RE:RE:RE:RE:I'll be nice . The results were not goodI agree with much of Don says and yesterday's market reaction can be attributable to the nervous Nellies who see the headline and bail without understanding what is really going on.
If you do a relatively cursory review of the financial statements against March 31, 2016 you would see that MMG almost covered the revenue decline with salary and other expense reductions (a $2 million shortfall); SMG was $3 million to the positive side and Digital was $400k better.
Obviously they need to stop the revenue bleed at 10% a quarter as that isn't sustainable, but Boynton is saying many of the right things. Execution is the key and if everything is in fact on the table we had better see some action sooner rather than later. Strategy is important, but it is secondary to execution and that has not been the hallmark of Torstar for more than a decade.
They keep highlighting the cash balance and lack of debt which are important, but only if they can transform the business. I would still value VerticalScope at $4 share and if interest rates wipe out the pension liability all the rest is gravy. I bought yesterday at $1.40/share and while this isn't a risk free investment I still very much like the prospects with Fairfax still looming in the background if the Voting Trust gives up on the prospects of a Boynton transformation.