Cantxpin - I have been watching this stock and reading about the company/sector for several weeks now. I hope to take a position when there's more certainty that no accounting skeletons are lingering in the closet. That said, has anyone tried to contact the company for some sort of clarity as to why Scheeler left? They may well dance around it but we can't be more in the dark than we are right now. Regarding your concern about revenue decreasing over time once people realize that various intersections are monitored by cameras, while that may be true in theory, that pales in comparison to the enormous size of the untapped market and the potential revenues for cash-strapped municipalities. Then there's the issue of how much insurance companies would benefit...
You have a point but I would not buy here now unless it was under .30 which is not likely, or until the next earnings report comes out so you can see expenses. I think the next report will not be great. Scheeler probably told them they need to cut expenses and they did by letting him go. Not a bad idea but I think they are going to struggle here for a while until they can tap more of that potential universe you talk about. For me, I didn't want to give up my gains.
Brekford shares are currently being sold off and have traded as low as $.45 on an intraday basis. The sell off is the result of the 8K filed yesterday afternoon be the Company on the elimination of the position of Director of Finance & Operations. The position had been previously held by Mr. George Scheeler
The sell off is the result of the market misinterpreting Mr. Sheeler’s role at the Company, as well as profit taking in BFDI shares which are up from about $.12 per share on a 52 week basis. Mr. Scheeler was the Director of Finance and Operations not the CFO. The position of Director of Finance and Operations at Brekford, had previously reported to the CFO and was responsible for preparing financial statements, maintaining cash controls, managing the payroll and personnel administration, purchasing, maintaining accounts payable and managing office operations.
The Company terminated the position of Director of Finance & Operations, and is replacing the position with two separate and distinct positions, Director of Finance, and Director of Operations. Unfortunately, George Scheeler was not the right fit for Brekford a rapidly growing Company.
Mr. Scheeler’s period of employment was for four months and started in January 2012. The last financial reporting period for Brekford was December 31, 2011, so Mr Scheeler’s employment did not overlap or effect any previously reported financial statements.
Today’s sell off is totally unmerited, and an opportunity for long term investors to increase positions with the stock currently on sale!! Brekford is currently the only public pure play in the traffic enforcement industry in the US, with only 2% market penetration: