raefon,
I don't have any room for more shares, but today is somebody else's holiday, no doubt. For me, a world of pain, and not a small degree of embarrassment, since I've been on record at far higher prices, and a buyer there, too. Earnings are due out tomorrow. I think business is strong and revenues will bear that out; I'm not sure how much SG&A bites of out this quarter, but I suspect it will be a few more cents than I thought a month back. I estimate .3 cents for negative carry.
Let's dialogue tomorrow morning when the numbers hit. No conference call, I'm told, but it appears PDS has got religion when it comes to giving the Street better updates. Up to this point, management has seemed more interested in creating hidden values than visible growth.
I think that changes. Pete Cleary is moving to Las Vegas, is getting more familiarity with the protocols of speaking to analysts and money
managers, the people at Kehoe, White & Savage will be introducing PDS management to the investment community, and I think the company is now well aware of it's communications shortcomings. Understatement isn't a
bad thing in a well-followed stock, but silence, especially after the total fck-up and post-fck-up with the 144 offering, resembles naivete or brazen stupidity.
If business is great, it's high time to say so. I'm told the second half will be very strong, so it will be nice, as the deals get inked, to see them printed across my Bloomberg screen. And then we won't be
grousing about the stock price. In the long run, that will take care of itself, as soon as the PDS story is evidenced in hard numbers, the management learns to relate to the Street, and gives better visibility of their business and intentions, forinstance, 144 sales. Johan and Pete are talented and smart guys; I'm confident this will seem a blip
in the near future.
Meanwhile, I share whatever frustration you're having here. I hope you had some dry powder for this decline. I was tempted to lose shares elsewhere to pick up more PDS, but I'm here way past the proverbial sleeping point.
Battered but resolved,
Quilty |
