Lurker, you've followed this company for months and know it well. You've made some great observations. I don't think your comments about possible earnings qualify, however.
<<Has FAMH ever released any 1996 figures?>>
<<<<I haven't seen any. But, we can make an educated guess from
the figures they released for 1st half of 1997>>>>
No, we can't. Mainly because these "figures" were supplied by Ira Monas. Also because these figures were incredibly "cute". Did anyone else notice that the first half revenue/income figures and those from the second half appear to be almost exactly the same?
This despite the fact they had office openings, the supposed finance division opening, etc., in the second half of the year. Very strange, and to my mind, unbelievable. Ira seemed to pull those figures out of the air.
And I know you agree, Lurker, that Monas simply lied about the third quarter earnings before they were pulled back months later. So why trust the first and second quarters?
Also, if anyone has the (now ancient) investor packet, the balance sheet that FAMH supplied for 6/30/95 (none for 1996 -- why?) showed a big deficit at that point. It certainly looked like FAMH was losing money then. Personally, I think they went public to get out of debt.
The talk by the CFO of "corrupted data" also makes me wonder if they are gearing up for bad news (which they will promptly blame on Monas).
And FAMH did NOT make 20 percent net profits last year, as they claimed, without some sort of trickery, so I would not project the same margins for this year.
I'm sorry, but it's impossible. |
