If the Canada operations continue to lose money they could just shut that down. More probably the dollar will be higher in 1-2 years from now and this will be more profitable. They also state that they are trying to sell more product in Canada where the exchange rate is not a factor. At some point the housing market will start to rebound in Europe and US.
Right now this is selling at liquidation value. I did sell most of my position in the low 30s and high 20s when the housing downturn implications started to become clear. But at this point it hardly makes sense to sell in panic.
I sold 500 shares in the 30's and 2000 shares at 28.50 - at the time thinking I was caving into panic selling!
However, I've held the rest of my pretty sizeable position all the way down.
You earned good money and had more foresight in your housing market predictions than I had. In hindsight, it's clear to see that there were risks I didn't take into consideration.
PS. How much longer do you think Europe will be in a downturn?
Also of note - Universal is going to start selling in Asia in the near future. They have not given up on that prospect. Harvey confirmed that they are still focused on diversifying their global risk.
I don't think management has failed, I think they are subject to the changing dynamics of the international marketplace. Right now, things are not in their favor in almost any served market. A few years from now, all those conditions may line up in UUU's favor.