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OfficeMax Incorporated Message Board

  • bono_may bono_may Dec 28, 2011 2:39 PM Flag

    Board should consider firing RAVI

    or the shareholders should vote the Board out to bring more changes.

    1. Ravi - an observer with no actions.
    2. Increased payroll (hired more executives) - decreased bottomline, EPS
    3. No increase in EPS - missed badly one time (50% miss, shame on Ravi for such a big miss) - impact on shareholder - 75% loss of shareholder wealth. The punishment for Ravi should have been 75% cut on his pay, yet he and dumb executives may get a bonus who knows.
    4. Ravi and the executives came up with fake 5 year plan to keep their job.

    Ravi should deliver, should make his employers - the shareholders happy, should send positive signals to market to improve the stock price, should deliver a sustainable increase in EPS, stop blaming the economy and the weather.

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    • I agree with all of your comments. I believe someone in the private equity world should buy this company out. First, management owns very few shares.

      Second, OMX has approximately $485 million in cash on the balance sheet, they only have about $270 million of long term debt (of which only $45 million comes due in the next 4 years).

      The company has been profitable (yes - the earnings have not been dynamic), but they are cash flow positive.

      3/4ths of their leases expire in the next few years (which will allow them to close nonperforming stores with little expense).

      The market cap of this company is only $380 million??
      Seems to me this is ripe for some kind of a private equity deal (how about $7 per share)?

 

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