Earnings Calls – No Prepared Comments

We were talking with a buy sider recently about conference calls and he said one of his favorites was PENN (before their REIT spin off).  He said, they would come on and basically say, “you know the story, you read the details in the earnings release, what are your questions?”  This was driven by the CEO, Peter Carlino.  The buy-sider said the approach was well received by the Street.  Here is the PENN transcript from their 1Q 2013 call.  It is an example of their briefest comments.  Recently, they have been a little longer as PENN pulled off a REIT spin last year and Carlino went to the property side.  But even their most recent call was still shorter than most.

We think it is excellent if a) earnings release is detailed and nails all predictable questions and 2) mgmt is insightful, intelligent and detailed with color on the Q & A.

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