Q-thread
Haven't lurked here for a while, but just received my quarterly report by snail mail and I'M PISSED! This is probably old news on the thread, but FWIW here's my take.
Management opens with the big numbers, 26m net earnings vs 17m yr ago. But the increase is mainly due to a huge tax decrease and an accounting change that booked a one-time increase in licensing fees and royalties. Net operating income was only up around 35k, or less than 6%, and if we subtract the 18k from the accounting change less than 3%.
I hate this nonsense. It's infantile, and it doesn't even work. If I caught it, you can bet every Street analyst did...back on April 21 when this was released. Stock spiked over 60 that day and has been selling off ever since. Really, Irwin, be a mensch, if you have problems, just say so and talk about plans to fix it. I am truly disgusted by this.
There is a way to play this game. Disney hid bad results so effectively that by the time Barrons blew the whistle a couple months ago no one cared any more. But Irwin, if a not-real-smart guy like me can see through your numbers, you gotta go back to the other game. It's called honesty.
mpf
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