Dateline Portland, Oregon. Amalgamated Press (�AP�) Unofficial one-on-one with Rentrak�s Chairman, CEO, and grand poo bah, Paul Rosenbaum.
By: Balan Bableson
Last week, I had the special opportunity to conduct a top-secret interview with the affable Paul Rosenbaum of Rentrak.
Balan: Looks like the fourth quarter was in line with estimates, but you haven�t added to shareholder value over the past two years.
PR: Well sure we did. Our cash levels continued to climb, and that�s really saying something if you looked at how we spent money this year. Do realize just how much it takes to entertain the BOD in Mexico?
Balan: The recent conference call seemed very positive. There was significant promise for the future. Why do you think the stock sold off?
PR: Well, you have to realize that we can�t reveal our customers. We are doing many really neat things, but we just can�t talk in specifics.
Balan: It is true that the discussion was upbeat, but can you tell us more about the future? Where will future revenues come from?
PR: Balan, if I knew that, I would have to tell shareholders!
Balan: Yes, shareholders. Why is it that this company seems to treat its shareholders like 2nd class citizens?
PR: What do you mean?
Balan: So far the only guys making money are the guys in your office.
PR: If you are referring to the company�s pay scale, it is important that our management team gets the most out of their Rentrak experience.
Balan: But you have all loaded up on stock options, why the pay scale and (what some believe are) excess incentive to boot?
PR: Balan, do you have any idea how expensive it is to live out here in Portland?
Balan: Yes, the call had an upbeat tone, but how can you possible expect the market to react positively if you tell them there will be no earnings growth?
PR: How can there be earnings growth after the next round of management raises and stock option grants?
Balan: Actually, I was referring to the impression you give that you are sandbagging. Are you?
PR: I have never filled a bag of sand in my life.
Balan: Arrrgggghhh. Last question. Why should institutions and individuals buy this stock?
PR: Because there has to be someone there to buy management shares when we are good and ready to sell.
As Forbes once commented after one of their interviews with a former manager, �Hope springs eternal�.