Just heard the replay of the conf. call. Truly an embarassment. I can accept the .25 quarter, no problem. But, I swear it sounded like they just kinda realized in the last week or so that, by golly, we are going to have to pay some taxes this quarter and we've had some warrants convert so oops we're only gonna make a quarter this quarter.
Duncan, I would love to hear your thoughts. In your conversation with Mike last week, did he really sound that enthusiastic about the financials? The answers and mumbling at the conf. call were very unprofessional. No guidance at all for 1998. I realize that with DBCO, there are a lot of unknowns, but they have to have some range of
earnings they expect. In my opinion Norris has got to go. I simply don't know if he is up to the job. Sounds like they need a good number cruncher who can keep up with all the numbers and prompt the subs. into reporting in a timely fashion. Heck, hire a darn auditor from Cooper & Lybrand and pay them $100 thousand a year. ECGOF, if you are reading this, there is no excuse for bumbling of the financial information as you guys have done.
It is a shame. A great industry, well performing subsidiaries, Mike seems to have a vision for where the company needs to go. But the finance dept. is simply not up to the job. The debenture debacle was the first clue, but in my opinion this is the last straw.
My wife is a CPA and has remarked to me the last couple of quarter how the 10-q's financial format left a lot to be desired and she had serious reservations about the financial standing of the company. I still think the DBCO could really put ECGOF on the map, but changes have to be made with Norris. If he needs more help, fine, If he needs to be replaced, fine. But, Mike, Please address this, as the performance yesterday was completely inadequate for a company with as much oppotunity for growth as ECGOF has.
Looks like buyers came out at 9 1/2. Sparky, I don't think we'll see that 10 today. Maybe when the dust settles next week.
Mark |
