Concerned It would have been prudent for management to make a stronger effort to ease the bad news with something more positive. No investor likes a quarter, or year-end that indicates that "we are sinking - and it is possible - it could get worse".
These days, all investors are skittish - especially with today's crazy world economy. Nobody likes to see wide swings in the share price. It is incumbent on management to control the external perception and balance any negative news with assurances that the business is secure. Their efforts in this regard were weak.
As a long term investor - I like this company.
I think the management and business model have the potential to do well. I'll hang in and hope for a good future.