Erick should preface his presentations with "Step right up ladies and gentlemen, the bearded lady is in the red tent to dazzle and beguile you with her magnificent bearded wonder... step right up folks to the blue tent where the two headed man will show how losing subscribers and sales is an excellent execution of a grand new plan to reward our ticket (stock) holders."
The results came in as per expectations.. a drop in subscribers because WiMAX is now the older pre-4G network with no new devices or retail efforts by the 90% wholesale customer, Sprint. The stock should not be much impacted because the offers to take the poor company out of its misery are already on the table. The details appear to meet what had been disclosed prior in the 13e.
What is wrong with American or companies in general? 'Back in the day'... when honest companies like Hewlett and Packard were breaking new ground in business development the CEOs, CFOs often told it like it was and shareholders and fund managers actually expected them to do so. This sort of sugar coating of the facts would not pass muster. Our business plan failed, we tried to set matters right, but since sales are 90% out of our control, the results expectantly have sucked, as shown in the details of the quarterly report."
Ponzi-Scheme land America? When will American managers get back to the bold business being done and the facts being spoken plainly? Too much to ask... are we all going downhill so assuredly we can no longer speak truth to the facts?
Step right up folks, I've got one more big story to tell ya!
I believe the guys that have that circus duty are called "Rakers". Tidbit - the average elephant can produce 4-5 cubic yards (approx. 125 lbs) per day of "the bad stuff". Circus in town? Many times you can score some cheap (or free) dung from them. High food prices got you down? Makes a great fertilizer for that future organic garden project! When you get to the circus just follow the Head Clown and his crony sidekick "Chuckles". They'll hook you up.
"Step right up! Right this way to see the shovel ready jobs! Prepare to be amazed at all the free s**t we have to offer! Come one, come all and get it while it's hot!" (p.s., BYOS - Bring Your Own Shovel. It may be called a "shovel ready job", but turns out they don't really have any shovels available. Most won't have to do any work to get a bunch of free s**t anyway).
The lines can be quite long so here's a few things to consider -
1. A shovel. (bring your own? please exit line to make room for others. ambitious fool)
2. Grab a snack. (wheat grass rapini or something fried on a stick is good)
3. Sunscreen. (strategically displaying every tattoo is cool and all, but that's mucho skin cookin all day)
4. Comfy footwear. (Birks w/ extra wool sock padding or skip shoes/socks and let those hooves/cankles breathe!)
5. Joint relief. (can be literal, others may want to bring something sturdy to sit on)
6. Arrive early. (limited number of motorized scooters, others can ignore - see: joint relief)
7. Entertainment. (pass time w/ hacky sack or Ipod, if not athletic or techno saavy consider extra fried things on a stick)
8. Show off. (if news crew arrives don't be shy, take center stage and let er rip, this is your time to shine!)
9. Gratitude. (if asked to register to vote: do it, if already registered: do it again - show your gratitude for all the free s**t you are about to receive!)
I try to tell it like it is.. maybe that sounds like a barker at a sideshow.. and certainly nobody should take what I post at face value.. do your own DD.
Its more fun and games with Hope's part of the presentation.. it is comical: We saw blah, blah resulting in lower revenue which reflects blah blah... then, in heightened voice inflection.. 'we had excellent results in blah blah blah" Hope is making a science out of the CFO's job.
There were some good points along with the expected results: Clearwire was able to wind down expenses further. They achieved lower subscriber acquisition costs, consistent with past improvements and attributable to the shift away from direct retail.
The results of the call was not out of line with expectations... however, its tone was contrived and comes across to me as over the top. Why not tell people what they know already.. that the situation is poor and the measures are being taken to hold on in the meantime. The job of the CEO and CFO is to present a reasonable portrayal of the situation, not come across as snake oil salespersons.
Analysts asked questions that were often shunted with a statement that they could not discuss matters dealing with DISH or Sprint acquisitions or that it fell under the current agreement to be acquired by Sprint.
On the network plans, Clearwire talked about the plans to deploy the 5,000 base stations during 2013 which is funded by Sprint. However, when it can to the issue of devices which determines how and when the network can be expected to see usage, CW deferred to discuss it directly. During the Q&A period, the CTO reiterated what has been the ongoing understanding, that is, that it is up to Sprint to come out with SmartPhones and other devices... saying for analysts to ask Sprint for the details. This is circular gibbly#$%$... "We have our wonderful, highest capacity network going int (that depends on Sprint for funding which we are playing around with in the meantime). The industry partners are making great strikes in TD-LTE devices!!! Many devices will be available and we could use those now available on the Softbank 2.6GHz network with only modest adjustments (but since we are leaving it up to Sprint to come out with the devices, probably in concert with what Softbank has worked on, go ask them what their plans are).
Bottom line Clearwirespeak: "We are doing a great job! We hope our new owners keep us on and pay us new stock options!.. meanwhile, we will try to ride this out a bit longer and see if we can get a higher price out of Sprint while we consider DISH's half-baked offer."