I think you make a fair point but one that can only be settled by looking at what specifically, sale by sale, has happened since those statements were made.
For instance, did anything drop OUT of backlog? Or did an order in backlog delay? If so, why? Is it lost business?
But at the end of it all, I still take them at their word. If they say "Pipeline is busting at the seams", I would have to ask, what exactly do you mean, if I want to hold them to some level of material comment. Same with backlog. They have since defined backlog but I have to read a transcript to be certain of exactly what they have said.
This whole thing becomes very clouded when the ceo knows that every competitor is listening to everything the ceo says in a conf. call and those people can and will attempt to undo any deal that has not been paid for. Not sure if you remember the deal for some 20 units in S.America but it was a deal, then it was stopped ( competitive reasons?) and then it finally closed and was published. From our outside perspective we could say: you told us about this so long ago within the context of backlog or even pipeline, what the heck happened for it to take so long?
A similar situation occured in IMSC's sale to gov. of India. In my opinion, the buyer used the protest to extract a modified deal that was in their interest. But to a shareholder I imagine that deal was the height of confusion-frustration. And I do sense the frustration level rising. I feel it too. But I always try to keep emotions in check when I own something that needs frequent re-evaluation and this certainly does require that. Today I look at it as "wait and see how much, how soon and for how long." Tsa's recent award of some $2million in development grant money, along with two cradas to IMSC has kept me convinced that tsa is genuinely interested in what IMSC has to offer. And yes, its time for them to put their money where their interest is.
Best of Luck to ALL IMSC LONGS!
