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Tenneco Inc. Message Board

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  • now_out_of_ten now_out_of_ten Nov 29, 2001 8:07 AM Flag

    Financials don't look that bad.

    No Cash Crunch! Look at the debt. I could be cash rich too if I stooped paying my car and house payments, but I don't they are always out there. As is Tennecos debt.

    You have to go beyond the financials. Financial analysts are like pollsters. How can you tell when they are lying, when you read their report. This company could write the textbook on creative financial reporting and number juggling.

    Every quarter that I was there, we had a mad four week rush at quarter's end to "FIND" money to help out the EBIT and EBITDA numbers. You would not believe where some of the "SAVINGS" came from. They were paper savings at best, bull crunch at worst.

    I recal a story of a cancellation of a trip to a local amusement park. It saved a nice chunck of change. Two days later, Mr. Frissora sent out a memo basically reprimanding those who made the decision. These people saved real dollars, maybe that's what troubled him.

    Don't buy! Sell while you can. I did and now I just watch the board for sh*ts and giggles.

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    • You claim Tenneco "juggles" the numbers yet you give an example of real savings - nice way to make a point. I am a finance guy and take exception to your insinuations. I haven't heard of any company vehicles being repossessed or any suppliers cutting us off. Where do you get your information? It's about time you come to the realization that you are a disgruntled ex-Tenneco employee! We all know that you were canned for lack of performance. You are so proud of your degrees but you need to recognize that a masters degree in this, that and the other and studying for your doctoral degree does not make you very bright (you are a shining example). Knowledgeable maybe (try reading TIME magazine, it's cheaper), but not smart or intelligent. Take your useless rhetoric to another board where your lack of credibility is unknown. It's time you signed off for good.

      • 4 Replies to earn_my_pay
      • u_r_a_practiced_dickweed u_r_a_practiced_dickweed Nov 29, 2001 2:16 PM Flag

        oh, lighten up, and/or bugger off, matey. It's not obligatory to dispense with all opposing views. Nor is it neccesary to knock everyone who may have more education than you do. Which, in your case, might put a real crimp in your schedule.
        If I had listened to either all the rah-rahs or all the nay-sayers I wouldn't still be eating well even after the tech debacle.

      • Well said!

        The numbers are everything. The numbers show improvement. A 500 worker lay off would help. Overall, TEN must close another HIGH COST plant. Build inventory and move the checkers around. I don't like to be an ax but lets ax.

        Just my 2 cents.

        ENDURO68

      • If you know who I am state my name to proove it. My record with Tenneco stands for itself. My position was eliminated and I bear the company no ill will. Unfortunately, my position is often one of the first cut in a slow down and I am facing that situation again, its part of my gig.

        My point about the real savings was that upper management, all the way up, sh*t canned the savins and said he would not have done that. Two people who made that decision confided in me, "that's the last time I put my ass on the line to save a buck."

        As far as my education, why do you feel it necessary to take shots? You are a finance guy you say. Do you not have an education? Is not a good deal of work being done in academia that applies to your field? D*mn straight there is.

        As far as bright, I have been published in peer reviewed journals, co authored a chapter in a text book, and have been asked to speak on the practice of my profession to a number of entry level college classrooms and conferences.

        You study the numbers and they can lie. I study the people, their actions not their words, which always speak the truth.

        By the way, what I was able to do at Tenneco gave me new skills I had lacked up to then and these new skills allowed me to land a better job at a substantial pay increase. I am actually grateful for what Tenneco gave me. I do not have time to be disgruntled.

      • AMEN BROTHER!!!!!!!!!!!!!!!!!!!!!!!

        If The Right People See These Accusations He Mite Have To Prove It. Wonder If That Education Has The Word (Slander)In It.......

        We Seem To Be In Good Shape At Our Plant.You Know Everywhere I Ever Worked They Always Got Rid Of The Dead Weight. That Journal May Use Differant Terms Then We Do. Bottom Line He Still Got Sh%t Canned..

        If You Are Not In Tenn Anymore Write Another Book, The Title Can Be Who Gives A Sh%t What You Think......

        I See You Are Still Flip FLOPPING AS Always Coward

    • Sir I don't think you really want someone to know who you are! You are dangerously close to some serious legal problems.
      I would advise you to stop the rhetoric before you go to far . I have reveiwed several post you have responded to and, if you are trying to sway people away from Tenneco you are flurting with some serious issues with the tactics you are using.
      If you have documentation to back you up fine. If not you open yourself up to some serious legal issues.
      I do not mean this as a threat; just some friendly advise for you to think on.

    • No cash crunch: There is a lot of debt, however, there is apparently lots of cash, that is what a cash crunch is NOT. It appears the debt is all current. By the way, how did the debt get so high, was there a big purchase, or some such?

      Financials: That's all we have to go by. Aside from what they garble, you must look at the numbers, and what they actually file with S.E.C., because that's what lawsuits would be based on. What I see is a very complicated and difficult fianancial landscape cluttered with "reserves" and liabilities, and with no clear unified view of the company. Maybe this is a prime example of how NOT to do a multi-national?

      Quarterly rush: In many firms, there's a quarterly rush to find the numbers. They need new systems, it appears.

      Summary: an interesting speculation. While debt-to-equity is high, and "goodwill" dwarfs stockholder equity, it appears a going concern. If they ever get their s*** together and turn a profit, the stock could easily take off.

      Recipe for improvement: hire somebody to figure out what the financial situation really is, and cut costs to match income. If not, cut the daggone dividend. Funds and institutions are already bailing out because of the stock price, it can't get much worse.

      Look, by the way, for even lower prices before end of year, if you can stand it, might be a buying opportunity, with care and balls.

      Good luck in your present layoff situation. Don't count on finding a job anytime soon, imo.

    • u_r_a_practiced_dickweed u_r_a_practiced_dickweed Nov 29, 2001 2:09 PM Flag

      " and now I just watch the board for sh*ts "
      Speaking of which, you reckon the sheep wore him out, or have you 'offed' him again?

 
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