Message I just sent: "As a longtime shareholder, I have to express my utter disappointment in management's poor presentation of the opportunities and the "new lease on life" that the recent transaction afforded you. Instead of discussing the "transformational transition" and "future opportunities" tied to Americans' growing appetite for fresh foods over processed foods, you focus on "volatility," make an inexcusable reference to a share repurchase program ( which, if that is a mistake, makes one think what other mistakes are hidden in that announcement), and totally fumble the communication on debt levels. Management's tone is flat, fumbling, and (given the above) seemingly untrust worthy. I really would like a response to this email - how are you going to fix this? You need serious IR and comms help, pronto. Management also needs presentation training. And for God's sake, proof read the damn press releases and start delivering on what you promise."
What a bunch of stooges. We need a hostile takeover. Or a shareholder activist group. I'd vote my shares with them.
Well put. The better part of the management team now works for Itochu. What can you expect from David Murdock, an octogenarian who:
- Owns a majority interest
- Has controlled the company for decades
- Has bought many business interests that were subsequently sold at big losses
- Has caused a decline in shareholder value over the past 20 years, including having taken the company private and then reselling it at a loss to the public in an IPO several years later.
Watch to see if the shares continue to decline in value so Mr. Murdock can take it private once again.
You have a stomach of steel if you held through earnings. While I do think that selling the packaged foods biz was a necessary move, it is NEVER a good sign when I company is FORCED to sell off a high margin part of their business (the only part that is not commoditized) in order to pay off a ridiculous amount of debt. That being said, I think the future for Dole may be brighter than management will admit at this current time. I totally get your frustration as I bought Dole at 10.75 after last earnings only to sell this past week at 10.80, but I did not think there was anyway they would beat earnings, so I was left with no choice in my mind. Its simply too early to tell how much downside is left here.
All that being said, if I wasn't concerned about the opportunity cost of having my funds invested in Dole right now I would continue to hold. Eventually, there will be a buyout, privatization, or banana prices will go up and they'll make some money. GLTAL but there are simply too many other stocks to buy and hold right now to waist portfolio space with Dole.
Sorry to hear you are still holding DOLE. I sols last night right after the call and will not buy the shares with the current management in place. Inept would be kind and I concur with you r message. Ironically I emailed IR last night with the same thoughts except I told them of my share sales as my vote.
A monkey could have done a better job of navigating the call and this company so rich with assets has no plan for a return on capital or enhancing shareholder value. Keep blaming Strawberries while you bleed this company dry. Bye Bye!
well here is the buyback that management was clueless about on the conference call. Inept is hardly a word to descirbe that performance; now they have cost the company a lawsuit by saying no buyback was in the works (depsite being in the agenda they would discuss) and then anouncing one less than a week later. They should have sold management to Itochu as well.