Fck 'em, I soldAfter owning this stock for almost a decade, I finally gave up today after running some numbers.
If their Q3 is as bad as they are predicting, there could be NO free cash flow to pay the dividends.
In other words, they would have to borrow the $9+ million to pay the dividend.
I have no idea how the market might react to that, so I had no choice but to stand aside.
There may be a time in the future to get back in, but this Westower fiasco is pretty much strike three in my books. Strike one was a bit of over-promising and under-delivering on their maintenance costs. Strike two was the Bearskin acquisition, which I hated from the beginning. Westower is strike three.
I suggest doing a google search on Westower and its past. What I found always concerned me, but I thought EIF had maybe stumbled upon a turnaround story, and the AT&T contract seemed to support that idea.
Owning EIF over the years has made me a pile of money, and I wish nothing but the best for the company and its shareholders. I had hoped to be a shareholder into old age, but sadly, it was not to be.
GLTA