Mark, well said! IMO, management should always be a key in any investment. Not just talent, but depth, relevant experience, and time together as a team. Also, I'm interested in accomplishments, not talk. That said, TAVA's team has just been put together and relevant experience might be an issue.
OTOH, I like some of the things they are doing (converting preferred, calling warrants). Hopefully (for longs) this is not a harbinger of more dilutive financing in the future. Additionally, there is a lot of opportunity for improvement in the core business area ... especially with the poor (but improving) gross margins. In the short term, management needs to turn operating cash flow positive, IMO, this is key.
The balance sheet is ugly (AR increasing, heavy software capitalization, etc.), so from an accounting perspective this quarter's report should be very interesting. For those interested in the software capitalization issue:
exchange2000.com
BTW, your comments are refreshing ... on many Y2K threads, all I read is "American management is stupid". This generalization is of course ridiculous.
Regards, Bill |
