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Analyst Interview Excerpt
LEISURE MANUFACTURERS & TOY COMPANIES – HAYLEY BETH WOLFF – ROCHDALE SECURITIES LLC


Full article published: 04/06/2009


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TWST: Where do you focus your attention within the leisure space?
Ms. Wolff: I tend to look at leisure manufacturers and some of the vacation type of companies, not the hotels or the casinos, and also some of the toy companies.

TWST: We'll start on the leisure manufacturer side. What's going on, given the economy?
Ms. Wolff: Not surprisingly, demand has been depressed in every category that I analyze, whether it's RVs, boats or golf clubs. But interestingly, the rate of decline is worse as you go up in price point. The more expensive toys are down the most right now, which is intuitive.

TWST: Is that the pattern we've seen in the past?
Ms. Wolff: In the past, you've seen the higher end holding up a bit better. This time around, everything is down and high end is down more, particularly when you start to look at some of the destination vacation companies at the high end. Some of these companies are down 25%, 30% in terms of bookings.

 

Tickers included in this excerpt: BC, FUN, HAS, JAH, MTN, PII, WOLF

 

For more information call (212) 952 7433. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.