Reddy Ice to Melt Further
Headquartered in Dallas, TX, Reddy Ice Holdings, Inc. (FRZ - Analyst Report) is the largest manufacturer and distributor of packaged ice in the United States. The company sells its products primarily under the Reddy Ice® brand to approximately 82,000 consumer locations in 31 states and the District of Columbia.
Management is attempting to grow the top line through an aggressive acquisition strategy. However, due to adverse weather conditions in 2007, management twice lowered guidance. In 2008, management lowered guidance after reporting earnings each and every quarter. In September 2008, the Board suspended payment of the quarterly cash dividend.
In addition, the highly leveraged balance sheet, highly seasonal earnings, and the write-down of equity due to the impairment of assets are concerns. The stock is rated a Sell.
Read the full analyst report on FRZ
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| Market Summary | Nov 08, 2009 10:19 am ET |
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