John, exchange2000.com
Some highlights from the '97 report, >>The Company suffered a loss of $9.9 million in fiscal 1997. The loss can be attributed partly to an inventory adjustment taken in the fourth quarter ........ The inventory adjustment totalled $3.5 million, the result primarily of costing errors and to some extent inventory that was damaged, lost, or unusable following the relocation process. In response, the Company is implementing a rigorous inventory tracking system.........."We learned valuable lessons in this relocation that will stand us in good stead in our next phase of growth," Mr. DiLillo said. "We made some missteps in the relocation, but fortunately, the problems we experienced in 1997 are definitely behind us."<<
From this years Q4, >> During the quarter, the Company recorded a one time $4.5 million restructuring provision, which reflects the operational changes Mond is currently implementing as a result of its business arrangement with Trailmobile. Mond also wrote down the book value of its inventory by $2.5 million in the quarter, due to an inventory shortfall, and recorded a $1.0 million increase in warranty provisions.<<
>>the problems we experienced in 1997 are definitely behind us.<< "yeah, right!"
I own 35K shares of this stuff and expect much better.
JOE |
