Tuesday, October 21, 2014 12:04:16 PM
LTNC went into 2013 with 7 branches. As I recall, the 15th branch was opened in July. Monthly revenue was growing quite nicely and showed great promise. Then we go into 2014. After 2 years of doubling revenue growth we now see a significant decline projected along with 150% increase in convertible debt PLUS $1 million in delinquent payroll taxes. It'll be sold as another year of "record growth", but in the correct context we clearly see a very large step backward when comparing $16 million with 15 branches to $25-27 million with 32 branches. Furthermore, when the PR's from earlier this year are reviewed we see that the first 14 branches were making up a disproportionate percent of GROWTH- not just total revenue. And now we see revenue stagnating with only 2% growth from branches at least a year old and less than 30% YOY growth despite 100% expansion. The CEO says low margin business has been "culled", so margins will improve with a modest impact on revenue. I think any sensible investor would agree that a 20-25% decline in revenue performance with branches that should all be expanding is far from modest. Additionally, $1.06 million per branch last year is still way off from $1.5 million projected for 2016. Now we are looking at $800,000 per branch with the CEO boasting that he wants to dump $20-40 million into acquisitions next year. Any more questions?
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