Post by
zinger99 on Dec 08, 2014 7:15pm
CEO
Noted the movement of Mr Smith today and an interim CEO. Anyone have any background on the new CEO?
Comment by
Cerius on Dec 08, 2014 11:57pm
No background other than what's on LinkedIn. As he is not really connected to the company - sounds like Art's termination is the first domino. New CEO will bring new execs and likely a sale in 6 months. They'll run out of cash by March based on the current burn rate. US is a flop, no growth there. Hopefully Barker has a good network of gullible investors.
Comment by
zerocool42 on Dec 09, 2014 11:37am
He is in fact only supposed to be around for 6 months. Curious
Comment by
Cerius on Dec 09, 2014 4:19pm
Based on the recent re-statement of their financials, due to neglecting to pay, or mention the Husky rebate payment of $2.3M, I'd say that had something to do with Art's fate, and likely more Sr. Execs soon. Who know's what other 'creative accounting' tactics will surface in the next few months. I wouldn't want to stay longer than 6 months either. Good luck to Mr. Barker.
Comment by
zinger99 on Dec 14, 2014 11:57am
Should see some decent growth in the Q1 recurring revenue numbers. It will be very interesting to hear what Mr. Barker has by way of a road-map. Given the trauma in the O&G market at the moment, we will be very fortunate to grow at 40% as per last FY. Q1 should be a very solid start as it pre-dates most of the recent market impacts.
Comment by
zerocool42 on Dec 15, 2014 11:20am
It's interesting how revenue-expenditures only amounts to 230grand +/-, but then they throw in that $1.7 million or so "cost of sales" and we're back to a loss/quarter circa 2012. Losing $21,117/day
Comment by
Cerius on Dec 15, 2014 11:53am
It will also be interesting to see the impact of Art Smith's departure on the books and what the payout for that looks like. It seems the money they are spending in the US really isn't going anywhere...no mention of new US buying organizations or e-billing. Doesn't look great for this team.