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Hooker Furniture Corp. Message Board

cpa38 15 posts  |  Last Activity: Jul 11, 2016 11:44 AM Member since: Mar 17, 2000
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  • What is this company? ... Insurance? ... Mortgage Underwriting? ... Hot shot Securities Trading? .... Investment Management? .... Asian RE Play? .... Whassss Up here?

    I find it hard to believe that anyone would want to own something that is so very difficult to analyze and understand. In addition, spreading across so very many financial niches, that magnifies the opportunity for some hidden bomb to blow a hole in their financial results. Seen it happen time and again.

    Finally, what are they hiding in their executive compensation plans? Anyone else have a head spinning event trying to figure out how much they've diluted shareholders with stock options and stock appreciation rights? Their disclosure on this front is clear as mud.

    PASS.

  • "The Company holds a short Treasury position to mitigate the potential negative impact of a general rise in interest rates."

  • Reply to

    How many lies did you spot in the press release?

    by cpa38 Jun 21, 2016 7:30 PM
    cpa38 cpa38 Jun 23, 2016 2:16 PM Flag

    Your discussions with Ben on the issue as important as the Polaris Quality problems represent Selective Disclosure. Its illegal. That issue, and its resolution, should have been in WSCI's SEC filings.

    Anything of value you derive from discussions with the CEO or CFO of this company, or any other public company, are required to be disclosed to all shareholders in a uniform fashion. Given such, discussions with the officers of a public company should not be of value to anyone, at any time. Any information of value ... SHOULD HAVE BEEN DISCLOSED to everyone.

  • Reply to

    How many lies did you spot in the press release?

    by cpa38 Jun 21, 2016 7:30 PM
    cpa38 cpa38 Jun 22, 2016 10:20 AM Flag

    More ... from a discussion group out on the net:

    Polaris Industries announced a recall on several 2014 Victory models and the 2015 Gunner because of a manufacturing error that may cause an engine to seize. The recall campaign affects 872 units in the U.S. In addition to the 2015 Victory Gunner, the recall affects the Boardwalk, Cross Country, Cross Country 8-Ball, Hammer 8-Ball, Jackpot, Judge, Ness Cross Country, Vegas 8-Ball and Vision from the 2014 model year.

    All of the recalled units were manufactured from Jan. 22 to April 25, 2014, though Polaris estimates less than 1.5% of all manufactured units have the problem.

    According to documents released by the National Highway Traffic Safety Administration, some engine crankcases were not machined to the proper specification, resulting in insufficient clearance from the crankshaft. This may cause the engine to unexpectedly seize, potentially resulting in a loss of control and increasing the risk of a crash.

    The problem was first detected on Victory’s production line in March. Under Victory’s quality control procedures, all engines are started and briefly run once assembled and before installation into a chassis. On March 26, one such engine stopped running during this test. At this point, Polaris initiated an investigation into what caused the failure.

    On April 15, two additional engine failures occurred, forcing a stop to Victory shipments. Upon further investigation, Victory determined the some out-of-specification crankcases had gotten past the quality control measures of its vendor, WSI Industries of Monticello, Minn.

    Victory has begun measuring every engine still in the company’s possession to determine whether the ends of their crankshafts have enough clearance from the crankcase. Victory has also started contacting owners of motorcycles that have already been sent out. Owners are being told to stop riding their motorcycles and make an appointment ...

  • Reply to

    How many lies did you spot in the press release?

    by cpa38 Jun 21, 2016 7:30 PM
    cpa38 cpa38 Jun 22, 2016 10:08 AM Flag

    Back in April/May 2014, Polaris had to recall about 100 or so of its newly introduced Indian line of motorcycles because of out of spec parts sent to them from WSCI. We never heard a thing about it from WSCI filings. It was something a few of us on this board tripped across out on the net, in a trade publication. We don't have a clue how Polaris and WSCI resolved the situation. And, it appeared that it had no impact on WSCI's reported financials at the time. But, if I was in the shoes of Polaris Executives, I know what I would do. I would give less business to WSCI in the future, which appears to be the outcome right now.

    The lack of disclosure around this whole issue borders on being criminal, in my mind. It was a material event, impacting the relationship with a customer that accounts for 80,90% of WSCI's business. Yet, we never heard one #(*$ thing from WSCI management.

    I used to have a fairly large position in this stock, but exited most of it a couple quarters ago. But, I hold a minor position and follow it closely. It was my impression that the expansion of their plant was done to accommodate new business that was to come from Polaris. However, the bad parts likely caused Polaris to take business elsewhere. Bad timing, bad decision, bad management on Ben's part.

    Energy was NEVER more than $1 to $2 M a year, less than 5% of their business.

    Ben needs to PUT UP, or SHUT UP about diversifying the business. They've been talking up diversification for 5 to 10 years, yet Polaris has always been THE primary source of their business. Yet, when Polaris opened a new plant down in Alabama, and WSCI had quality issues in the parts they shipped to Polaris on their new product, those were the nails in the coffin of the WSCI/Polaris relationship ... as far as I can tell. You never know what's really going on with this company, because the disclosure is so very thin and useless, and they don't do conference calls.

  • Energy was a major portion of WSCI's business? .... yeah, and pigs fly too.

    This company has the financial strength to acquire someone? .... yeah, like I need a hole in my head.

    When you give your major customer poor quality, it tends to take its business elsewhere. Ben's father forgot to teach Ben this critical lesson on CEOship.

    Plan ... "Run it into the ground, buy it cheap out of bankruptcy" ... still appears to be on track".

  • Could Ben's plan been: Run WSCI into the ground, he and his father buy it out of bankruptcy, cheap? If so, give the man a big bonus. His plan is on track. Flawless execution.

    The Aerospace industry has been firing on all cylinders for YEARS. A brain damaged CEO could have snagged a decent amount of work from companies in these industries. Yet, WSCI has nada, nothing, zippo in the way of new business. Ever wonder why?

    Ben has a plan.

  • WSI Industries, Inc. is a lagging contract manufacturer that tries to specialize in the machining of parts for anyone who will agree to accept our subpar work. While we pretend to serve a wide and varied number of industries, in reality, 99.9% of our business is to one customer. We gave that customer the shaft by shipping them multiple parts that were not within specification, so now they are taking their business elsewhere. We're in trouble, and we need business, badly. So, if we can make ANYTHING for you, PRETTY PLEASE, call us.

  • Clearly, the Board of Directors did WSCI shareholders a real solid in hiring Ben.
    Clearly, Ben did the WSCI shareholders a solid in doubling the plant size.
    Clearly, Ben did the WSCI shareholders another solid in shipping poor quality products to a customer who accounts for 90% of WSCI's business.
    Clearly, that customer is now doing WSCI a real solid in telling the WSCI Board, Ben, and WSCI shareholders to take a hike.
    Clearly, we're up a creek without a paddle.
    Clearly.
    The good thing about this effing situation?
    There's only $2.78 of downside before the pain stops.
    Clearly.
    Nice job WSCI Board.
    Nice job Ben.
    Clearly.

  • Reply to

    Value Here?

    by gebenhoeh Apr 11, 2016 1:59 PM
    cpa38 cpa38 May 10, 2016 3:26 PM Flag

    My dog can manage money better than the idiots who run this fund.

  • Absolute Morons. They have destroyed so very much value here in the last year that its absolutely shameful. Liquidate the fund. Return the money to shareholders. Otherwise, its going to zero.

  • Can manage money better than the clowns who pretend to work at managing INF.

  • cpa38 by cpa38 Mar 8, 2016 12:48 AM Flag

    ... Can manage money better than the clowns who pretend to do it for this fund.
    S&P 500 -2.1% YTD.
    This junk fund?
    11.3% decline in NAV YTD.

    These people are rip-off artists.

  • I can not imagine a group of people who destroyed more value than the morons who run this fund. I listened to their last conference call. The idiot who spoke pounded his chest about their investments in MLPs, talking them up like they are the best thing since the invention of the wheel. Their portfolio is stuffed full of MLP junk, bought at the very top. And, I imagine they are now acting like idiots and selling out at the bottom.

    I'm sure too that they all collected huge bonuses after destroying the fund in 2015.

    Morons run this fund. Take your money somewhere else. Thank me later.

  • .... the NAV drops 9.4% in a single day? What did they hold that caused this drop. I am not seeing it when I look at their top holding on CEFConnect.

    Are these guys scam artists? Or, are they incapable of accurate day to day reporting of their NAV? Crooks? Incompetent? Which is it?

HOFT
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