Scott Huntington - Bodell Overcash Anderson & Co., Inc.
"Very good. On the last conference call Michael he handled the call and maybe I should have asked at that time whether it’s going to be released or not but success or failure that you, around attempting to procure additional sources of metal is there any – anything you can expand on your absence last meeting?"
"It happened just sort briefly it happened to coincide with a previously scheduled meeting for a large job that is coming up which we feel confident that we are in line to secure. We’ve been given indications that we will in fact get it and we are now just waiting for confirmation and permits. But that’s really, because of competitive reasons I really don’t want to go in to it any further. But I will say that it was a successful visit and we expect to get results from it."
Although I think Carlos's response is a total BS and his absence from the last earnings announcement conference call inexcusable, I hope that he proves me wrong.
Carlos was on-site at the Neville Island facility, for a week, first thing in AM till close of biz, to "monitor" what everyone was (or wasn't) doing during the last conference call. Seemed like he was going to cut some fat or make an effort to "fix" that facility. Didn't work. He left and the staff there is back to the way they were before he came. Zero discipline on margins. Will do anything to handle volume, even at a loss. Sounds like the old Simms Elizabeth, PA yard (which closed). Oh, that's right, the old Simms guys are at the Neville Island yard. It seems that the employees must be evaluated on how much they handle, not on profits. I guess investors care more about volume than profit, right? Wait, I got that wrong. Investors care about profits, management cares about volume because it fuels their ego. Profits don't matter when you are using "other peoples money". Seems like the wrong people are at the rudder of the ship. Hope it isn't the Titanic, need someone steering who can see the icebergs.
Thank you, manscrap. After reviewing your email on this topic and the message to which you were responding, in your opinion, why would Carlos say during yesterday's conference call that "it was a successful visit and we expect to get results from it."? What kind of results would be alluding to?