Q1 Results and other RantsHi All,
It is impossible to fully process all of the carnage buried in the Q1 financial statements as the pandemic impact has muddied an already confused and gloomy outlook.
The list of developments and progress related to the mythical "transformation" plan is declared to be noteworthy. It constitutes a list of grade school projects lacking in substance and significance. When you hire a marketing guy with no business leadership experience you should expect a big bag of bullshit wrapped in a lot of flowery words. That's what they have here.
Cash at $69.5 million is a somewhat remarkable achievement, but not sure how they achieved it apart from the proceeds from selling The Spectator building. Also not sure how many more of those rabbits are available to pull out of a hat.
One noteworthy but probably insignificant factoid. In 2017, the directors received 100% support for all of the A shareholders. In the last 3 years, 2,160 shares have been withheld from the Voting Trust Board members and Boynton. Not sure who this dissident might be, but what is more amazing is the rest of the gang of lemmings can't see the disaster unfolding in front of their eyes. Elaine Burger has been on the Board since 1968. Someone should check her pulse and then wheel her back into cold storage at Burger Queen estates.
The good news as always is we are one quarter closer to ending the reign of incompetence. When you have almost $1/share in cash and your shares are trading at $.37 everyone except the idiots in control know they are in trouble.
Finally, the advertisements appearing in the pages of the dailies ranting at Google and Facebook to pay you for the information you willingly and consciously decided to give away for free decades ago is a sure sign of desperation. They should bail you out for decades of inefficiencies, bloated salaries and dividend payments, ridiculous investments and generally overall gross incompetence? I guess you need to resort to this if you think the government will run out of funds to prop you up.
A sad state of affairs, but it will get better with a forklift.
MW