EBIT	14.5x	54.2x

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