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TriQuint Semiconductor, Inc. Message Board

  • benpub_one benpub_one Apr 23, 2004 10:56 AM Flag

    Best thing

    that could happen to this company is to sell or be aquired. the vaunted conservative management is blowing it. with all this increase in sales the best they can do is breakeven...piss poor performance. it is very apparent why this is BofA's least favorite stock....its now mine too. increased sales 25% to make 2 grand....just plain stupid. no forcasts for any profits to speak of....whats the point as a shareholder....just to pay the management.. dead money

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    • benpub - I share your disappointment and clearly the market did price in a nonsurprise surprise (despite the "consensus", when EVERYONE expects upside (see the analysis the day before), there's no "surprise" since speculators have already bought to value).

      We broke even in the low $80's before - now we're still breaking even with >$6M more in top line - it seems IMO either TQNT are GIVING AWAY products to grease the top line, or costs are out of control.

      At 34% margins and looking at historical Y2K $300M earnings and $100M PROFIT (which is why the stock was WORTH $60), something is severely BROKEN on the FINANCE side when you are on a track for $360M top line and can only show a $2,000 profit. A granny keeping money in her mattress can make $2K a quarter by using the same technique of praying for a good hand while playing poker.

      Between Y2K and now, a change of +$60M on the top line and after HUGE layoffs (several hundred people), the only change I can see, since we've written it all down, is a new CFO, one who can't seem to turn a $60M positive delta into $120M profit (that's a $60 stock price).

      IMO, this CFO has no clue of how to manage costs, analyze and acquire accretive business, or turn a profit. IMO, he's afraid of paying income taxes when he should be saying "Bring it on". If I were CEO, I'd be using The Donald's phrase on this CFO on behalf of his shareholders for failing to manage profitability on behalf of extremely patient OWNERS of the company. IMO, something's fishy in keeping someone around with the profitability track record of the past three or so years.

      I have an idea...instead of DILUTING our shares with a 5% shares handout, let's take that $2K of profit this past quarter and give that to the employees instead as their bonus (since we get ZERO EPS, might as well get ZERO EPS). Works out to $1.33, or so, each and management gets no shares (they'll hog most shares anyways) until they learn to MANAGE costs. IMO, that all cost and profitability MANAGEMENT starts at the top with the CFO, who IMO, has a crap track record these past three or so years.

      Sales is obviously doing an excellent job out there, as is the factory in getting the products out for billing - must be frustrating as heck growing the business like mad to be rewarded by showing NOTHING to your OWNERS.

      Remember, we WROTE DOWN a lot in 2002, foregoing profitability, to come out with CLEAN books and an ACCELERATED profitability (that was this CFO's story). What good did it do? With an outlook of barely profitable for almost a year, how can the CFO not continue to manage costs and profit? Isn't it better to make $300M and a profit of $50M ($30 share price) than to carry lame ducks at $360M and break even?

      What am I missing in all this? In having the CFO watch the "ball" for us during the game, isn't the "ball" PROFIT and not REVENUE?


      • 2 Replies to petey_puma
      • I was just cruising through this board trying to see if I should buy TQNT and csught your post. It's a real funny post!

        I am a retired CFO. I hate to disillusion you regarding the power you may think we CFO's have, but basically we don't have that kind of power. Basically we count things---you know, beans and other stuff. We are the messenger---Kill the Messenger!!! We advise, we don't control directly. The title "Controller" was a comedic/oxymoron title created to make fun of the fact that there is never any control in any business, and definitley not by the "Controller". It is a title to establish a designated blamee, a sacrificial lamb. This is clearly shown in the Enron, WCOM, etc cases (and in your post) where we financial types are sent up the river for terms greater than a serial killer/drug lord, and the CEO, who really has the power and control, gets off free. Those Enron/WCOM type cases have definitely taken away the one power we did have, which is the power of the erasers on our pencils, those truly creative journal entries we could do to erase the incompetence pervading all organizations---with a swipe of that eraser a loss becomes a profit, a boring number becomes upside surprise!! How do you think these companies beat by a penny all the time?

        Hopefully, this is enlightening!

        BTW, have you noticed that a lot of stocks have dropped after earnings reports recently, even after meeting or moderately beating estimates and announcing moderate forecasts? Do you think the market has anything to do with the drop in TQNT? That's why I'm cruising for good buying opportunities.

      • I recommended your post. I have to believe TQNT is an old "junk stock", that has been given a second chance at $7. A chance to live like the old or a chance to reinvent itself. To be a MO, Phillip Morris (Altria). They should be accouncing a buyback program, they should be firing employees, they should eliminate all options in the organization, they should limit executive pay to 5X the lowest paid employee, managers should be divided into like 10 groups, each one must be evaluated on eps. Fire the least performing ones.

        A pipe dream, but the sad part is we only need one company on the stock market that would do this, that would spin-off companies, every year, and within 20 years all companies would operate this way. All the others would be broke.

    • What a spin! It's effective I suppose because its backed up by some well-placed shorting.

      Congratulations to shorts. You turned an excellent earnings report into a disaster for longs.

      • 1 Reply to nebulam29
      • first of all i'm not short...i'm long at about a buck higher...and the key word in your statement is "earnings" what is that an "excellent" earnings is an increase in sales translating into "breakeven" an excellent forcast...this management is piss tqnt will be pushing 370 million or so just to breakeven on the year....please tell me the point here? why not sell to a management that has a purpose...(being profit) instead of the bull this management continues spew.

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