I am not here to defend SCX. I do not own SCX. I have owned it several times in the past and made good money on it each time that I owned it. I lost interest in it when its results got dismal and it persisted in providing costly health and retirement benefits for its employees and very little return to its shareholders. It looked too much like socialism. In addition, they have made some bad acquisitions. I do not disagree with your comments about inventory.
I mentioned the pension adjustment charge of $15,000,000 in the 4th quarter of 2012 because it in fact was the reason that SCX had to report a loss for the year. You are correct that their results would still have been dismal without the charge as they have been for 10 to 20 years.
Finally, Mr. Analyst andPortfolio Manager, I don't care for your smart alecky attitude. You sound like a snob and you have no cause to insult me. You Wall Street types are a bunch of pariahs to the world. I hope you lose your job. Go beat your dead horse somewhere else where it will be appreciated.
A private corporation choosing to do part of its compensation as benefits is hardly socialism. Socialism is a type of government, not a way that employers pay employees. Tea-party blockheads shove off (and grow up).