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Non-Tech : Recovery Engineering (REIN): PUR filter
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To: PaperChase who wrote (60)9/25/1998 4:34:00 PM
From: PaperChase  Read Replies (1) of 67
 
The sandbagging continues 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. I will add that I am surprised there are no shareholder suits yet.

The new updated 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. ...'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.'"

September 24, 1998

"Recovery Engineering Lowers Third Quarter Expectations ...The combination of these factors will cause the Company to report a net loss for the quarter."

Is this obvious enough? From a profit to a loss in 5 months. Just an execution error? I don't think so. You should expect this stock to trade to $1 less than book value over the short term and sub $5 over time.
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