Well, Tero, a lot of mgmt's forecasts in December did in fact work out as well (or better) than stated...and many of the shortfalls may well turn out to be insignificant delays when all is said and done.
To provide fuller context to your spin, I would add:
Mgmt said that US license would be received by year end and it was.
Mgmt said they'd have 14 distributors in Canada...guess what, there are more than 100
Mexico was said to start in February, and it did, allied with two significant cellular providers.
Billable service was said to be in 29 countries by March 1. As of March 16, it's available in 27 countries....not bad.
Telit phones have been available for sale in Europe for months....
I've seen nothing to indicate that China, Russia and S. Africa markets are deemphasized....getting regulatory approvals there has obviously taken longer than we would like, maybe longer than mgmt led us to believe....so it goes.
To twist that into saying that US and Europe are now the "core markets" is a stretch. They happen to be first because they're a little easier...and in the Western Hemisphere, we are not serving only the US...N. America from Alaska to Panama is now in service as well as significant and growing parts of S. America.
Finally, it's interesting to note that the day before the 12/17 cc, the stock was at 20.5. Since then, we're down three points or 15%...not much worse than the DJIA, in fact. Not bad considering the company has twice gone to the equity markets in that period and considering the fate of it's nearest analogue.
Globalstar management is not perfect; the Globalstar business plan is not without risk; but considering the immense difficulties of the undertaking, I consider management's execution to be rather good, in fact, not to mention infinitely better than it's competitors'. |
