Same old whore. Different makeup and skirt. First, the same people on this board who were trumpeting the ad campaign are now genuflecting before the god of the opposite direction--the supposed acceleration of low margin OEM drive installation. What a great way to toss away $100 million. A clear concession of defeat.
But that's OK because it's the disks where the money is made. All a reasonable investor such as myself would want is the TIE ratio. I mean if you have got 17 million installed drives, I can make a reasonable investment based on the TIE ratio. Well guess what, Iomega once again is not going to divulge the TIE ratio. That means that every so-called "investor" on this board is "investing" with a blindfold on at best. The only comment this paragon of integrity could utter was that the TIE ratio was going down, but that it was still pretty good. Boy that's real integrity. The best insight one can have into the TIE ratio may actually come from the numbers Mr. Bateh posts, rather than the company. That is truly sad.
Take a hard look at yourselves, and go tell your friends that you are investing in a product where you don't have a clue as to how many are being sold. Sierk had a chance to come clean, and he refused to do so. There is also a difference between being paid in stock, a manner in which every CEO is paid and investing your own money in a company. Nevertheless, during your brief reign as CEO you have taken a 50% pay cut.
I for one was sincerely prepared to jump into IOM heavily, but I want management I can trust. No dice. These people still don't have their act cleaned up. I wonder what this does to future projections of profitability. After all they missed on this quarter's guidance, wouldn't give sales projections, claimed that gross margin would be somewhere between 32 and 24%, and once again refused to divulge the key figure that would demonstrate profitability.
And once again, the Iomaniacs are calling it nothing but good news. Maybe someone can tell me why the refusal to divulge the singularly most important number relevant to your company's success is good news. |
