Bonus for Davis should also be rescinded by Davis (voluntarily) for such disgraceful results, although that doesn't do a thing for shareholders.
Someone in the upper management chain simple doesn't have the smarts or the talent or the energy level, or the motivation to run a profitable T&D operation. The BOD aren't involved in day to day operations, they basically confer on general issues that are straight forward. Bicks is over 80 and I suspect his best days as a lawyer are behind him. A fresh and current outlook is needed.
Its not Texas, and its not the weather, and its not the MSAs, and its not other excuses. Its MGMT! Where's the accountability for losing money on contracts? Estimators and project managers should be fired.
I agree with almost all of what barnfuzzy says for the record, although I think $2 a share on acquisition is too low, way too low. Litigation is a complete waste of money and the only beneficiary are the lawyers. The main reason is it would be easy for the buyer to wipe out a lot of SG&A and redundant expenses, and pare the company down to operate efficiently.
I'm on sabbatical in Maine for a while, and all owning this stock seems to accomplish is making me a disgusted shareholder....its too painful to watch.
I hope the company gets sold. The CEO has reached his potential and now its time to sell and get on with life.
ROLLING MEADOWS, Ill., May 6, 2015 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR”) (Nasdaq:MYRG), a leading specialty contractor serving the electrical infrastructure market in the United States, today announced its first-quarter 2015 financial results.
•Q1 2015 revenues of $244.1 million compared to $215.6 million for the same period last year, an increase of 13.2 percent.
•Q1 2015 net income of $7.2 million compared to $6.3 million for the same period last year, an increase of 14.3 percent.
•Q1 2015 diluted earnings per share of $0.34 compared to $0.29 per share for the same period last year, an increase of 17.2 percent.
•MYR acquired E.S. Boulos, an electrical contractor operating in the northeast U.S. on April 13, 2015 for approximately $11.4 million in cash.
The fact that the downgrade came after ( April 23rd, 2015 ) the 35% haircut doesn't help matters much for us shareholders.
Mr. Sottile and Mr. Wherry were awarded and will be paid bonuses in 2015 of $108,657 and $131,952, respectively. Mr. Davis will be paid $192,691, based upon the 2014 results for Power Corporation of America, Goldfield’s electrical construction subsidiary.
To be objective this is copied/pasted from the 8K on Comp.
This should answer any questions on why Davis doesn't own shares of company stock....
Are the Directors carrying out their fiduciary responsibility to shareholders?
I'm no Cramer fan, but one must realize he (and The Street) move stocks. Make some money and get us an upgrade. Shareholders are bleeding while Mgmt and BOD salaries have doubled in the last few years!
I withheld my vote this year. It doesn't do anything but make a statement to mgmt. that stock price is unacceptable.
Across Route 707. Nice project sub'd by Santee Cooper. Where's SEP? I talked with the Project Manager at the site and the key take-away from that discussion is 'if you cant make money right now-something's very wrong', which is my sentiment. I took pictures I'll upload to Twitter or Pinterest when I get home.
Business is booming. This project one of many in SC.
I missed this. Explains recent price movement. I didn't realize The Street previously had GV at a 'Buy' rating (or any rating for that matter).
Find the article on Twitter #GV