So now lets look at what this CEO :promised: for 2010. We can measure his success (or lack of it against these excerpts from his 2009 Q4 conference call. It will be interesting!!
Opening comments by CEO (in italics).
“I'm very disappointed with our financial performance in 2009, but I believe we have taken the necessary steps to ensure this is not repeated in 2010.”
Well, we shall see. But it looks like this was yet another failure to achieve results.
“...our Maritime niche market expansion strategy will be successful, and will drive our growth in 2010”
Growth?? What growth??
“the project delays in the UK were the primary reason for the poor performance of our Maritime business in 2009... move these projects to closure in 2010.”
And has this been achieved...doesn’t look like it!
“...develop and build new niche Maritime markets. We are confident that our work in 2009 will lead to success in this market in 2010.”
We have seen no news about this success...is it illusory?
Small Boat Tactical System.
“All of our existing customers have indicated significant interest in this capability, and most have completed sea trials to evaluate the effectiveness of this system. Several of our customers, including the UK, Australia and Canada, have all indicated that they are ramping up fleet-wide procurements for this technology over the next 12 months.”
And how many contracts have been placed? Errrr....none, I believe!!!
“We are actively developing opportunities with the U.S. Navy, and will be installing demonstration systems for evaluation on vessels that are being deployed to the Middle East in 2010”.
How did this evaluation go? Where are the reports on it?
“In early 2009, we delivered and installed a shore-based tactical asset control and tracking system for the Canadian Navy... In support of this market opportunity, we have developed many active pursuits around the world... we are confident that we will achieve success in 2010.”
There have been no news releases of this system being sold anywhere...another illusory success??
Small and fast patrol vessels.
“In response to the significant market opportunity, we have developed an integrated navigation and tactical system or INTS. ... To succeed in this market, it is critical that we develop strong partnerships... we are actively pursuing that we believe will close in late 2010, and 2011.”
Again, we have seen absolutely n o news of any contracts and we are over halfway through the 1st quarter....so what is going on?
Closing comments.
“ We realize that the necessary steps must be taken to position the Company for profitability, and we have committed to achieving this goal in 2010... This objective will be realized by securing key projects in our warship navigation market, and closing projects in our new niche markets.”.
Yet again, another unfulfilled commitment. The CEO and Board may realize what steps must be taken but cannot execute those steps - this just speaks volumes about competence.
“The recent sale of our Soldier Systems intellectual property has strengthened our balance sheet, and will provide the capital required to ensure that we can effectively implement our Maritime niche market growth strategy”
Well, it looks like the WRONG BUSINESS WAS SOLD – Harris are now selling Falcon Fighter, developed from this technology and the money that was to implement the Maritime growth strategy has achieved nothing....great judgement call by the CEO and the Board IMHO. I guess the capital may have instead found its way into the management pockets LMAO.
So, I say let's see what spin Kirkpatrick and Johnson put on the apparent failure to achieve results for yet another year. That will make 8+ quarters of failure to deliver. I bet $10 they don't have the decency to quit for non-achievement. Who knows, maybe this time the big institutions will say Enough Is Enough and can them both!!