Are you kidding. These things happen in foreign markets. The offset is the increased margin for lower input costs etc. This is a small hiccup, being < 5% of Net 363M. A newbie CFO with no business continuity would be the greater problem. These guys have a strong balance sheet in a decent market. I am not married to these guys, but I expect to make some coin at this level.
I agree. CFO should be replaced. How can such a significant difference exist in the reports? We expect highly paid officers to do high-quality work. The difference in the accounting should come from his past and current bonus check.
Someone was sleeping in that internal audit committee this past year. Those sleepers should be replaced too.