Yes, a long way back. Although the Riedman curse was lifted with his departure from the BOD, his taint is still around. Note that Al did not come right out and disclose that all the numbers were arrived at through non-GAAP accounting methods (check the fine print). Meaning, they are using Riedman/PXG-style tricks to make things look better than they are. And that is why PXG is on the pink sheets today. But to the faithful, GAAP means nothing. Good luck and congratulations on finally getting back to even.
I was also wondering about all the EBITDA accounting, which I thought was discredited back in the dot-com era. Also, it seemed that revenues and bookings both were down sharply...almost 20%. The positive numbers came from reducing personnel and selling assets.
Angrisani's explanation of these things, as I understood it, was that the company has to complete the process of discontinuing all its lower-paying work; only then can it move up to the higher-paying projects. He repeated that idea a number of times. I didn't really buy it. The low-paying work can lead to more profitable projects later on; it gets your foot in the door at major corporations, who might become dissatisfied with their other market research providers and turn to you. Doesn't that make more sense than hiring more salespeople and flying them all over? If Angrisani is junking the lower-paying stuff, does he have some other sales strategy to replace it?
I'm getting caught up on this story. Can you give me a little background on the nepotism with respect to Riedman that was mentioned up thread. Are any of the people that were involved with that still around the company? Thanks.
very good job. cash positive and a strong balance of 14M. looks like they have fixed the expense structure. now it is the revenue and right margins on the new revenues. great job and turnaround going as planned.