VERY interesting press release
First off, .19 per share is not a shabby quarter at all given the challenge they must be facing keeping staff from jumping ship, and I think Q3 included a summer shutdown, if I'm not mistaken.
Q4 will likely be even more challenging depending on how Ford/AM handle transition, but perhaps the most interesting component in this PR is the comment about a cancelled dividend and ongoing diversification efforts in the same sentence. With all the cash they have, paying another 6 cents wouldn't hurt ... unless perhaps they have an acquisition target that they feel would be better leveraged with an extra million or so that would otherwise go to dividends.
The pessimistic view would be that it could be smoke and mirrors to make it look like they are working hard to diversify, but as I mentioned in an earlier post, I wouldn't write off new business just yet.
Not that it relates to the current dividend, but I also think the GM litigation thing will be seen through to the end (may take a couple quarters, but that would be with a skeletonized mgt), and even if they only got 50%, and you took off another million or two in legal costs, that would still be over 50 cents per share. That would be huge.
Should be an interesting finish no matter what happens.