Jaret, I will reserve judgement on the SPIL buyback until I see the price paid. We tend to SELL shares below-market- let's hope we don't BUY them above! Overall very positive business conditions, but I continue to find it unacceptable that they aren't even willing to discuss a timetable on conversion.
Bama, agree completely. All the benefits to date have gone to 8150 and I don't see that changing. And as I have stated before, the old argument that if we don't like the proposal, "we will just vote it down" is hogwash. This board controls perhaps 8% of the votes and our institutional investors are a bunch of patsies. Where is Carl Icahn when we need him?
The only bright spot I see is that Caff has been strangely quiet. In the past, his silence has been followed by news being released.
Welcome aboard the Annoyed Express, Turt. There are still way too many apologists and cheerleaders on the dock. The actions of SJ/SK show they could not care less about their U.S. investors. This tech wreck has been widely advertised and predicted. Management has had numerous opportunities to put a floor under their stock price. Management has had months to get the conversion proposal out front. They have stumbled and bumbled along the whole way. They have done absolutely nothing.
Caff, forget about waking up the bears. Somebody needs to wake up SK and SJ. They met with their big U.S. investors 4 MONTHS AGO to discuss the conversion. The fact that October is nearly half over and we still don't have a proposal is inexcusable.
"All we need is a stable world market and economy."
Which we have had for MONTHS while management has bumbled and stumbled along through this process. It is nothing short of ridiculous that we still do not have a conversion proposal. Yet I fully expect them next week to still have no details and offer more excuses for the delay. Absolutely inexcusable.
Dave, I too am generally pleased with the 7% discount, and even more pleased to see that the deal could close very quickly if SPIL chooses to do so. Also pleased with the resulting 3% reduction in the IMOS share count, which improves EPS going forward. Less exciting too me is the continuing negative impact on earnings as a result of the non-controlling interest. I realize it was a necessary step in the unwinding for IMOS to reduce its stake in 8150, but while we wait for the share collapse, it is resulting in lower earnings for the US shares. We also reduced our share more than we originally expected. As revenues and profits grow, it would be nice to get a bigger share over here. I am willing to wait another six months, but I will not back away from my view that a disproportionate share of the financial benefits have gone to 8150 holders. It's time for someone to look out for our interests.
Furthermore, I have been conditioned from past dealings that the eventual proposal will end up benefiting the Taiwan holders disproportionally, just like every other transaction has. As for us "having the votes" to control the process, I find that laughable. Even some of our biggest institutional investors don't appear to have a clue of the true value of the US shares.
Marnis, the annual meeting for the U.S. shares is Aug 29. Proxies have been sent out asking for votes on directors. If they hope to put something about the conversion up for shareholder approval at that meeting, they are just about out of time. With their track record of moving everything at a snail's pace, I just don't see them having a proposal ready until Sept/Oct. Then more delays while they get approval from both shareholder bases and regulators in both countries. I agree IMOS will begin trading in tandem with 8150 once proposal details are made public, but I just don't see that happening anytime soon. It's really a shame. And with our luck, the announcement will coincide with the sharp market pullback everyone has been predicting.
By the way, I have never been able to figure out the love with Amazon. Sell everything at cost, lose money year after year, and watch your stock price soar, all the while making excuse after excuse that you are investing deeply in technology and acquisitions so you can sell even MORE products at or below cost. Unbelievable...
Companies are only required to identify the names of their 10% customers at year-end, in the 10K. But since they are breaking down the percentage of volume of each of their "unnnamed" top 5 customers, it may be possible to determine if Apple was a customer in the June quarter. To do the calculation, we would need to know what the earlier sales volume with Apple was. Anyone up to the challenge?
Predictable. Russ had to rush out an article to protect his Intel calls.
JJ is a pain in the axx, but several others, including myself have been pounding on management to get off their butts and get the conversion proposal out before the widely expected tech crash. Well, here it is. Yet another screwup by a management team that has no right to ever again utter the words "shareholder value".
Marnis, if Chipmos is and has been operating at full throttle, would you care to explain why September revenues were below August when all of their customers were up?
Looks like Vic really underestimated the impact the failed LG negotiations/lowered guidance would have on his share price. I would expect a resolution quickly along with an announcement that guidance will be raised back up if the license is secured quickly. Quite possibly the hitch is Immersion's insistence that basic haptics be included much like the Samsung re-up.
My complaint forever was an antiquated, money-losing distribution division losing sales and losing money quarter after quarter. Now that is someone else's problem. What is left is a pure-play ecommerce unit that will grow revenues for the forseeable future. Two numbers stand out. 20% margins and 10% operating expenses. If they can hold these numbers or even improve them, that leaves 10% ebitda. From their FY '15 guidance, it will be even better than that. It is probably not a reach to predict a true NET PROFIT in the present September quarter. I'm beginning to see the math that Adler must have seen when he bought a big postion in the mid $3's. Still don't understand why Becker dumped though.
I hope Caff guides them up on revenue guidance during the call. I am a little disappointed in 3 to 7 after a great July. August and September should be even stronger. It would take about 10% to hit 200M.
Jam, I think $65 mil is a lock. Novatek August revs were up 6.2% over July an an astounding 42% year over year. What I want is $200M for the quarter, but that is quite a bit above guidance.
Not ridiculous. CEO has for months pumped big second half revenue growth and now projects no better than break-even in q3 from all that revenue. People want profits.
Golong, this ruling will never stand up. it defies logic to expect Siga to pay $100 per course on the original order of 14.7m courses when the order was cut to 1.7m courses. So Siga pays on the 1.7m courses now, less expenses. Likley around $80m, and only pays more if another re-order takes place. Did the judge address the shady way Siga has been withholding the money from Pip?