RE:PHM results worse than PR indicatesCarlito3311 wrote: The situation at PHM is far worse than the press release indicates. PHM wrote down receivables by another $15 million this year (we were guided to 10-12% or $8 million) and also wrote down Patient Aids (Crawford's baby) by another $9 million, after being written down by $16 million last year...Patient Aids is being carried at $7.7 million after being purchased for $30 million two years ago and a sweetheart rent deal given to Crawfords real estate that he managed to keep out of the deal. At $36k/mth, this is around C$550k per year and adds significantly to the purchase price he received.
Furthermore, the independent directors got a $75k bonuse on top of their annual payment and three directors got $250k payments before year end. How is this justified? The segmented operating results reported in the quarterlies were completely inaccurate on operating income. As soon as the auditors came in, the real economics were given to us. Going forward, you can't trust their guidance or numbers until year end when the auditors come in. Huge suspicion around the Crawford deal. How could someone pay that price for patient aids? was there misrepresentation? From my understanding, a lot of the A/R writeoff over the last two years was theirs...And do you want a guy whose business has almost been written off to be driving the bus? Something smells really bad here.
PHM also has $16 million of total debt..and hardly any cash. EV is still close to $65 million here despite no meaningful ebitda...acquisition proposals of companies with $4 million in revs and 5-10% margins hardly inspiring..company appears to be in complete disarray and using new buzzwords like "telemedicine" to keep people interested.
That was the first post of Carlito... and since more than 3 years, 95 % of his posts were for bashing QIPT (or phm at that time). Since 15 months, it's 100 % negatives posts about QIPT...
What a sad job you are doing !