• A few months ago,
    the IRgA announced the three newest recipients of the prestigious IRgA Bukovsky
    Award.  That award goes to people who
    make (or, in the past tense, who made) a significant contribution to the IRgA.  For the most part, one has to serve (or have
    served) as an Officer or Director of the IRgA (or on various IRgA committees)
    in order to be considered for that award.
    With great
    pleasure and high expectations, I’m now announcing the next project for the
    Reprographics 101 Blog ….. the establishment of …..
     The Reprographics Industry Hall of Fame.” 
    Why?  While it’s certainly nice to
    see people rewarded for their contributions to the IRgA, there are a whole host of other industry
    people who, in their own way shape and form, had (and, for those still active,
    are continuing to have)
    a
    profound impact
    on the
    reprographics industry.
     The  Reprographics Industry Hall of
    Fame will
    recognize those “movers and shakers who’ve had a
    significant impact on, or who’ve played a significant role in, shaping the
    reprographics industry business and landscape, regardless of whether or not they made any contributions to the IRgA.  The Reprographics Industry Hall of Fame
    will not be limited to people in the U.S; the Hall of Fame is intended to be
    “worldwide.”
    (As
    revised):
      To be eligible for consideration as a Hall of
    Fame inductee, each person must meet two
    or more
    of the following criteria:
     – He/She grew a company, from small to much larger than the average reprographics business, and, in the
    process, their company became a multi-country or nationwide or multi-regional
    or regional or dominant-specific-market-area enterprise.
     – He/She developed and/or
    introduced to the reprographics marketplace technology, either software or
    hardware or both, that had a dramatic impact on the reprographics business and
    industry.  Note that the inductee may
    have been a reprographer or a vendor.
     – He/She founded and/or managed
    an industry association group, whether non-profit or for profit, that proved to
    have a significant impact on the reprographics business and industry.
    – His/Her approach to being in the reprographics business represented a
    unique or special development.
    – His/Her contributions to others, as a mentor and educator and sounding
    board, whether or not they actually knew
    that they were considered a mentor,
    had a profound, significant impact on
    the careers of others in the reprographics business.
    – He/She put forth, over a long-term basis, a significant effort to
    communicate industry relevant information for the benefit of reprographers ….
    in an effort to help reprographers develop/grow their businesses.
    Note:  A person’s significant contributions to the
    IRgA are not considered relevant for the consideration of induction into The
    Reprographics Industry Hall of Fame, as that is what the IRgA Bukovsky Award is
    all about. Also, one does not have to be an owner or partner of company in
    order to be eligible for induction into the Hall of Fame.  (There are several industry Sales VP’s and
    CFO’s who have had a dramatic impact on the growth of the companies they are,
    or were, associated with.)
    Induction into The
    Reprographics Industry Hall of Fame will not
    be
    an annual event.  Induction will
    take place on an on-going basis, as nominations are received, considered and
    voted on.
    All former and current reprographers are invited and encouraged to participate in
    nominating people for induction into The Reprographics Industry Hall of
    Fame. 
    At
    the link you’ll see immediately below, I’ve posted (in my Google Drive library)
    the form to be used for submitting nominations for The
    Reprographics Industry Hall of Fame.  If
    you are going to submit a nomination form, please “download” the form, complete
    it, and submit it via e-mail to joel.salus@mac.com
    About
    participation
    .  Well, given the fact that most will not even
    consider participating – – in any project or effort – – I don’t have high hopes
    for widespread participation.  But that
    does not discourage me!  I’ve already
    compiled a list of close to 50 people who I feel should be inducted in The
    Reprographics Industry Hall of Fame.
    Committee to
    evaluate nominations and to select inductees
    .  I have not yet reached out to anyone about
    participating on the evaluation “committee”; that will be my next step; for
    now, I’d like to get the nomination process rolling!
    Thank you,
    Joel Salus
    Publisher of “Reprographics 101”

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  • “As Hewlett-Packard’s long and messy turnaround continues,
    the tech company’s profit is increasingly coming from a familiar—but
    likely less-than-ideal—source: Printing”
    Read
    the brief article at this link:

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    Blog Publisher’s comment:

    Word has it that HP will soon be introducing some new, awesome wide-format high-speed production print systems!
  • Published on the Hussman Funds web-site by John P. Hussman, Ph.D.

    All rights reserved and actively enforced.

    Weekly Market Comment, May 12, 2014
    “With
    advisory sentiment running at 56% bulls and fewer than 20% bears, with most
    historically reliable valuation metrics about twice their
    pre-bubble norms (and presently associated with negative expected S&P 500
    nominal total returns on every horizon of 7 years and less), with
    capitalization-weighted indices near record highs but smaller stocks and
    speculative momentum stocks diverging badly, and with a Federal Reserve clearly
    intent on winding down the policy of quantitative easing that has brought these
    distortions about, we continue to view the present market environment as among
    the most dangerous instances in history.”
    Read the
    full article at this link:

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  • Off topic,
    for sure.
    “They”
    finally got something right …… and not just right, but “amazingly” right.
    In yesterday’s
    mail, I received the newest brochure from Medicare.  This brochure is designed to explain
    Medicare, and, in particular, Medicare Parts A and B, Medicare Part D, Medicare
    Advantage and MediGap.  The brochure is
    designed to educate and to help  one make
    choices and act on those choices.
    Most Fed Gov
    publications I’ve reviewed in the past were seriously lacking in the manner in
    which they provide information, how the information is stated and put together,
    how the information flows, etc.  In
    particular, the IRS is one of the worst at explaining information, and previous
    brochures about Medicare were also seriously lacking.

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    The newest
    Medicare brochure is a stunning piece of work. 
    It was very easy to read, very simple to understand, there was not one bit
    of legalese language, and I think that anyone
    who can read
    English can understand all of the information presented in
    this brochure.  Whole-hearted
    congratulations to the team that put together this brochure.  Simply put, awesome!
  • One sure way to never get any more
    reprographics work from a customer!  (Well, that’s simply my opinion.)
    Here’s the beginning of an article, published
    on May 9th, in the KC Business Journal about Marathon’s lawsuit against
    JE Dunn Construction:
    Kansas
    City construction software company Marathon Reprographics Inc. is suing JE Dunn Construction, claiming that Dunn
    Dashboard software was built using information the general contractor took from
    Marathon.
    Marathon
    seeks damages of more than $25,000 in a suit it filed Wednesday in Jackson
    County Circuit Court. Kansas City law firm McDowell Rice Smith & Buchanan
    PC represents Marathon. JE Dunn has not filed a response to the suit, and a
    spokesman said it’s company policy not to comment on pending litigation.
    Read the full article about the lawsuit at this link:
    JE
    Dunn Construction is the tenth largest
    general building contractor in the United States
    with offices in 18
    locations. JE Dunn’s services include general contracting, construction
    management and design-build in construction categories including healthcare,
    sustainable construction, commercial offices, education and government. 
    Founded in 1924, JE Dunn remains family-owned and is represented by three
    generations of the Dunn family in its day-to-day operations.
  • Barrington Research reiterated an
    Outperform rating on Textura Corp (NYSE: TXTR) with a price target of $30.
    May 8, 2014 1:59 PM EDT, article from
    streetinsider.com
    Analyst Jeff
    Houston said, “Management lowered calendar 2014 expectations due to delays
    both in signing new general contractors (GCs) and existing clients’
    implementations. It attributed the deferment mostly to GCs investigating the
    rogue short report as well as the severe cold weather to a lesser extent. While
    these issues existed in January and February, business returned to normal in
    March and April. As for Q1/14, revenue was slightly below consensus (albeit
    near the high end of guidance) and adjusted loss per share was above
    expectations.”
    “Textura
    went public in June 2013 at $15 per share and priced a secondary offering in
    September at $38. Its stock peaked at $47.63 in October and the stock is down
    6% today, to $15.00. Also presenting some headwind for the stock, it carries a
    high short interest (41.8% of float as of 4/15/14) and there has been a general
    compression of SaaS valuations. Still, we maintain our OUTPERFORM investment
    rating and $30 price target. Given our forecast for a significant profitability
    ramp and continued 50% organic growth in 2015, we think the stock should trade
    at a premium to the overall SaaS group. Its disruptive technology is
    modernizing the large and underpenetrated commercial construction
    industry,” he added.
    Hmmmm.

    Textura Corp
    (NYSE:TXTR)
    14.43
    -1.63 (-10.15%)

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    Real-time:
      2:55PM EDT, May 8, 2014
  • Whomp!

    Posted by Bonnie Powley
    (on Zolmax.com) on May 8th, 2014
    Stock analysts at Oppenheimer cut their price target on shares of Textura Corp
    (NASDAQ:TXTR)
    from $42.00 to $30.00 in a report issued on Thursday, Analyst Ratings News
    reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s
    price objective indicates a potential upside of 86.80% from the company’s
    current price.
    Textura Corp
    (NYSE:TXTR)
    14.63
    -1.43 (-8.90%)

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    Real-time:
      2:11PM EDT, May 8, 2014
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    Update:  just
    noticed that Textura shares opened trading at $14.24 this morning, the day
    after Textura released its financial results. 
    It’s now around 9:50 am, and Textura shares have climbed back up to
    $15.01.



    Occasionally,
    I like to look back at what analysts say about certain stocks.
      When I received an e-mail alert yesterday
    from seekingalpha that Textura had released its March 31 earnings results, one
    of the articles listed in that e-mail was one attributed to Goudy Park
    Capital…..

    Focus Articles on TXTR (from seekingalpha.com)
    Textura: A Late Christmas Gift by Goudy
    Park Capital”
    Dec. 30, 2013
    3:21 PM ET  |  About: TXTR
    “If you didn’t
    get everything you wanted for Christmas this year, don’t worry – Citron
    Research has given you the opportunity to purchase Textura (TXTR) shares now. The recent report by Citron is completely
    absurd – we believe the real “pump and dump” is being orchestrated by
    Citron. All of us know that 2013 has been a difficult year to make money
    shorting stocks. As a result, Citron is making a desperate and pathetic last
    ditch effort to attack Textura with baseless claims like a pack of wolves.
    The report
    misleads the public through myopic false interpretations of obscure financials
    and outdated data. Instead of only looking at filings, we’ve completed actual
    research, spoken with general contractors, met
    Blog
    Publisher’s comments:
    On December 30, 2013, Textura shares closed at $30.06
    per share.
    Yesterday, May 8, 2014, Textura shares closed at $16.06
    per share.

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    An analyst from Goudy Park Capital participated in
    yesterday afternoon’s earnings call.  If
    you did actually buy Textura as a “late Christmas gift,” the day that note
    first appeared on seekingalpha, your Christmas gift is now down around
    47%.  Not exactly the type of Christmas
    gift you wanted, huh?
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    Update:  just
    noticed that Textura shares opened trading at $14.24 this morning, the day
    after Textura released its financial results. 
    It’s now around 9:50 am, and Textura shares have climbed back up to
    $15.01.

    Textura reported its financial
    results today, after the market closed, and, I’ll get to the results in just a
    minute.
    I watched Textura’s stock late
    this afternoon.  One minute prior to the
    market close, Textura was at:
    $15.64
    -1.53 (-8.91%)
    May 7 –
    3:59 pm
    Then,
    one minute later, at market close, Textura was at:
    $16.06
    -1.11 (-6.46%)
    May 7 –
    Close
    Quite
    interesting how the share price jumped $.42 in the last minute of trading.
    Here’s
    Textura shares trading range reported on Google Finance today:
    Range (May 7th):
    15.25 – 17.10
    52 week range:
    15.25 – 47.25
    Wow, Textura’s share price is now
    a lot closer to the $4.00 price Citron Research suggested Textura is worth than
    it is to it’s all-time-high or to the price Textura was at just prior to
    Citron’s initial “report”.  I’m still
    wondering if Textura is still on Barrington Research’s “best ideas” list and
    whether or not the analysts who follow Textura, and who have previously issued
    price targets of $50 or more, are still sticking to their price targets!
    Textura is either a) still
    well-overpriced or b) now, the bargain buy of 2014!
    Textura : Announces Revenue Increase of 61% for the Quarter ended March
    31, 2014
    05/07/2014 | 04:07pm US/Eastern …..
    CHICAGO, May 7, 2014 /PRNewswire/ — Textura
    Corporation (NYSE: TXTR), the leading provider of collaboration solutions for
    the construction industry, today announced financial results for the quarter
    ended March 31, 2014.
    Revenue increased 61%
    year over year to $13.8 million
    Organic revenue growth
    of 46% year over year
    Construction value
    added of $19.5 billion, up 84% year over year
    Gross margin of 79%,
    up from 77% in prior quarter
    Adjusted EPS loss of
    $0.16, improving from $0.19 in the prior quarter
    Net loss per share of
    $0.30, compared to $0.27 in the prior quarter
    Change in fiscal year end from September 30th to December 31st
    Here’s the complete post on 4-traders.com about Textura’s
    financial results:
    Blog Publisher’s Comments:
    Let’s take a very quick, brief look
    at, to me, the most important numbers I like to look at – revenues and incomes
    (or, in this case, losses). 
    Below, I’ve posted Textura’s
    financial results for the quarter-ended March 31st for three
    years
    , but please note that, since I could not find the net loss “available
    to Textura common shareholders (because I could not find that line in the 2012
    results), I’ve used the line net loss “attributable to” Textura Corp. as the
    comp.  (The 2012 numbers come from Textura’s
    S1 Registration Statement, the one filed in connection with Textura’s June 2013
    IPO.)

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    Quarter-end
    Quarter-end
    Quarter-end
    3/31/14
    3/31/13
    3/31/12
    Revenue
     $13,787,000
     $8,548,000
     $5,185,000
    Net Loss Attributable to
    Textura Corp
     $(7,265,000)
     $(4,184,000)
     $(4,251,000)

    We know that Textura’s 3/31/14
    numbers contain “acquired” revenues – attributable to PlanSwift and Latista –
    and, in the 2013 period, Textura’s revenues included PlanSwift revenues, but no
    Latista revenues, and, in the 2012 period, Textura’s revenues did not include
    any PlanSwift or Latista revenues.  The
    table below is not an official table, it’s one that I put together myself, and
    it is based on numbers I found in Textura filings; this table shows my estimate of Textura’s “organic”
    revenues, after subtracting PlanSwift revenues and Latista revenues.
     While Textura’s revenues are increasing, does
    this look to you like a “robust” “growth” company?  Textura is certainly growing, but even at
    $16.06 per share, it’s market cap is just under $400 million!
      

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    Quarter-end
    Quarter-end
    Quarter-end
    3/31/14
    3/31/13
    3/31/12
    Total Revenue Textura Corp
     $13,787,000
     $8,548,000
     $5,185,000
    Less: Estimated Revenues from
    PlanSwift biz
     $1,500,000
     $1,000,000
    N/A
    Less: Estimated Revenues from Latista
    biz
     $700,000
    N/A
    N/A
     
    Textura Corp organic revs
     $11,587,000
     $7,548,000
     $5,185,000

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    And, when you look at the losses,
    especially this year’s 03/31/14 quarterly loss, you’ve got to ask, “where’s the
    beef?”  I mean, c’mon, show me the money!
  • I’ve always
    had a fascination with words, especially those used in and around the “reprographics
    industry, ……or, er, uh, …… is it the “reprographic” industry?????
    I prefer the
    use of the word “reprographics” rather than the use of the word “reprographic”,
    since adding the “s” implies that there
    are multiple methods of
    reprography (or, if you prefer, call it imaging rather
    than reprography), and, quite frankly, there are multiple methods of
    reprography used by virtually all reprographers.
    A quick
    check on the IRgA web-site reveals that the IRgA refers to the association as
    the “International Reprographic Association”, rather than the “International
    Reprographics Association.” 
    However,
    “Jiffy Reprographics” is the name that Bob Roperti uses for his company…. the
    name of his company is not “Jiffy Reprographic”.  Most reprographers who use that word in their
    name use “reprographics” rather than “reprographic.”  (Another example would be the full name that
    NRI used to go by, “National Reprographics”, not “National Reprographic”.
    Is the
    correct term/word “blueprint” or is it correct to say and use “blue print”
    rather than “blueprint”.  According to
    Miriam-Webster’s dictionary, the word is “blueprint”, not “blue print.”  In spite of that, there are a whole host of
    reprographers around the U.S. who use two words “Blue Print” rather than one
    word, “Blueprint”.  (We must be a
    word-challenged industry?)
    Case in
    point, and what got me thinking about this, this afternoon while I was taking a
    quick break from real work, …. was the article about Letterman’s Blue Print & Supply Co. that’s mentioned on IRgA
    Today. (“Vaulting into the Digital Age…”). 
    (Nice article and thanks to Ed Avis for linking IRgA visitors to that
    article.)  For prospective customers,
    those that have never used our companies, the names of our companies are, most
    often, the “first face” that prospective customers see.  Is it a good idea to continue to use a name
    that, just by the words used, implies that we are mired in the past?  Years ago, Carter Pope, then Pres/CEO of
    Atlanta Blueprint Co, took the bold leap of changing the company’s name to
    “Imaging Technologies.”  The ABC in ABC
    Imaging used to stand for “American Blueprinting Co.”; that was the first name
    used by ABC when it was founded around 1982. 
    But, in an effort to modernize the name and look, ABC changed its name
    to ABC Imaging.  Even ARC (formerly “American
    Reprographics Co”, now called “ARC Document Solutions”) made the bold move,
    incurred the expense, to modernize its name to better connect the company with
    its current offerings. 
    For those of
    you who still use a name linked to the past, well, I guess you’re either
    nostalgic or don’t see any importance in updating your name.  At the very least, you might want to consider
    using the word/term “Blueprint” (or Blueprinting) rather than the words “Blue
    Print”.  That would at least bring you
    into compliance with the word that’s in the dictionary.
    Summary:
    Reprographics,
    not reprographic.

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    Blueprint
    (or Blueprinting), not Blue Print or Blue Printing.