No, they didn't give an explanation but I didn't really ask for one either because it was IR so I doubt they have a deep understanding of how the #'s are being arrived at. I called corporate HQ first and asked them my question and they forwarded my contact info to IR and they called me back. I think they must've known my question in advance because when I referenced the page of the investor presentation she said "I'm looking at it right now".
As I've said before, if their intent was to sandbag it to try to under-promise and over-deliver and they really can hit cash flow b/e in the 4th quarter, it was a really dumb move on their part. I don't think they're sandbagging though. I think the time frame got pushed back for some reason. Obviously the market told us what they think of it today, because it closed pretty well on Friday all things considered but traded like crap today (especially at the close) absent any other bad news being released.
Managing investor expectations responsibly so that when they reach it in q4 that investors are pleased. They'll still get there imo but are taking an ultra conservative approach considering the past CEO's a little too optimisitc comments in the past.
scott and trend.....I can get all the thumbs down everyone wants to send my way, but I know my way around an offering and this one is not going well. Your theories are wrong and are proven by the stocks continued decline. Stock always goes to size, so simply put, when you see the ask size bigger than the bid size, the stock wants to go lower. Today was a perfect example.
BUYER probably doing everything possible to get as many shares before the selling pressure and new shelf dilution shares are a faint memory as we press forward to being the only game in town that everyone is waiting in line to play ...or buy into a "partnership" at fair valuation; north of 9 bucks as time will tell.
Sentiment: Strong Buy