But the old board, with the stock under $4 looked good by comparison ?
Frankly, its held up better than I would have thought. Im sure the HOTT deal helped.
After not getting a $10 off $25 coupon since the new CEO came on board, I finally got one today. And used it.
I wont really shop there without a "deal" but when they have the $10 off $25 and I buy stuff on clearance and used discounted giftcards and a cashback site, I get great deals. With free instore pickup.
For example, today I got 2 sweatshirts, both tall, one of them Izod for $12.61 including tax after my coupon, my 19% discounted giftcards and a 5% cashback site.
I havent really considered the stock. They cant make much money off those accustumed to heavy discounting.
One thing that seems different with the $10 off $25 deal is it appears its a one time use code as they give a special serial number. In the past, Ive ordered 2-3 times and used the same $10 off $25 on each order.
Even after a nice run, insiders are paying UP for more shares.
Mar 8 05:06pm
Mar 8 2013
Tetra Technologies Inc
Serrano Elijio V
Sr. VP, CFO
Purchase at $9.09
Mar 8 05:05pm
Mar 7 2013
Tetra Technologies Inc
Longorio Philip N
Purchase at $8.92
Either that means something big is in the works or he is just blowing us shareholders off.
BD paid less than half that for most of their shares.
An eventual buyout is the most likely scenario for TUES also.
And I can promise you, it will be above market.
Becker Drapkin makes things happen !
Last year my projected book value was too high so it probably will be again this year.
Lets just say $6.00 even to make up for what i assume was and will be dilution.
Excluding the gain, the Company recorded net income of $12.2 million, or $0.38 per diluted share for the fourth quarter, and $10.9 million, or $0.34 per diluted share for Fiscal 2012.
Thats WELL below the 51 cents the prior year .
But with over $6 in book value and $4.15 in cash , whats the stock worth ? Gotta be more than $3.53, doesnt it ?
"Our strong financial position provides us many options to enhance shareholder value. In fact, our Board gave careful consideration to and decided to pay a $15 million special cash dividend to return value to shareholders during the fourth quarter, which was the first dividend in the Company's history. The Board will continue to monitor the Company's financial needs and resources and will consider all options to enhance shareholder value," said Bob Higgins
On March 4, 2013, Tuesday Morning Corporation (the "Company") announced that Brady Churches, the Company's President and Chief Executive Officer, resigned effective as of March 3, 2013. The Company's Board of Directors is initiating a search for a new chief executive officer and anticipates naming a new chief executive officer in the next several months.
In connection with Mr. Churches' departure, the Company entered into a Separation Agreement with Mr. Churches (the "Separation Agreement") on March 3, 2013. The Separation Agreement provides that Mr. Churches will receive severance benefits to which he is entitled under his Employment Agreement dated as of September 1, 2012, as amended (the "Employment Agreement"), in connection with a termination not for Cause. In particular, (i) Mr. Churches will receive a lump-sum separation payment of $900,000 which shall be payable in a cash lump sum on September 5, 2013; and (ii) the Company will reimburse Mr. Churches for the full amount of the premiums Mr. Churches pays for coverage under the Company's group medical plan and group dental plan for himself and his dependents pursuant to section 4980B of the Internal Revenue Code of 1986, as amended and the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") for up to the first 12 months Mr. Churches maintains the COBRA coverage. The Company will also pay Mr. Churches an annual incentive bonus payment for the Company's current fiscal year in the amount of $284,000 (the "Bonus"). The Bonus will be payable on March 15, 2013 in accordance with the Company's normal payroll practices and will be subject to customary withholding deductions.
Not "great" news at all. For years they always maintained their listing so it was reasonable to think they would again.
The voluntary decision to delist from NASDAQ was taken following the Board of Director's detailed review of numerous factors including: the aforementioned NASDAQ letter, the applicable NASDAQ rules and regulations, the benefits generated by the maintenance of the listing, the Company's current share price, the feasibility of proceeding with a reverse stock split to maintain the listing and the effect on the Company's share price to proceed with a reverse stock split. The Board of Directors delegated authority to Gary Gelman, President and Chief Executive Officer and a Director of the Company, to make the decision to delist the Company's common stock from NASDAQ.
The Company intends to file Form 25 with the Securities and Exchange Commission ("SEC") on or about March 15, 2013 to effect the voluntary delisting of its common stock from NASDAQ. The official delisting of the Company's common stock will become effective approximately ten days thereafter. The Company will continue to file periodic reports with the SEC pursuant to the requirements of Section 12(g) of the Securities Exchange Act of 1934, as amended.
The Company is working with several market makers and anticipates that following its NASDAQ delisting, ALRN's common stock will be quoted on the OTC Bulletin Board ("OTCBB"), a centralized electronic quotation service for over-the-counter securities operated by the NASDAQ OMX Group, Inc. The Company expects that its common stock will continue to trade on the OTCBB so long as a market maker demonstrates an interest in trading the common stock.
That #$%$ happened here long before BD got involved.
Going back years.
But, just because you cant see or hear that invisible helicopter above doenst mean its not out to get you !
Not looking good for $12-15+ on current results & the short term CEO, thats for sure.
But,Im going to hang in there. Longer term, who knows ?
Will be interesting to see what kind of golden parachute he walks away with.
Its alarming that after insider buying by Churches and add on buying by Becker Drapkin, the CEO is just up & ousted. Particularly after I presume a number of upper management changes other than the CEO.
Im still long and hopeful but at this point, it seems "strategic alternatives" might be pushed to the forefront.
Might not be a terrible thing. Hard to say.
What "differences" were there ?
I dont think they fired him, I think he decided he didnt want to work full time.
Its clearly a negative. But, just increases the chances that the company is sold soon.
You shouldnt even joke about that. Bazet is going to buy life insurance for his grandchilden with company funds that benefit the kids, not the company.