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Non-Tech : Recovery Engineering (REIN): PUR filter
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To: Wade who wrote (59)8/8/1998 2:00:00 PM
From: PaperChase  Read Replies (2) of 67
 
You guys got sandbagged real bad by management. The President decided to let you know the bad news after the company got the money from the offering. IMHO, the underwriters were irresponsible too.

The time line for sucking in investors:

April 17, 1998

"Management is currently comfortable with analysts' estimates of earnings of approximately $0.70 per share for fiscal year 1998, after giving effect to completion of the Company's pending public offering", said Brian F. Sullivan, President and CEO.

April 23, 1998

"Recovery Engineering Announces Increased Offering and Sale of Common Stock "


July 16, 1998

" ...said Brian F. Sullivan, President and CEO. "However, our results for the second quarter were affected by a delay in shipping our new PUR ULTIMATE faucet mount product and delays by certain retailers in getting our new PUR PLUS pour-through products properly displayed. In addition, the Company's main competitor has recently announced aggressive marketing initiatives, which we believe to be in response to the Company's new product introductions. We expect that these factors will affect our results in the near term and accordingly we currently anticipate that our earnings for fiscal year 1998 will be lower than analysts' previous estimates of approximately 70 cents per share."

Please see this situation for what it is. In REIN's July earnings release they had to come up with some reason and so don't spend too much time analyzing these. Unfortunately, you guys got sandbagged.
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