Whooooa man, You sold (out) your shares? Say it ain't SO! What ever happend to your battle-cry on Jan 8th ... "EGT is gonna make me a MULTI-MILLIONAIRE in 5 years..."?
You just said, "True the company wasn't explaining everything for idiots--..." but just a few months ago your posted this little gem a month earlier in December...."These guys are flying--we have 4900 or so under contract and most of them are or will be operational before this mon th is out as per thier own statements"
So when we add those two statements together we should infer....what exactly?
Admit it...you were bamboozled too but you had "somebody" give you the real story on a backchannel so now you wisely "trade" EGT instead of sticking to your previous strategy of "hold until you become a Multi-Millionaire".
EGT management's presentation SUCKED during their first attempts (plural) at FULLY explaining their distribution plan and realistic earnings potential - either that or they intentionally ommitted critical information. I got more than a few rocks thrown at me for pointing out these facts back in those honeymoon days...well, the honeymoon's over now, isn't it?
Here's some examples of recent EGT management crawfishing ...
-- 125/day win...turned into....wellll maybe 125/day at the end of 2008 (we hope).... even in established locations. But they brayed like donkeys on Jan 22 when ONE facility was over 125/day avg for ONE MONTH.
-- 100% of the floor ... turned into ....welll we've still got a 100% of the floor and a contract for X machines but we are only going to install Y of them and increment slowly until we feel that the location is saturated - then rest may simply evaporate, so don't use the contract numbers that we were very proud and excited to give to you in several earlier PRs as ANY indicator of future reality.
-- 1000 installed machines/quarter .... This number has yet to be crawfished on, but it was late information. Seeing as how they are only partially filling contracts, they may slip on that number too because there may not be any more machines left in the existing contracts that SHOULD be installed.
They still talk about Potential: 20,000 gaming machines in next few years; total market capacity for over 50,000 gaming machines.
That assumes that they OWN ALL of PacAsia. VERY Unlikely
They have just NOW started putting a discliamer on their numbers..."Important Note: EGT may from time to time place additional or less machines than those contracted at venues based on market circumstances"
They also throw out meaningless number like: Cambodia..."Potential: Underserved market with ~1 machine per 9,000 people (vs. ~ 1 machine per 400 people in the U.S.)."
Here'a a REAL fact about the 9K:1 bullshit machine ratio...
"Annual average per capita income is estimated at no more than $290, with close to 40 per cent of the entire population living below the poverty line"
They also don't mention that in several of the countries, locals are NOT ALLOWED in the casinos where the majority of the EGMs are located.
Debt Free - So far so good. This is the single solid honest thing that they have told about the company.
All the rest....BULLSHIT.
You may ask, "Kidecar, if you feel like that then why are you in?" and the answer is I am in for a short term, small investment swing trade...and unfortunately I may have just missed my exit point....
Sorry Kidecar and PJ, but can anyone tell me why invest in this company. As I've stated all along (4 years now) this company hasn't had one profitable quarter (much less year) in the past 4 years, not one. They went from shufflers, added Chip washers, re-vamped there shufflers, added RFID chips, back to a new shuffler, moved to China, and now added slot machines, and the most profitable part of the company is the automotive parts division they got with the RFID chips.
Yes the stock went from $1 to $5 based on the Exilar hype, but not on any results. We now know the hype was just that. Yes they have no debt, and basically re-zeroed the books by writing off millions of $$$$. But they still haven't turned a profit and by the way it sounds is this next quarter isn't going to be pretty either. Hence the 50% reduction in share price.
Remember EGT said they were positioned to be a major player in the Macau area and in the last 6 months, 4 major casino openings have occured in Macau. A Wynn expansion, MGM Grand Macau, Ponte 16, and the largest casino in the world the Venetian Macau. This should be a record quarter for this company. We already know 3 or those 4 casinos went with GPIC chips, but since we haven't seen any news from Elixir my guess is GPIC went 4 for 4. Now how many announcements have we heard saying anything about placements in these casinos from Elixir. Zip, Zero, Nada. But we get news about placing slots in Cambodia.
Get ready folks here comes another bad quarter. JMHO
This was a TA play for me - not one based on fundamentals. There was a lot of established support at higher levels that I was hoping that it would retest and I would then exit.
We'll see. Even if it goes to zero, it's not the end of the world for me. I'm in fairly small.
Well Kidecar BULLSHIT is not all bad. Look what it does for making a garden grow.
I got out quite accidently timing wise. Now it is time to sit and wait. It is not that I don't think that you could make out by holding LONG but when the hand writing is on tyhe wall that it is time for a dip---welltake a little profit and come back in lower is also smart.
What did PJ say ?? -- $ 2.86 -- it came close. Maybe tomorrow---question is just how low can she go before supporters say enough is enough.
I guess good things happen to good people. Congrats on your fortuitous accidental timing...you and CChatter must have the same stopwatch.
With all of the bullshit coming from EGT Management, I can't WAIT to see the garden in front of EGT Headquarters. Come spring, the flowers there will be blue ribbon prize winners for sure.
It was $2.82: http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_E/threadview?m=mm&bn=25218&tid=6038&mid=6048&tof=12&frt=2
I had no order entered today, but it looks like many shares traded a few cents above $2.82.
Tomorrow I will have two toy Tonka trucks parked, one at $2.63 and the other at $2.43.
Anyone who finds my drivel annoying knows what to do: either put me on ignore or just don't open my posts.