BRIEFS

COURTS

By InvestSMART · 21 Feb 2013

By InvestSMART ·
21 Feb 2013

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COURTS

Tinkler settles

The Federal Court has dismissed two tax debt cases against Nathan Tinkler's sports interests, including the Newcastle Knights, after settlements were reached. Tax Office cases against the Knights and Mr Tinkler's Hunter Sports Group were dismissed "on the basis an accommodation has been reached". A third tax debt case involving the Newcastle Jets was adjourned until April 5.

RETAIL

GWA drop

GWA Group has suffered a 21 per cent first-half profit drop as home building activity remains flat. Net profit in the six months to December 31 was $15.73 million, which included $5.2 million in restructuring costs. Revenue fell 8 per cent to $289.9 million, and the first-half dividend was cut to 6¢ a share, down from 9.5¢.

THE REJECT SHOP

China office

The Reject Shop plans to open a sourcing office in China in the next year to help improve the flow of products. The discount retailer posted a 21.2 per cent increase in net profit to $20.1 million for the six months to December 31, on revenue 11.9 per cent higher at $327.5 million. It posted same store sales growth of 2.1 per cent, notching up five consecutive quarters of comparable sales growth.

EARNINGS

Super revs up

Super Retail Group, which owns a portfolio of sports and leisure stores including Super Cheap Auto, Ray's Outdoors and Rebel, reported an interim net profit of $60.61 million, up 74 per cent and helped by the full inclusion during the half of the recently acquired Rebel and Amart Sports businesses. Revenue for the half rose 36.6 per cent to $1.037 billion.

INSIDER TRADING

Heinz probe

The FBI is examining possible insider trading in Heinz shares linked to a Swiss account ahead of last week's buyout announcement. The US Securities and Exchange Commission said it had identified suspicious Heinz trades a day before Warren Buffett's Berkshire Hathaway and 3G Capital announced they were acquiring the food group.

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Frequently Asked Questions about this Article…

What happened to Nathan Tinkler's tax debt cases involving the Newcastle Knights and Hunter Sports Group?

The Federal Court dismissed two Tax Office cases against Nathan Tinkler's sports interests, including the Newcastle Knights and Hunter Sports Group, after settlements were reached. The cases were dismissed "on the basis an accommodation has been reached."

What is the current status of the Newcastle Jets tax debt case?

The tax debt case involving the Newcastle Jets was not dismissed; it was adjourned by the Federal Court and listed to return on April 5.

Why did GWA Group report a 21% first-half profit drop and what were the key numbers?

GWA Group reported a 21% fall in first-half net profit as home building activity remained flat. Net profit for the six months to December 31 was $15.73 million (which included $5.2 million in restructuring costs), revenue fell 8% to $289.9 million, and the company cut its first-half dividend.

How much did GWA Group cut its dividend by and what is the new payout?

GWA Group cut its first-half dividend to 6 cents a share, down from the prior 9.5 cents a share.

What are The Reject Shop's plans for China and how did the retailer perform financially?

The Reject Shop plans to open a sourcing office in China within the next year to help improve the flow of products. Financially, the discount retailer posted a 21.2% increase in net profit to $20.1 million for the six months to December 31, revenue rose 11.9% to $327.5 million, and same-store sales grew 2.1%, marking five consecutive quarters of comparable sales growth.

How did Super Retail Group perform in the half-year and what role did acquisitions play?

Super Retail Group reported an interim net profit of $60.61 million, up 74% year-on-year, with half-year revenue rising 36.6% to $1.037 billion. The strong result was helped by the full inclusion during the half of recently acquired businesses Rebel and Amart Sports.

What is the Heinz insider trading probe mentioned in the article and who is investigating?

Authorities are examining possible insider trading in Heinz shares linked to a Swiss account ahead of last week's buyout announcement. The FBI is reportedly examining the matter, and the US Securities and Exchange Commission (SEC) said it had identified suspicious Heinz trades a day before Berkshire Hathaway and 3G Capital announced they were acquiring the food group.

Which companies and corporate issues are covered in this investment brief?

This brief covers tax-debt cases involving Nathan Tinkler's sports interests (Newcastle Knights, Hunter Sports Group, Newcastle Jets), GWA Group's profit drop and dividend cut, The Reject Shop's China sourcing plans and sales growth, Super Retail Group's earnings and acquisitions (including Super Cheap Auto, Ray's Outdoors, Rebel and Amart Sports), and an insider trading probe related to Heinz ahead of the Berkshire Hathaway and 3G Capital buyout announcement.