More restructuring???? The company also recognized $3.9 million in restructuring provisions in Q1. I would expect the number to increase to $5 million as the look to achieve the $8.5 million in cost reductions.
More? What is this, 7 quarters? I don't have the figures, but at $1-5M per quarter they've burned through about $18M in "restructuring provisions" since I dont teven know when! Is there any end?
Restructuring is a crappy way of saying "we didn't get done what we said we were gonna do, but we'll keep trying." I know the first couple of quarters were closing plants and the next coujple were ERP screwups, but what's all the rest? Are they trying new lines of bueinss that don't work? Who's left to buy out?'
I don't mind saying I'm worried - when the company lets go of three top people and replaces them with one guy, my tendency is to say "They're just trying to raise the value short-term to get what they can out, and then let it collapse." Those three guys didn't sit aorund all day restructuring the place. What's so different about this new guy and his new way of doing things that will lead to an end to these restructuring costs?