You recall correctly. ;)
I am concerned that there is no progress with HCAT and management pretty much said nothing constructive about it. IMO, we can't assign any value to HCAT. This leaves us with CCPs, construction business and coal cleaning. CCPs are pretty much flat, construction is deeply suffering. Management put big hopes into coal cleaning, even predicting sales to 2010. IMHO, these are still big "IF" and it's unclear what margins and profits they will eventually yield. IMHO, it also depends a lot of the political and economic climate with regards to coal, which I would not want to speculate about.
Margins were in deep doodoo, balance sheet has negative tangible assets, so the fact that it trades below book is pretty worthless.
After all said and done, I would admit that it was probably a mistake for me. I would not add here, although this could be the worst quarter for HW. I am still planning to wait for 1-2 quarters. May buy if it falls under $9, may sell if it rallies on no or little material news. |
