My take on the conference call? I am very impressed with Mr. Hilliou for several reasons. I have recapped below some of his comments on the broad issues outlined in our memorandum.
Investor Communications:
- Hilliou will be the primary contact for investor communications.
- Status of all three of the PR consultants will be reviewed.
- Promises monthly status report.
- Holds conference call two days after assuming control and expects to hold frequent conference calls in the future.
- I liked his comment, "If you aren't willing to talk to your shareholders you shouldn't be in management".
Management:
- ALL salaries, including Board members, are under review.
- Looking to eliminate duplication of effort.
- Wants to coordinate SC VGM operations into a cohesive unit.
- Wants to define criteria for profitable bingo halls so these criteria can be applied in "cookie cutter" fashion elsewhere.
- Wants to learn from successful hall managers what works and what doesn't so this knowledge can be passed along to other hall managers.
- Wants to establish an incentive plan for hall managers. I am particularly pleased with this concept because I am a HUGE believer in incentives. It has been my experience that proper incentives work wonders at all levels. It works with my kids, it has worked with my employees, and it works with ME.
Business Plan:
- Bingo will apparently still be a significant component of AB&G's growth plan.
- Many different venues under consideration for expansion including Colorado, Montana, Louisiana, Mississippi, and (did I hear this right? Wisconsin.
- More SC VGMs are possible if there is a favorable outcome to the SC Supreme Court case.
Obviously, most of what was said was of a conceptual nature which is to be expected given the fact he has only been formally in charge for two days. So...before somebody else says it, let me be the first to say, "Talk's cheap". I heard a lot of good words today and my impression is that Mr. Hilliou is willing to work hard to make it happen. If they back up the words with demonstrable action, BNGO should rise again. I am hopeful.
TKA |
