Report is ReleasedJust read the Summary on Sedar. There's nothing good or in the smallest way reassuring.
In fact it's proof that Nordex is mismanaged from the top down.
Sales are down $2.4 million vs 2014 with vague explanations that it has been a tough year.
Sales are $16.5 million with an inventory of $5.5 million to support the anticipated sales. This is ridiculous. I'm sure Jim is hiding a lot of old detonators and the unsaleable Butt Busters here.
The debt or liquidity is $10.4 million.
Net after tax loss is $2.52 million vs $500,000 in 2014.
I saw nothing to assure me that the management team and or the board have a plan to turn things around. There was mention that the improving Canadian dollar will help a bit with Ammonium Nitrate purchases.
Annual meeting is June 30 which should give Jimbo time to clean out his office.