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I really dislike the new look. And, on several of the discussion boards I follow, people are talking about moving to a different site.
So very sorry to learn this sad news. Your brother was generous, patient, accomplished, and a real gentleman.
Have just scanned the financials. See two things which look inexcusable to me so far:
1) From 12/31/99 to 12/31/00 revenues increased only $100,000, yet the advertising and promotion expenses in the same period increased a total of $1,780,000. Not only was the timing off (very little product available to sell), but what an outrageous expense for such a paltry return in revenue. There's no breakdown to see how much went to McBride's PR agency, is there?
2) Professional fees jumped from $34,000 to $445,500. The report states some went to "consultants and professionals" (and just who might they be?) and also to attorneys and accountants. (It reads as though "consultants and professionals" do not include attorneys and accountants.) Again, no breakdown. Whoever gave the "consultations" apparently had no expertise in containing costs for unnecessary things.
FG, it's a good example of a real PR, (as opposed to just self serving, unprovable hype.) It acknowleges a changed outlook, discloses problems, is specific about them, explains what management is doing to solve those problems, and then fits the current situation into the big picture. Noone blames shorts or disgruntled former employees; noone touts the technology and ignores other fundamental issues.
As investors we all look for profits, but especially in these economic times they are not guaranteed. But we should be guaranteed one thing for sure - full disclosure and honesty.
In regards to second guessing Greenspan...
Check this link:
http://www.federalreserve.gov/boarddocs/meetings/2001/20010409/advancedexp.htm
Sharing a little humor(at the expense of CNBC), found on another message board...
You have to love this Tom Costello idiot from the CNBC nasdaq market site. Every week he has a new support level for csco. Months ago he said that if csco broke 60, it was trouble for the nasdaq. He said the same thing about 55, then 50, then 45, then 40, then 35, then 30, AND THEN HE SAID 2 DAYS AGO..."IF CSCO BREAKS BELOW 25 THIS COULD MEAN TROUBLE!!!!!" The boy who cried wolf was more believable. For the most fun you'll ever have, just tape a whole show of cnbc one day and play it back 1 week later. It's a scream!!! Maria Bartoromo makes Hillary Clinton seem honest. And the stock market guests who come on telling us "We have seen the bottom"......what are they talking about? Whose bottom? Maria's ass?
Joe Battapalia with his crazy predictions is a scream when you go back a week or 2 in time. I have a tape of this nut from 3 weeks ago recommending JDSU !!!!!! It was in the high 50's......I think the FBI caught the wrong spy. It's Joe Batt who is the traitor. Where did that guy come from anyway? Shouldn't he be in that new XFL football league and not in a brokerage firm?
CNBC, e-Trade, Ameritrade, Goldman Sacks and others have ruined this institution called WallStreet. It is quite a shame, but now we must deal with it. Thousands if not millions got sucked into the excitement of Wall Street and the internet craze. Honest people (I guess) have lost plenty of money due to the hype. CNBC used to go crazy if JDSU, CSCO, Yahoo, and others announced a 2 for 1 split. That would run the stock up like crazy. Remember that? Csco's gonna split, so people went out and bought it like mad. Now they wonder why it's going down. Oh well, it's alot easier to just blame Greenspan......he caused it. Greenspan caused the bubble to collapse. Actually, I wouldn't be surprised if Greenspan got together with Joe Battapaglia, Maria, Tom Costello, and that faggy weather guy (Joe Witty, I think his name is) and planned all this. I think Greenspan knew csco's support wasn't 60. Why do you think Greenspan had csco March 55 puts? Makes you wonder?
And the bond babe......she makes me wait till 8:30am for the PPI and then tells me, it's not this number that will really matter, it's Friday's unemployment that we need to see. So I wait till Friday like a jackass, and then on Friday she says, "I think we better take a look at consumer confidence..." What planet is she from? Every damn number I wait for WASN'T the one I needed. Well that's the good news. The bad news is that I hear a major brokerage house may downgrade Priceline to a neutral. A NEUTRAL? It costs more to buy a pack of cigarettes than a share of Priceline. At least when they take your money in Vegas, you get free drinks and sometimes free comps.
But my favorite is seeing Abby Joseph Cohen who they brush off and drag her ass on tv to tell us that the S and P is 15% undervalued. Honey, you said it was 15% undervalued at nasdaq 3500 three months ago. Keep some notes in your day planner Abby. You're all over the place with your predictions. Overvalued, undervalued, weighted too heavy, underweighted.....Abby, you're full of bull. Go back to playing the mother on Golden Girls, cause you dont know crap about Wall Street.
So invest at your own risk. It's all nonsense these days. The only good thing about CNBC is the ticker on the bottom, and the only good thing about Maria is that she makes me realize my wife isnt as aggravating as I thought.
My confidence is returning...
I was impressed with George B. at the Open House and the credentials of the new CFO look good.
I commend McBride for relinquishing some of his hats and it looks like good choices were made.
TAfirehawk, as for relevance I don't know if she will actually sell them, or why, if she does. My point is that 150,000 shares are a lot. In fact there were a total of 300,000 shares registered yesterday - hers accounted for half of that.
Having that many shares unloaded in one time period can affect the stock price. In my book that is relevant.
DJ Holder Registers 150,000 of SEAVIEW VIDEO TECHNOLOGY (SEVU)
Dow Jones News Service ~ February 9, 2001 ~ 12:10 am EST
SOURCE: Form 144
ISSUER: SEAVIEW VIDEO TECHNOLOGY
SYMBOL: SEVU
FILER: LAWSON JENNIFER A
TITLE: No Relation
BROKER: CHARLES SCHWAB & CO INC
RESTRICTED SHARES TO SELL: 150,000 DATE REGISTERED: 02/05/01
The Form 144 is filed with the Securities and Exchange Commission to
reflect the intention of any holder of restricted stock to sell those
shares. After the 144 is received by the S.E.C., the filer is permitted
to sell the shares, or any fraction of them, within 90 days.
Provided by: Washington Service 202/778-1380 or www.washserv.com
(END) DOW JONES NEWS 02-09-01
12:06 AM
Taken from RB Board:
By: web021054
Reply To: None Tuesday, 6 Feb 2001 at 9:19 PM EST
Post # of 23507
VIDEOVEEP-as a concerned shareholder, my questions are two. Wasn't the Secureview line developed while you were employed with Seaview using Seaview resources thus making Secureview already the property of Seaview? The second question is the newest 1 million shares you received are they a new dillution to current share totals or were they released from Seaview's current holdings thus increasing your majority shareholders percentage and if so is there an intent to protect the company from a hostile takeover or change of controlling interests? Did my shares just take a drop in value due to new fabricated stock dilution and if so why wasn't this 1 million shares used instead to finance a larger production run? Please Respond
This is what I recall about the quality issue delay. McBride said they received a shipment of faulty parts from one source. (When they get a shipment they run spot checks, and if they find a defect they check everything in the shipment, as batches tend to be consistent.) He said they have now replaced the vendor and the parts in question, but it delayed production about 3 weeks. In answer to someone's question, he said they now have multiple vendors for each item they need.
I also am puzzled why they do not have more than two (relatively small) outside sources assembling SecureViews. At the rate they are going it will take many months to get through their backorders, and that doesn't allow for what comes in now and later. I suspect they are still fine tuning the design and don't want to set up robotic assembly until that's done.
How long will customers wait? I can accept the delay in shipment of a book from amazon.com or a blouse from JCrew, but a security camera is something different. If a school, for example, has a real need for a system, and an approved budget for it, then it probably won't wait two or three months. How about a new hotel? Or a home that has just been broken into?
I would guess about 200 people attended. I think the stock price this coming week will be dependent on the content and timing of the next PR and possibly whatever Arch Cook might have to say elsewhere.
As for Mike Ditka, why expend the funds to have him at an informal Open House? His picture was on the new product packaging though.
5-car? I think not. Maybe 3 Yugos and 2 mopeds.
I attended but didn't take notes. I believe he said there was over $9 million of orders for SecureView. They are filling early credit card orders first. A delay in production was caused by faulty parts from one vendor. Also, in response to a question, he said he was not aware of any order cancellations due to the delays.
Re: the GSA listing
From McBride's 12/18 View from the Bridge:
"GSA
This one I will not be so quick to explain. We are not listed through Seaview? Think about it? Let them go to work on this a while."
Although once again this involves trying to untangle language and meaning from a PR, I took this to mean that the products were not listed under Seaview, but elsewhere.
What doesn't make sense to me though is what good it does to make someone go to extra work to find the "Seaview connection." Why would A&P go through the extra research to find something which disputes his contention that Seaview products aren't listed? And why not set the issue straight for the benefit of shareholders and McBride's credibility?
dk, thank you for yet another quality post, expressing things in a reasonable and balanced way.
I have been quiet but still hold my shares. Why take a loss when some patience could well improve the results in another quarter or two? In retrospect I think SEVU was overvalued before when it traded in the higher ranges where I first bought shares. And I do fault McBride and the sloppy PR's for being too vague about details and too quick to credit results which weren't finalized yet.
This is my last OTC stock though. I have learned the hard way.
Although I expect the announcement about AMEX to do some further damage, I do feel the timing of the announcement was the best under present circumstances. Let's get it over with and go on. Much better than stringing people on with uncertainty.
I wish all of you happy holidays and a successful new year.
Good research, vegie. I looked recently too and missed what you found.
F+G,
Here's the link:
http://www.ragingbull.altavista.com/mboard/boards.cgi?board=ABCR&read=29569
Re: SEVU's price drop...
I found this explanation on another message board. Any comments?
By: MagicMatty $$$$
Reply To: None Saturday, 16 Dec 2000 at 1:23 AM EST
Post # of 29570
Crinoid...and others in SEVU
I found this in the 10Q...this is why the price is tanking.
In the first quarter of 2000, the Company issued 8% convertible debentures for proceeds of $2,735,237. The debentures are non-interest bearing for the first thirty days, after which, interest is payable quarterly. The debentures are for a term of twelve months. The debentures are convertible by the option of the holders into shares of the Company's restricted common stock on the basis of $.50 to $8.00 per share. Proceeds from the issuance were used to fund operations of the Company.
These shares are being dumped now before the close of 2000. The good news is their financials were awsome. 400% revenue growth on a quarter by quarter basis for Q3. 1700% increase year over year....and the best part is the back log of orders is larger then all the sales combined for the history of the company. The stock made almost 3 cents a share net income after taxes. The 4th Q of this year should be another 500% increase in revs and another 600% increase in earnings at a minimum. There should be about 15 cents a share or so net income. And 2001 should be the coming out party....
I also got an email confirming the AMEX application...I sent it to your email Crinoid....McBride is truthful when he says any day we could wake up to them on the AMEX. I am going to buy more as those debentures get converted and dumped...this stock belongs at 15-20 dollars minimum.
Magic
I can't answer you until after the holidays, bigbadbear. It is a gift and already wrapped.
SH, it was in my post #2814.
By the way my just ordered underwater camera arrived at my doorstep this morning.
A much needed laugh, FCB!
Well I just took care of part of my Christmas shopping and ended up buying one BW-150 underwater camera and 1 fish attractor light. Thank you srsnetworker and dk76 for your advice. Seahag, the twin cam would have been nice but was more than I wanted to spend.
I ordered from the website and asked about the level of interest for the security cameras. I was told they are popular and have had a lot of calls about them. When I asked how long before delivery the person said two to two and a half months, and that they were taking care of a government contract first.
I have a question maybe someone here can help me answer. There is someone on my Christmas list who likes boating and fishing and I wanted to get one of the SEVU underwater cameras for him. Which of the models might anyone suggest? TIA
Thank you Crazymoney for your informative update, and also using the opportunity to ask questions about production, patents, AMEX, etc.
Totally agree. Not squandered on excessive advertising or too many irons in the fire, but instead building a solid financial foundation for the future, and trust for the investors.
F+G,
My limit order at 7 7/8 executed about 1:30. Didn't see it happen but it was trading lower just before and after.
Finally did get my shares. But not til the price dropped even lower.
I've had an order in for a few hundred shares at 7 7/8 and it hasn't filled yet.
Brettin, hope you are right. I wouldn't mind the spike to 15 with news of AMEX listing, and I especially wouldn't mind the "home run" a year later. That's what's keeping me here through trying times.
More thoughts concerning AMEX:
Here's an interesting website which shows when OTC stocks change to NASDAQ or AMEX, along with their final OTC price and their current price. Although I didn't check them all, it looks like the majority have gone down in value, not up. Of course that's true of the market in general in the recent time period. But I don't see any guarantee in the move generating as much of a "pop" as some think.
http://216.167.93.135/OTC/graduates.html
AMEX listing - I'll go with Brownt's reasoning: 2001, to coincide with the 4th quarter 10Q.
Jeff, we'll look forward to hearing more when you have more time. A question - does it say "UL approved" anywhere?
Dream weaver, thanks for sharing with us the results of your visit. Were you able to find out anything about production at K-Byte?
Wealth II, what I remember from my visit to SEVU in May was that SecureView used parts from Sony, Sharp and Motorola. Of course there have been some design changes since then.
Has anyone confirmed that production is in full swing at K-Byte?
What a rewarding day for those of us who have been patient! The volume and PR should attract some more interest tomorrow.
I'm not familiar with the term "NOBO" list. Could someone please explain?
Byeohteque, I reinvested in IRF today. Do you have any theory on why the price has dropped so much recently? I've read through the board at Yahoo and the only thing which caught my eye was that there is a court case scheduled for tomorrow. I don't know what it's in reference to. Otherwise I am very comfortable with the company and its prospects.
I like SEVU's new website design, and it looks like they will be adding more information to it. I didn't notice any mention of Mike Ditka, though, except on the page which listed PR's dating back to July 27th. Did I miss something?
Some thoughts...
I'm surprised the PR came out today and yet the stock price went down, not up. Of course it was a poor day for many stocks.
There was a lot of attention paid on the RB board today to the new poster (SEVUgoingdown). First of all the name chosen has a negative connotation and secondly it was this person's first(?) post. It was tough to discover just what this person was "warning us" about, except that JR didn't have a "chipper tone" and he didn't like the "way" he spoke. If that's a basis for buying or selling stocks, it's not a good one.
Rather than putting any value to his opinion I called SEVU and was told by Jeff in Investor Relations that at present Secureviews are being built in house by about 12 people, and are currently shipping. I was not able to learn how many cameras per day can be produced manually nor the size of orders being filled. At some point production is expected to shift to K-Byte, based on sales.
I do not think there is any problem with this at this time. It makes sense to begin "in house" and keep a higher percentage of profit, as well as monitor quality control more easily. Building up too much inventory too fast is an expense - and the coordination and timing of sales, production and accounts receivable is a delicate balance in a new venture.
I expect there will be a weekly update on the website tomorrow.
I think the JCPenney connection is a good one, especially if SecureView can be listed in their Christmas catalog. Also in sales, there can be a "domino effect" - once one recognizable customer signs on, there is more credibility in approaching others.