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Swisher Hygiene Inc. Message Board

iyel 25 posts  |  Last Activity: Apr 18, 2014 1:00 PM Member since: Dec 29, 1997
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  • So the claim forms for the Swisher settlement offer are out. If you bought between 03/01/2011 and 03/28/2012 you can file. You have until 08/01/2014. They said that at the moment there may be around 11 cents/share available before all costs are deducted including all attorney fees etc. So maybe maybe in a year or more we could see a few cents. In my case since since my shares were the old Coolbrands shares I am on the outside. Oh-if you file be sure you have backup for your claim.

  • My last post vanished

  • Reply to

    Definitive proxy statement filed and available

    by iyel Apr 14, 2014 10:32 AM
    iyel iyel Apr 14, 2014 1:08 PM Flag

    Lenders are an ahem odd lot. They tend to need assurance they will be paid back. I am not sure what exchange the common occupies matters very much. I am not much of a fan of reverse stock splits. They are to me a losers gambit. At this point what does it really matter if they wind up on the Non Nasdaq BB. Coolbrands sat there for years and that didn't stop the common from going from under a buck to over $20.00 when their operations ignited. It can happen but if you reverse split the common first you are pretty much tossing the pre split generation of shareholders over the cliff. You can almost never get back to the starting line.

  • As a run up to the annual meeting. It contains pretty much what we already know although they do go to great lengths to justify the pending 1/10 reverse stock split. They said experience varies with said splits. Not really. Unless it is followed by a dramatic improvement in their operations and bottom line these type of quick fixes to listing compliance issues are almost always negative.

  • You might want to read it. The date of the annual meeting is May 15th. They are also asking shareholder ratification of a 1/10 reverse stock split with some qualifications.They also list who owns what in terms of the common. Wayne and Steve still own 50 million shares between them. Everyone else around 3 million. A bit disappointing to see how little of the common management actual owns. Other interesting stuff as well on compensation etc.. Somewhat unusual to see so much in a filing that concerned the date of the annual meeting.

  • Reply to

    Turn Out The Lights!

    by docsavageinvestor Mar 17, 2014 6:46 PM
    iyel iyel Mar 25, 2014 3:50 AM Flag

    They had around 21 million in unrestricted cash at years end. That was a drop of 15 million quarter to quarter. That 21 million included 5.5 million from an asset sale so the actual cash burn rate was even higher. The 2014 fiscal first quarter ends in less than one week. What was the burn rate in that quarter? If it was anything like 2013 quarter 4 that 21 million could be close to zero. We soon could be hearing about liquidity problems and company attempts to access new financing. The irony is their balance sheet isnt all that bad. What little debt they have left is covered by the restricted cash so this really is an issue of getting close to the point where they cant pay their bills not defaulting on their debt. It also doesn't help when their accountant attaches a disclaimer to the return stating that anything they do announce pertaining to their finances is subject to change due to poor internal controls still in effect as of years end. I am still a shareholder here but it really is difficult finding things to be an optimist about.

  • Reply to

    Loss of .05 per share

    by bimarc_977 Mar 17, 2014 7:26 PM
    iyel iyel Mar 19, 2014 3:24 PM Flag

    Well don't go away please. Your postings are civil. That counts for a lot in the playground I occupy. Too bad name calling has to make up so much of the discourse elsewhere. There is plenty going on that can be debated without the attacks but alas "it is what it is" to quote the former Patriots Coach Parcells.

  • Reply to

    Loss of .05 per share

    by bimarc_977 Mar 17, 2014 7:26 PM
    iyel iyel Mar 19, 2014 2:35 PM Flag

    I think I am having trouble following your math here. Are you arguing that if they lose X in quarter 1 that their cash will also only go down by X? These are two totally different sets of data. In the 4th quarter their cash dropped by almost 15 million and it was only that because they picked up 5.5 million from asset sales. Without that the burn rate would have been closer to 20 million even though EBITDA was -6.9 million. There are not very many asset sales left that will add up to much.

    Forgot all that however. No one here I guess much cares about the accountants qualification or the company's response? This isn't at all the norm. I posted the particulars in a number of my posts. Basically they are saying they still have no control over the figures as they are reported. After two years they still can't promise what they give us is reliable. "Until remediated, these material weaknesses could result in material misstatements to our interim or annual consolidated financial statements " Their words not mine.So anything they announce is open to being dubious. At this point the common really is a lottery bet and I as you know still have plenty of skin in the game courtesy of my old Coolbrands common. I would love to see them get it right for a change but right now they could be out of cash by ahem Memorial day and that is no pun.

  • Reply to

    Turn Out The Lights!

    by docsavageinvestor Mar 17, 2014 6:46 PM
    iyel iyel Mar 18, 2014 6:07 AM Flag

    I was suprised doc that you had no comment on that accountants disclaimer I referred to in my posts. They STILL cant assure us their financials are inoder after two years??? This is what the company had to say.

    We have identified material weaknesses in our internal control over financial reporting and we may be unable to develop, implement and maintain appropriate controls in future periods. If the material weaknesses are not remediated, then they could result in material misstatements to the financial statements.

    We have identified material weaknesses in our internal control over financial reporting and, as a result of such weaknesses, our management, with the participation of our principal executive officer and principal financial officer, concluded that our disclosure controls and procedures and internal control over financial reporting were not effective as of December 31, 2013. These material weaknesses were identified in connection with our assessment of the effectiveness of internal control over financial reporting as of December 31, 2013, and were determined not to have been remediated as of December 31, 2013. Until remediated, these material weaknesses could result in material misstatements to our interim or annual consolidated financial statements and disclosures that may not be prevented or detected on a timely basis. In addition, we may be unable to meet our reporting obligations or comply with SEC rules and regulations, which could result in delisting actions by The Nasdaq Stock Market ("Nasdaq") and the Toronto Stock Exchange (the "TSX") and investigation and sanctions by regulatory authorities. Any of these results could adversely affect our business and the trading price of our common stock.

  • Reply to

    With the CC scheduled for 0830 Tuesday

    by captdavid100 Mar 17, 2014 6:03 PM
    iyel iyel Mar 17, 2014 6:19 PM Flag

    The cash on hand is my biggest concern. It dropped another 14 million in quarter 4 and they posted 5.5 million in cash in that quarter from asset sales. So with 25 million left of which 3.5 is restricted they dont have so much time to get the new plan up and running.

  • Reply to

    This doesn.t help-From their accountant

    by iyel Mar 17, 2014 5:46 PM
    iyel iyel Mar 17, 2014 5:55 PM Flag

    net loss for the year was 153 million 93 of which was that goodwill write down charge

  • Reply to

    This doesn.t help-From their accountant

    by iyel Mar 17, 2014 5:46 PM
    iyel iyel Mar 17, 2014 5:48 PM Flag

    In our opinion, Swisher Hygiene Inc. did not maintain, in all material respects, effective internal control over financial reporting as of December 31, 2013, based on the COSO criteria.

    You will find the particulars on pages f1-f3

  • We also audited, in accordance with the Standards of the Public Company Accounting Oversight Board (United States), Swisher Hygiene Inc.’s internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated March 17, 2014 expressed an adverse opinion thereon.

  • Reply to

    Earnings and conference call

    by iyel Mar 17, 2014 8:46 AM
    iyel iyel Mar 17, 2014 5:40 PM Flag

    This will take a while but that goodwill write down was around 93 million and they have cash on hand of 25 million at the end of the quarter of which 3.5 million is restricted. That's another big hit in quarter 4.

  • Reply to

    Earnings and conference call

    by iyel Mar 17, 2014 8:46 AM
    iyel iyel Mar 17, 2014 5:28 PM Flag

    It's out-The 10k

  • Reply to

    Earnings and conference call

    by iyel Mar 17, 2014 8:46 AM
    iyel iyel Mar 17, 2014 4:50 PM Flag

    Well they are taking their sweet time getting the news out. There are different types of charges some of which very much impact cash. Like layoffs, shutting down/closing plants etc. Writing down goodwill is a simple accounting event. Simply aligning assets with reality. That will of course hit book value which is why book value is a very risky way to assess what a company is worth.

    By the way the common could go down 50% if the 4th quarter were another disaster with another big drop in cash. And if gulp you had the accountant attach a qualification to his audit.

  • Reply to

    Earnings and conference call

    by iyel Mar 17, 2014 8:46 AM
    iyel iyel Mar 17, 2014 10:19 AM Flag

    My math is off. That goodwill write down if it is what they announced earlier will be around 60 cents/share

  • Reply to

    Earnings and conference call

    by iyel Mar 17, 2014 8:46 AM
    iyel iyel Mar 17, 2014 9:20 AM Flag

    Well we know there will be a 100 million write down of the good will. That's about 6 cents/share. Non cash. My biggest interest is the cash. It was around 39 million on 09/30 including 5.6 million in restricted cash. How much was the burn rate in quarter 4? It might be a good omen if they are still north of 35 million at years end. Maybe at long last the burn rate is getting under control. I dont expect operating income this quarter but can they be at least in the neighborhood? If there were any good news this could be a 50% uptick. If not the same on the downside. They also may use this quarter and year end return to let us know the status of how they expect to regain Nasdaq compliance with or without a reverse stock split.

  • After the close today Swisher announces

  • Reply to

    An actual upbeat review of Swisher

    by iyel Mar 7, 2014 2:22 PM

    I will give the author his dues here. Coming out just before they announce the 4th quarter results and the fiscal year is a bit brash. No 20/20 hindsight for him. His lead argument is the cash rich balance sheet. Fair enough but unless Swishers burn rate of cash went away in quarter four that argument could look weak after the fact. But this guy is long and as you know I still own a boatload of the common courtesy of Coolbrands so if there is anything upbeat after 2 years plus of seeing the common beaten into a pulp I will take it without complaint.

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