Hello Sergio,just started digging into SEMI. Last quarter revenues of 63M was not all that impressive considering,same quarter "96" was 62M.
('Our first quarter sales, while slightly ahead of last year's first quarter, were below our expectations but consistent with a general industry-wide weakness.")
Previous quarter(4th) was up 16% Q over Q.
Have you read the filing DEF 14a filed on 6/12/97? This is a very telling document,management/directors have set themselves up with a very,very sweet deal (the Goldgerg Agreements,THE FLANDERS/GORDON AGREEMENTS,cash bonus',$100,000 for life retirement,etc.)
How about this directors resume?
SHELDON LIEBERBAUM is director of corporate finance and a director and shareholder of Lew Lieberbaum & Co., Inc. ("Lew Lieberbaum"), an investment banking firm which was the underwriter of the Company's 1995 Public Offering and was one of the underwriters of the Company's June 1992 public offering of common stock (the "1992 Public Offering"). He was also an officer of the underwriter
which took the Company public in 1987. Mr. Lieberbaum has been in the brokerage business for over 35 years. Mr. Lieberbaum became a director of the Company in 1992 in connection with an agreement of the Company with the underwriters of the 1992 Public Offering that until June 18, 1997, the Company would use its best efforts to cause one individual designated by such underwriters to be elected to the Board or to be an advisor to the Board. In connection with the 1995 Public
Offering, a similar agreement regarding the designation of a director of the Company was entered into between the Company and Lew Lieberbaum which has a term of three years from June 8, 1995, but is not operative until the expiration of the existing agreement with the underwriters of the 1992 Public Offering so that only one designee of either Lew Lieberbaum or the underwriters of the 1992 Public Offering will serve on the Board at any time. The National Association of Securities Dealers, Inc. ("NASD") alleged that Lew Lieberbaum and others,including Mr. Lieberbaum,in 1991 engaged in market manipulation, inaccurately maintained books and records and failed to adequately supervise the activities of Lew Lieberbaum's personnel in connection with the trading for Lew
Lieberbaum's account of warrants which were part of a public offering of units of convertible preferred stock and warrants of a company for which Lew Lieberbaum had acted in 1991 as managing underwriter. In order to expeditiously resolve this matter and without admitting or denying these allegations,in January 1995 Mr. Lieberbaum and others voluntarily entered into a Letter of
Acceptance, Waiver and Consent with the NASD pursuant to which Mr. Lieberbaum was censured and fined by the NASD, agreed to pay with Lew Lieberbaum and others restitution to customers and was suspended from associating with any NASD member for a one month period.
Have to be honest,so far, I'm not to impressed,sorry,you know I don't mince words,I will continue on...DD
PS: also,have to admit,I'm a duck out of water in this industry-it's not helping my DD at all<g> |
