I am disappointed but not surprised by the recent results. Management needs to be appreciative of it’s loyal employees and provide a path forward. If senior positions are to be exclusively filled by outsiders, then productivity will suffer as the number of employees willing to work 60, 70 or 80 hours a week will rapidly decline.
Disappointed?! The results are horrible. The company is on track to lose more $ in 2010 than 2009! It seems like 2008 was the only good year in recent memory- what happened after that? I sold in fall 2008 and have not been back (at $19...remember when?). Why would you buy this stock? Unadjusted losses will be (.58-.61) per share. Sorry you need to count the arbitration case as in the end you'll pay at least part of that $8M mess (probably all). In regards to promoting it sounds like the house needs to be cleaned in the executive office. Now value is being created. $45M in cash was squandered on lousy acquisitions which are now characterized as having "integration challenges". Why would you have bought a business that has FDA violations? The plant in Mass. is shut down now as you have to clean that up before you can restart. Who did that do diligence? What is the leadership doing? Looks like nothing. Other companies in this sector are doing better this year. SHare buybacks are a weak way to pump your earnings and the performance of the company as a whole is so bad that even that has had no impact. Waste of cash. I think you need to start at the top and either sell it to someone who knows how to run a business or get in new people that do. Obviously the management team has no business running this company.
All that hard work and by looking throgh your proxy statements its nice your top leadership increased their bonus target percentages and gave 3 of them salary raises...12%, 4% and 3% in 2009. Did you get any? All of them got bonuses as well (over $30K each). For what? Your company lost money...Can't wait to see the proxy next year. Whatever could you award bonuses for running negative earnings for?
Albany Molecular (AMRI) is an outsourced drug discovery company. It may be completing a double-bottom at the lowest level since its 1999 IPO. This company has been dogged with bad news throughout its history, and it recently announced a loss of a lawsuit as well as an FDA warning letter about its facility that it just purchased. The company, which gets substantial royalties from the Allegra franchise, has been making acquisitions in the manufacturing services area. This company has been a huge disappointment to every single investor in its almost 12-year history. The price may finally be right, but this one looks to have many challenges.