RE:RE:New Press Release - Ceapro Inc. Reports 2023 Third Quarter and Nine-Month Financial Results and Operational Highlights1. SALES VOLUMES Q1 Results, Gagnon blathered:
"This includes minimum annual volumes providing visibility and sustainability of cash flows..." FIVE (5) quarters in a row of lower revenue and then a small blip up...?
Compounded by (thank you for the table Iscfa):
a. DECLINING Gross Margin (lowest to date)
b. Two (2) straight Qs of NEGATIVE cash flow from Ops... seven (7) really
c. Consistenly FLAT R&D
d. Five (5) straight Qs of INCREASED G&A, with Q3 being the record!
e. SEVEN (7) - count 'em - Qs in a row on DECREASED cash-flow-from Ops, before R&D!!
Gilles Gagnon is playing everyone and
the bored is happy to collect their $20k/month each and
DO NOTHING as THEY report to the CEO, Gilles Gagnon!!!
Give us "VISIBILTY"... to Ciao's point, we need Gagnon to give us visibility into sales VOLUMES as well as revenue. He is hiding behind the revenue numbers that are underpinned by volumes after all.
2. ORDERING PATTERNS / MAJOR CUSTOMER REORGANIZATION Q1 Results, Gagnon: "...sales were mainly impacted by lower orders from USA for avenanthramides, for which we expect the reordering pattern should resume upon completion of re-organization..." Q2 Results, Gagnon: "...we are positioned now for the return of a more consistent re-ordering pattern from one of our major customers."
"Despite a slower start to the year, our business remains solid, and we expect the reordering pattern from one major customer to resume shortly." Q3 Results, Gagnon: "While the base business has experienced some challenges, mainly due to changes in the marketplace..."
"While the base business has been significantly impacted during the first nine months of 2023 due to various economic factors and organizational changes in one major customer..." Where to start?!!!!
"one major customer"... HA! Ceapro has
ONLY ONE, A SOLE, UN SEUL, customer = Symrise.
Thank you for your 12 years of income-extraction Gilles... with NO NEW PRODUCTS developed to date. Gagnon is a one-string banjo... There is a point where the
"changes in the marketplace" and
"organizational changes", (and Symrise's release of a SUPERIOR competitive product), have made a
permanent impact. I bet Q4 is going to be even worse than Q2.
By the way, if order patterns were effed-up in 2022 that means the "record year" was NOT REAL, it was a one-time event. Again, we need to see the VOLUMES for 2022 given the price increase (assume it was a 10% price increase?). The price increase, along with the elusive
"reordering pattern" means 2022 was a mirage at best and we have, as Iscfa said this morning,
"Inadequate disclosure." Iscfa,
"Time to report this co. to regulators."... indeed. Wanna get on the NASDAQ Gilles? The SEC needs to know to take NOTHING at face-value from Gagnon.