Mariner, I also noticed BIG increases in SGA costs as well but wasn't quite sure if last years q2 also included any of the Tisma acquisition (full or partial). If it did then I'd say IPV has a real cost control problem. As I'm very very busy these days(new job) if anyone else has the time it might be worth doing some additional analysis.
Luc, I agree with your comments on Mr. Graham. He might be a great sales and marketing guy and the latest unaudited $20m order book does look impressive!! However, in my view, he certainly hasn't demonstrated any other ability to manage the company beyond sales and mktg. The Tisma acquisition, although maybe strategic, was a massive squandering new equity. Product pricing, and hence gross margins, seem to be all over the map. Internal controls(recievables, inventory,...?) seem to be lacking. I'm also wondering if we'll see any additional one-time write-offs or adjustments in future quarters.
Thoughts, opinions, anyone?
John
P.S. Luc, Mr Graham should stay on with IPV but strictly sales and mktg. I don't think he should have any control over pricing, margins, operations or general and admin. |
