First, consider some other messages here. They suggest that inventory has been dumped at lower than standard sales prices. If true, that means that "INVENTORY MIGHT NOT BE THERE." If the balance sheet does not reflect this, then maybe "IT AIN'T THERE". Like other fools, we the stock holders, are counting on the inventory being there! NOT GONE, NOT DEVALUED TO CRAPOLA (play on CRAYOLA).
Inventory should be carried at cost or market value, whichever is lower. GAAP means doing it (or it is fraud).
On another matter, this company is over a hundred years old. It is NOT A GROWTH INDUSTRY and now should be paying BIG DIVIDENDS. That is why people don't want dividends from growth companies.
But, if management rips off every cent for perks, stock options, etc., THERE ARE NEVER EVER GOING TO BE DIVIDENDS.