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Guzaling, in the post below you stated that you "invested before the company went public".
Did you receive shares and/or a promise of any compensation (stock or otherwise) in lieu of your video and/or photography services rendered in or around the Niagra area for TRTN, JBII, JBIIE?
Answer carefully, the BEST evidence is usually in written form!
Posted by: guzaling Date: Tuesday, September 22, 2009 4:14:53 PM
In reply to: flaflyersfan who wrote msg# 7961 Post # of 60270
Nope...I invested before the company went public. eom
But YOU didn't "pay" for your shares. Do you remember posting that here?
Barrel over the falls?
Tougher time sleeping now, eh?
LoL
Can anyone explain how/why Pak-It was issued a "hiring" grant in Camden County, New Jersey when I see no documented nexus in NJ?
Further, they DUMPED 13 employees at their Philadelphia based facility in January 2010, so this "hiring" grant in a DIFFERENT state makes even less sense.
??????
Just keeps getting WORSE here!...eom
You've completely missed my point. Pak-It does not have a facility in New Jersey.
Are you saying that Pak-It is MOVING from Philadelphia to New Jersey?
If so, then why nothing about this MATERIAL event in either the 10-K or the 10-Q?
Also, you think it is a "good thing" to average down when purchasing securities? Oh my!
?????
Did John address of the issue of how Pak-It was issued a "hiring" grant in New Jersey, but recently DUMPED 13 employees at their Pennsylvania location?
LoL
OVERPRICED at $1/share (IMHO). I'm glad I do not own this security.
So you think that Pak-It is moving their operations to NJ?
Wow, that would be a "material" event and required to be disclosed as part of the grant (I've read the document) and probably in SEC filings also.
Nothing documented in the SEC filings.
Uh-oh!
Pak-It DUMPED 13 Pennsylvania based employees in January 2010.
So, can anyone explain why they were recently issued a hiring grant in New Jersey?
Things that don't make sense!
LoL
Actually sales declined 3.5% from the previous quarter. CGS increased by almost 19%. Quite the erosion.
I disagree with the one-time charge theory. I would be booking that thru operating expense, or below the line. Layoffs (i.e. two week severance pay) should have reduced labor cost for the QTR. The layoff argument goes against you (IMHO).
New automated equipment cost will affect cash, but the expense would be booked below the line and spread over the life of the equipment.
Informercials are a crap shoot, this does not always work (remember Infotopia?) I've yet to deal with Western Creative, but I'll do some digging. We'll see what happens with this.
Can anyone explain why the Pak-It Gross Profit dropped so SHARPLY in the 1st Qtr?
The LAYOFFS should have improved the gross margin, instead things went south.
Red ink.
????
Per the 10-K and 10-Q, Pak-It dumped 13 employees.
So how did they receive a "hiring" grant?
LoLoLoL
I do not trust the management of this company!
Wow, the price is COLLAPSING today!
I'm glad I do not own this security.
Pak-It was issued a hiring grant for a "project" in Camden County, NJ.
I see not documented nexus in NJ.
Any explanation?
Pak-It gross margin COLLAPSED in the first quarter when compared to 2009.
What happened?
Exactly which "one-time" charges were booked into CGS in the 1st Qtr?
Nothing mentioned in the notes. You are hoping/praying right?
Severance pay? Gimme a break, 800 basis points of gross margin (in one quarter) eaten up for a small company like this? That doesn't make sense. I'll guess two weeks of severance per person, and possibly no severance!
As for your comment regarding inventory...You think a WRITEDOWN was necessary? That suggests obsolescence or huge discounts to move product. That is NOT a good thing.
Personally, I think there has been an overhead allocation shift between the subsidiaries, possibly affecting cost of sales. I've done this myself in allocating management HQ overhead, but NEVER into CGS.
I'm going to guess that Pak-It is moving operations to NJ. No one has addressed my questions involving the Pennsauken grant. I believe the grant paperwork will shed light on this issue. If I'm right, this is a MATERIAL issue that has yet to be disclosed.
All of the above is my opinion.
I disagree. Restructuring costs would booked into either operational expenses OR below the line (i.e. one time charge).
Restructuring costs are NOT booked as a cost of sales.
Gross margin for Q1 barely broke even, that tells me that the Pak-It operation was very unprofitable.
Pak-It was issued some sort of a hiring grant for a project in Pennsauken, NJ.
Per the SEC filings (and the company website), Pak-It has no nexus in NJ.
Can anyone explain?
LoL
At the end of Q1-2010, Pak-it recorded a gross margin of only $18,701 or 1.2% of revenue.
That means a net LOSS from operations and a BIGGER net LOSS.
I thought that Pak-It was a profitable operation?
LoL
So you are unaware of the anything happening in Pennsauken, NJ?
Nothing in the 10-Q notes. No reference to the grant either. So much for that issue!
Makes you wonder if JB's agreement will be amended EVERY seven weeks!
Exactly. So much for full disclosure here. You have proven my point!
LoL
I disagree. They need to hire people (for a Pennsauken, NJ project) before any grant is received.
Again I ask...the "grant" is based on a project in Pennsauken, NJ. The Pak-It facility is in Philadelphia. Are they closing the Philly facilty and moving to Pennsauken? Is Pak-it even registered to do business in NJ?
Hello?
LoL
What was approved? What do you mean by "free" money?
This is a hiring grant for a location in Pennsauken, NJ. Did the Pak-it facility move to NJ? Who was hired, and how much did Pak-it receive?
A bunch of missing pieces here. Can anyone explain?
?????
Does JBI even qualify? Any nexus in NJ? What project are they working on in Pennsauken, NJ, if the warehouse is in Philly?
The board minutes refer to the application, not much else. Lot's of requirements before any grant money is issued.
Have you read the form?
LoL
What "project" is Pak-It working on in Pennsauken, NJ?
Pak-It is a wholesaler of product and the office/warehouse is located in Philly. Any office locations in NJ?
Too too funny, so you agree that PR's are one-sided promo releases.
Have to dig a little deeper for full disclosure, and I'm glad I did.
ROFL
Thanks for proving my point. Also, I agree that is pathetic.
For companies like this, PR's are one-sided promotional releases. The unbiased stuff (along with all of the bones) are generally buried in the SEC filings.
Why no PR's for the negative stuff? LoL
That is why my favorite OTCBB document has always been the yearly 10-K filing. Registration statements are good too!
Got dirt?
You can always hope....
Exactly!
Not exactly a good track record, eh?
Please explain why you liked the product, and why you feel that product works better than the others.
TIA
Not a good sign, IMHO...eom
IMHO, this is headed LOWER....eom
IMHO, the price is headed LOWER....eom
GREAT post, and insight. I do not trust JBIIE management.
I'm glad I don't own this security!
Just keeps getting WORSE here!...eom
Wow, what a COLLAPSE!