hey, did anyone else notice our resident pumper Roamer got on the call yesterday? It was classic; he put on his skirt and pompomps and told them they should have done a better job pumping the quarter. Has it really come to this?
I'll give them credit on China, I do like that play.
Revenue was light, but they actually posted +5 cents per share excluding the write down of the wedding channel contract. Regardless, nothing to get excited about, nothing to panic about either. These guys have $4 per share in cash and no debt, so effectively trading at $5.50 per share. When the economy recovers this is a double I think. Until then, we stagnate below $10.
The impairment charge was described thusly: "The impairments were driven by a decrease in long-range revenue projections due in part to the Company’s new three-year registry relationship with Macy’s whereby the Company will no longer host and receive commissions on all of Macy’s registry transactions."
Sounds like earnings going forward will be affected, is that factored into consensus showing under 10 cents earnings for 2010 and for 2011?