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National Presto Industries Inc. Message Board

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  • pmlljl pmlljl Mar 19, 2003 5:31 PM Flag


    no slapps: First, Worldcom was never a successful company. It was a mishmash put together by Bernie Ebbers and his henchmen along with a complicit group in Wall Street. I contend that Bernie cooked the books from the beginning and that Salomom's Jack Grubman and others hyped the stock to a high price allowing Ebbers to use Worldcom's stock as a currency to buy other real companies such as MCI even though Worldcom paid very high prices. Recently, Worldcom announced that it would take charges of $80,000,000,000 to write off its "goodwill" and to write down other assets, namely equipment. You have to understand that this didn't happen by accident and it didn't happen without management knowing about and approving it. I contend the same thing is happening at Amazon as well. They aren't so much cooking the books as Worldcom did but they are hyping "pro forma" income where they tell you what they are earning if you don't count their legitimate expenses. It is like most people saying they would be cash flow positive if you don't count my mortgage payment, my car payments, insurance, food, clothing and gasoline. In addition, Amazon has on its balance sheet $70,000,000 in goodwill. I imagine this is the result of some acquisition but economically speaking no company that has accumulated a $3 billion deficit and never had a legitimate quarterly profit has any goodwill. So you can consider that to be written off someday.
    The point is some of these business men lie and they cook the books. As investors it is our job to determine who we want to be partners with. All that cash on NPK's balance sheet is the result of money earned by the company in prior years besides the dividends paid. I looked at last years proxy statement yesterday and noted that Mr. Cohen has been a director since 1949. So all that cash was accumulated during his tenure and my guess is that without him NPK would not exist today. So, if you are not happy being a partner with the Cohen's I hereby offer to buy all your shares at the current price assuming you own less than 5,000 shares. What do you say. Let me know if you want to sell and I will put in a bid at the market price which you can hit.

78.33-0.09(-0.11%)Feb 12 4:02 PMEST