I called yesterday (Phone: 317-706-9200) and spoke with Barbara the investor relation of ESI. The following are the answers to part of my questions:
1) Is CEO still active with ESI and when Modany will leave the company?
Can't answer this question. CFO or CEO should answer this question but they are very busy with preparing the Q2 earning report. You should read the PR regarding the CEO resignation
2) Is there pressure on ESI from lenders?
CFO should answer this question but he is busy with preparing the earning report.
3) Is ESI updating the previous years reports with PEAKS program student loan ?
Yes, the updated previous years reports will be announced with the report of Q2
4) Why the big delay of Q2 result reporting ?
Nobody want more than us to publish the results ASAP. CFO and his team working hard to prepare the Q2 report
5) When Q2 results will be reported?
Most likely on Friday 8/29/14
6) Is there pressure on ESI from EOD to update the balance sheets?
I dont know CFO should answer this question but he is busy with preparing the earning report.
7) Is ESI engaged with another real-estate company tos sell its properties?
I dont know , CFO should answer this question
She could not answer most of my questions and had a bad attitude and was very impatient.
Thanks for posting the results of your conversation. I think you got the answers to two big questions. The first is when Q2 results will be announced, i.e. Friday, Aug. 29th. That's useful info. The other useful answer was that previous year's reports will be revised and reported on Aug. 29th with the PEAKS program student loan data. I think we already know the answers to the other questions:
1) Yes, leaves in early 2015
4) Big delay because was waiting for direction on how to account for PEAKS program student loan data.
I'm sure she has a bad attitude because all of her stock options are now worthless because of ESI's low price.
IMHO, she is probably Modany's former AA promoted to an Officer's position with a script at hand to answer the questions. Most Directors and Deans at ITT were former Secretaries and AA's, so it tells you were this company is headed unless someone with half a brain can take the sinking ship over.
They are scrambling to make the report look good, but at the same time need to meet all the required regulations which is the holdup IMHO.
IMHO the stock will probably drop off to 5 or less after Friday and any Longs holding over the weekend will be holding some jewels of their own.
I asked her alot of questions and for most of them she refereed me to the busy CFO. She is investor relation officer, she should answer questions that don't have issue with FD rules. Otherwise she does not do her job. I hope for good results tomorrow !