Stadium Capital continues building its position in American Reprographics Co (ARC) shares (information updated for purchases through 12/30/2011)

I’ve done several previous posts on Reprographics 101 about Stadium Capital continuing to build its position in ARC shares. Today is yet another “update post.”

Since the last time I posted about Stadium Capital’s ownership (and purchases) of ARC shares, Stadium Capital has completed one additional purchase of ARC shares. Here’s the latest table reflecting Stadium Capital’s purchases of ARC shares from August 23, 2011 through December 30th, 2011. (Last SEC Form 4 filing was January 4, 2012).

Stadium Capital had amassed 4,646,321 ARC shares prior to August 23^rd, and I’m pretty sure that those earlier share purchases were completed when ARC’s stock price was substantially higher than it’s been of late.

But, as to the 735,314 ARC shares Stadium Capital has purchased since August 23^rd, 2011, it’s ‘average cost per share’ calculates out to $3.83 per share. Yesterday, ARC shares closed at $4.73. That means that Stadium Capital, as of yesterday, had an ‘unrealized gain’ - of $659, 279 - on the ARC shares it has purchased since August 23^rd, 2011. Sounds great, huh!

But, if Stadium Capital’s previous purchases of ARC shares (in other words, the shares that Stadium Capital acquired prior to August 23^rd) were acquired at prices higher, and maybe even significantly higher, than the prices that Stadium Capital has been paying since I began reporting on this, then it is certainly possible that Stadium Capital has an ‘unrealized loss’ on its total investment in ARC rather than an ‘unrealized gain.’

Stadium Capital’s interest in ARC continues. And, as long as there is a large player continuing to increase its position in ARC, that “kind of” means that ARC shares probably won’t move lower than the range they’ve been trading at the past couple of months.

Transaction Date	Purchase Price	# of Shares Purchased	# of shares owned, after purchase	%age of O/S Stock Owned
8/23/11	$3.79	30,600	4,676,921	10.12%
8/24/11	$3.88	17,991	4,694,912	10.16%
8/25/11	$3.80	244,000	4,938,912	10.69%
9/2/11	$3.54	29,315	4,968,227	10.75%
9/6/11	$3.45	1,833	4,970,060	10.75%
9/8/11	$3.57	6,591	4,976,651	10.77%
9/9/11	$3.49	11,641	4,988,292	10.79%
9/12/11	$3.54	17,256	5,005,548	10.83%
9/20/11	$3.56	13,737	5,019,285	10.86%
9/21/11	$3.50	9,170	5,028,455	10.88%
9/26/11	$3.47	5,500	5,033,955	10.89%
9/28/11	$3.33	27,524	5,061,479	10.95%
9/29/11	$3.29	22,203	5,083,682	11.00%
9/30/11	$3.35	41,019	5,124,701	11.09%
10/3/11	$3.20	18,348	5,143,049	11.13%
10/17/11	$3.64	15,497	5,158,546	11.16%
11/1/11	$3.89	2,201	5,160,747	11.17%
11/9/11	$4.29	14,605	5,175,352	11.20%
11/15/11	$4.30	804	5,176,156	11.20%
11/16/11	$4.34	8,304	5,184,460	11.22%
11/17/11	$4.28	5,225	5,189,685	11.23%
11/23/11	$3.99	10,669	5,200,354	11.25%
11/29/11	$3.94	2,517	5,202,871	11.26%
12/5/11	$4.29	143,472	5,346,343	11.57%
12/6/11	$4.14	1,718	5,348,061	11.57%
12/7/11	$4.25	9,169	5,357,230	11.59%
12/8/11	$4.18	14,805	5,372,035	11.62%
12/30/11	$4.60	9,600	5,381,635	11.64%