RE:1st QuarterThe news today of Remy Stachowiak, COO being fired is unsettling. Now, I expect that Q1 to be a continuation of the Q4 ’22 poor financial performance showing lower gross profit and negative income. The departure of Mr. Stachowiak will cost $1.8 as a termination fee.
On the positive side, market conditions are improving. The closure of the Etiwanda site (by June ’23) and the relocation of higher performing equipment into their 3 other sites should improve operating metrics during this fiscal year. A lot of emphasis will be put on their Richmond facility. As 65% of their sales are in the US, it will be interesting to see how they can support this with their only remaining site in San Bernardino, CA. Guess, a lot of shipping will happen out of Richmond, BC.
I am long term shareholder and will add more below $3.