That was the most pathetic Earnings Conference Call I have ever heard!
Last Summer the CEO announced TSRA would no longer be supplying guidance starting in 2013, even for the core licensing business. - WHAT?
Supposedly, the MEMs business would be exploding and would be just too difficult to forecast, and the core licensing business would be shrinking in relative significance. Therefore, no guidance whatsoever would be given for anything in the future! - WHAT?
Then the CEO started redefining the definition of what a MEMs design win is, is, is…
Then the head of MEMs is fired, let go, shown the door, or whatever, with no explanation.
Then the board of directors decides they need to incentivize the CEO to do his job and sell off parts of the company in the future, so here comes more STOCK OPTION GRANTS!
Now shareholders are told that MEMs is sampling, and TSRA has a new head of MEMs.
Unfortunately, that wasn't even in the same league as the worst CCs I've ever heard. Hell, I once even caused a CC to be worse (someone was doing indefensible accounting to set bonuses...) The no information about anything announcement was itself MUCH worse. I'll stick with my earlier characterization as 'punk.'