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Arrhythmia Research Technology Inc. Message Board

  • roboklerk roboklerk Mar 4, 2013 1:06 PM Flag

    May be Up to the Lender Now

    But HRT's management objectives should be pretty clear: 1. Get the credit agreement due to expire next month extended and, if possible, expanded. 2. Reclassify as long term, or refund w/long term debt, as much of the current obligations as possible. 3. Cut costs as much as possible w/o incurring an undue amount of upfront cash severance payments. 4. Look to write-off Defense products 5. See if they can sell Predictor or any available patent technology. 6.Combine w/the other domestic manufacturer of sensors. They can probably limp through until the end of this year as is, but really need more financial flexibility and a leaner cost structure to inspire any long term confidence. The previous CEO's misadventures have put them in a horrible situation of having to effectively complete a "work-out" and try to grow the base manufacturing business simultaneously.

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    • Pursuant to an 8K filing today, it looks as though objectives 1 and 2 are well along the path to being realized w/a new financing. Since the new facilities are not expected to close until April 30, it may be too late to avoid a possible qualified auditor's opinion (if that is the direction things were headed) as of the end of March, unless such financing can be contemplated as likely to occur as part of the opinion. I'm not sure how that works in accountancy or even if a qualified opinion was on the table to begin with, maybe it wasn't, but it sure looked to be something that would have to be considered given the recent circumstances of the company. Anyway, with the proposed new financing all of that is moot. The company has bought time to dig out. Cost-cutting, product and division restructuring and/or elimination, and possible efficient combinations remain as significant work to be done. None of it would likely have been possible w/o the removal of the former CEO and discontinuance of Wireless Dx. There is still the issue of BOD laxity that has not been addressed and why they waited so long to act. All of this should have been done 12-18 months earlier, and a Board restructuring is in order as well. As long as they do not oder more solar panels, they may be given a chance to work out from under a huge mess.

 
HRT
4.90-0.06(-1.21%)Apr 16 4:00 PMEDT

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