Glentel Inc GLNIF

RE: Earnings

[mjh9413]

I agree in may ways and the talk of events in this current  qtr (Htc, Samsung, BB phone sales, new stores including 4 already in Philippines, closed (presumably non-performing) stores, etc.,) hopefully herald GREAT, above normal Q2. The recent acquisitions make some measurements of Q! performance difficult but while b/s seems okay as at 3/31 the main thing I see in P&L is the relative increase in cost of sales (from 63% to 75% in latest qtr.) That's quite a hit to margins but there is no explanation that I can find. Maybe it includes store opening costs as immediately expensed items!!! I really have no problem with mgmt but the sp is subject to high beta on these low volume, wide bid/ask spreads, makes being a shareholder 'scary.' GLA.