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NN Inc. Message Board

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  • livin_n_the_usa livin_n_the_usa Mar 15, 2009 1:14 AM Flag

    CC cancelled Monday

    time - have you looked at the history of the stock and some of the issues they have had over the years.

    If memory serves me right it was early 2003 when NNBR was listed as NNBR.e due to some similiar issue as to what they spoke of in the PR on Friday. In 2003 NNBR has just purchased a company and was in the middle of the transition from two to one. It was a very hard deal and the transition had not gone well.

    Stock was trading at that time between 10 and 11 I think. Then the NNBR CEO announced that they were not going to file their quarterly due to goodwill and other intangible assets and how they were going to play in the current and possibly the previous quarter.

    It appeared from this side of the issue that the accounting staff at NNBR was not able to determine how to take advantage of some of the issues. loopholes etc they could. So they asked for a timeout and did not report. The SEC put them on report qand said either report by this date or be de-listed. They reported three days before the deadline or something like that.

    When they reported the restated the previous quarter and stated the current quarter in better terms then they had thought they could due to how they were instructed by the internal auditor and the external reviewer. Working with the SEC they were able to clean up the books and state earnings in a very favorable way.

    I am not trying to put a spin on this delay though. What I am saying is that this may not be a bad thing but might work to our advantage. Again the bad news is already in, all that is left is the final numbers.

    Remember also in your estimates that the stock market is usually about 6 months ahead of main street and that we may see implevement earlier then your posted times. However, this time it could be different and it may take longer.

    Still this is going to go up, it will last and you and others might trade on the thin edge here but you can earn those extra $'s with wise trades.


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    • I don't see it as totally worry some as long as the delay is truly related to goodwill and intangibles.

      This is the perfect time to write off the value of both balance sheet items and get these areas clean for the future. Put all the non revenue/expense bad news into one results period.

      The write offs in these areas should not be cash impacting.

      Now if they delayed for other reasons: AR/AP/Cash/Sales, then we should be worried. The press release specifically says Goodwill and Intangibles. So I want to believe them.

      I am dissapointed they had to wait until 1 business day before the CC to get the news out. Sloppy IMHO.

      Still long and waiting.


      • 2 Replies to inforceg
      • iceg
        I have to agree on the timing. I had been looking forward to the call for some time.

        If I were to guess I would think that at the last check the auditor said "You know you could have done XXXXXX and the bottom line would not have been so bad." With that information NN decided to take the time, re do some of the numbers and postpone the call till done with the internal review.

        And the question of "is managment telling us what it really is?" I believe so. These guys are really straight shooters and if they have a fault it is letting out the raw truth with no spin. So I tend to belive them as well.

        Good to hear from you.


      • Buying Opportunity!!! All smiles here!

        Goodwill and intangibles. Probably just have a lively discussion with auditors. Write it all off on books...Take hit now...In better position later...This year is already shot...Talking about NON-CASH items...

        We care about cash, sales, a/r, inventory, etc.

        Buy on dip/fear...Anything between .80 and .90 cents buy what you can...Expect no uptick with anything till next year...Just accumulating here...

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