What to expect on Monday ??Wow, the banter between Kinggeorge and the Boogaloo Shrimp is really entertaining and betrays a familiarity with the lead characters of this tragic comedy. While I am inclined to side with the Shrimp, I do try to look for bright sides. 13 weeks ago, Mr. DasGupta (CEO) indicated in his last conference call that the Chrysler contract was 30% complete and that they had 10 to 12 weeks left to finish it. If they really did finish it, it would be positive. He had also indicated that the utility contract (the one that encompasses more than 10,000 cells) would need to be completed in the third quarter. That is 7 weeks away. The assembly should therefore be completed by now and acceptance testing should have commenced. If they really pulled this one off, I would take back a lot of negative comments I made in the past and I will forgive them NASA, the cell phone battery disaster, the Maya, the Exxon-flop, Satcon and Miljobil.
I would also like to see that all references to non-GAAP accounting be toned down. What really counts is GAAP P&L and cash burn. The income statement is usually more informative than Mr. DasGupta’s prose.
Any new contracts? Law suit with Autoflex (about non-performance regarding Maya-300) settled? What state of completion can be reported on the second Chrysler contract? How did the hot testing in Arizona go? Was there a second payment to Miljobil? How much more share dilution occurred in Q2.
Hey, maybe there is good news coming. Somehow, though, I doubt it . . .