by Financial analyst was best known to the industry for his nearly 30 years at Raymond James Financial Services
ST. PETERSBURG, Fla. — Longtime furniture and bedding industry analyst Beryl “Budd” Bugatch died on Aug. 16 in St. Petersburg. He was 79.
Born on April 27, 1945, in Baltimore, Maryland, he attended the University of Pennsylvania, where he received a degree in economics in May 1966. Immediately following, he attended Harvard Business School, where he received a masters of business administration in business, management and marketing in May 1968.
To the furniture industry, Bugatch was best known for his work at Raymond James Financial Services, where he was a managing director of equity research for more than 27 years, from September 1992 through January 2020.
In that role, he offered incisive, thorough and sometimes stinging analysis of many public companies in the industry, including Furniture Brands International, a former conglomerate whose major brands included Broyhill, Thomasville, Drexel Heritage, Henredon, Hickory Chair, Maitland-Smith and others.
He was often a thorn in the side of the company’s executive team, using sharp language to question things like $10 million in long-term incentive bonuses including a $2.95 million payout to former CEO Ralph Scozzafava and $1.6 million to Jeffrey Cook, president of Lenoir-based Broyhill, along with five other senior employees, according to a May 2009 report in The Business Journal of the Triad area whose coverage area includes High Point.
In its report, The Business Journal stated how Bugatch noted that the incentive plan “covered the years 2007 and 2008 and was based solely on free cash flow performance, which is generally the amount of cash a company has left after paying expenses.”
The Business Journal quoted him as adding that the “bulk of the improvements on which the bonuses were based were made in early 2007, before Scozzafava could have had any impact on them.” Scozzafava joined the firm as chief operating officer in June 2007 and became CEO in January 2008, the publication noted.
Continuing to quote his report, the weekly business newspaper wrote that Bugatch said “he was saddened and sickened by the bonus payments” and added that he believed the execs should have refused them, particularly given the massive job cuts that occurred at Furniture Brands amid the company’s massive net losses.
After his work at Raymond James, he went on to become a senior research analyst at Water Tower Research. He worked there from February 2021 until his passing, covering many well-known public companies including Hooker Furnishings, Ethan Allen and Flexsteel, to name a few. Here, too, Bugatch dug deep into these and other companies’ financial reports, questioning execs on various details and seeking to obtain information they sometimes weren’t always eager to divulge.
Prior to becoming an analyst in the mid-1980s, he was the chief executive officer of a nine-store retail furniture chain headquartered in Baltimore.
“Bugatch has wide experience and recognition among major institutional investors throughout the country,” MarketScreener wrote in an online profile of Bugatch. “He has been recognized as one of the top analysts in the housewares and furnishings industry in past Reuters Analyst and Research surveys, the StarMine Top Analyst survey, the Forbes Blue Chip Analyst survey and The Wall Street Journal Best on the Street survey.”
Referencing his contributions as a longtime securities analyst, his obituary stated, “His passion for his work was evident throughout his career, reflecting his commitment to excellence and professionalism. He took pride in being an integral part of the financial world, where he formed connections and contributed to the industry.”
Furniture industry veteran Reb Nicolson said that he was sad to hear of his passing.
“One of my earliest and favorite mentors passed away suddenly last week,” Nicholson wrote on his LinkedIn page. “I learned a lot from Budd! RIP my friend! I spoke with him last week and he was still sharing ideas. You will be missed by many.”
Added Tim Stump of Charlotte, North Carolina-based merger and acquisition specialist Stump & Co., “I am saddened to hear this. Budd was a champion of our industry and always spoke clearly and honestly. RIP.”
His obituary also noted that Bugatch was in the U.S. Army, where his “service exemplified his dedication not only to his family but also to his nation, forging a path of honor and integrity that those who knew him admired deeply.”
“Budd was not only known for his work ethic but also for his vibrant personality,” the obituary continued. “He loved his family with unmatched fervor, often putting their needs and happiness above his own.
“Outside of work and family, Budd enjoyed exercising, which contributed to his active lifestyle and well-being. His ability to find joy and balance in both his professional and personal life was commendable, and it is this passion for living life to the fullest that will serve as a guiding light for those he leaves behind.”
He is survived by his wife of 55 years, Nanette, a daughter, Samantha Bugatch and her husband Charles Ziesing, along “with his cherished grandsons, Adam and Jason, who were the lights of his life. The bonds they shared were strong and unwavering, instilling in them a sense of love and resilience that will endure even in his absence.”
Donations in his memory may be made to Temple Beth-El in St. Petersburg.
