Before I posted this I read the other posts from Mooon with the info from the peeps he knew there, and also saw what Zee put on IHUB. Everyone has their own nuance really, and we are all in sync as I see it. Here's my take.
Very glad I went and want to get this out before I forget it all. EOY numbers? I had little interest myself in when they are being released as its a given they are coming out real soon. Jim said "March 31, you know I get so many emails, and I always say March 31". I said, "you mean BY March 31?" and he nodded and we moved on. It was while everyone was mingling prior to the meal and presentation and at that point we were a group of three on the edge of the crowd. I was very happy to talk to Jim and congratulate him on the upgrade and ask him if things were a tad better for him now with Tracy around. He absolutely agreed with that, and Tracy always says to him, "I'll handle it", and he is happy to hear it.
During the presentation, which was a who we are and what we do type of talk, the cell was not mentioned other than saying it was in the development part of SLTD. Then, as an aside, he said this. (From my memory).Quote: I have learnt that manufacturing is a very very complicated procedure, in fact, I was probably somewhat naive earlier on as to the process. We have gone to many manufacterers and they are cautious. (Then as an aside within the aside he went on) For example when I took it over to Sunpower ("it" is the cell, so it exists and it is done) they looked at it, and they said , hey its very similar to ours and we have the same problems!!!!! End quote, my exclamation. So as I have been suspecting, and I know others were, there's a complication with either the cost, fragility, or technical procedures that has impeded it in some way from being snapped up. Its there, the production people have difficulty with it, it seems. But he went on to say that he is still working it, and it is not dead ended. Even having made a phone call about it earlier that day to another company. And then again later on, when talking about annual future earnings, he stopped and said, 'of course, if the cell comes out, that will change everything'!!! LOL, isn't that what we say! Go figure.
Other nuggets. Total focus is on growth growth growth of installation side. Recently was about to grab another company but walked away because the owners didn't want to stay with their company, just wanted to cash out. Won't do it that way. Wants to grab small growing companies that have a good ethos and WANT to be a part of our SLTD growth. I asked him, hand raised during the presentation, did he have an idea of how many more he will acquire this year and he said, 'well we already did one' and it will be up to three" Was it just me or did he have a sly smile when he said that? He has something afoot about that I believe, IMHO.
The $12 million: Will be used exclusively for growth. (maybe a new computer system to get them communicating together, but even that may come from profits). No moneys for execs, nothing but new companies.
All growth for the time being(next few years) will be in California and Nevada. Later he sat with us for his meal, coincidence!,and said the problem with Arizona is not the politics so much, but the power companies there.
Three years ago I bought a penny stock. It was a tad surreal to be having dinner with the CEO of the company I invested in. Some of you know I'm English, and it was interesting to learn that Jim used to live in England as well! He was stunned to realize the distance I had come to hear him.
There were only about 30 people there. We packed the private room of the restaurant. The people there have this every two months or so and spent much of their time networking and catching up. I know I met two lawyers, 2 CPA's, 2 Fin advisors and some of their partners, I obviously didn't get to meet everyone. However, overall this was not a savvy solar group. I think the only questions were asked by myself, Zee, and a couple of others. Jim came from the airport and went right back to the airport. Ray Oliver who organized it and does this as I say every couple of months, is a motivated and energetic local Orlando guy you would need to know if you were in the trade down there. To be honest, I'm not sure it was cost effective to fly out and do this one, but Jim's out there trying.
He's a very personable, savvy, and astute man. Interestingly he spoke of being floored by the animosity and venom in some of the emails he received when the stock went down. I think he must have been bored before the Sunworks acquisition. Coming from the corporate world of Bain and Bananna Republic, to then be twiddling his thumbs in the office while the two scientists worked on the panel. However, I think now he is in his element and he is good at it and looks like he is settled into it. National TV interviews, NYC lawyers, NASDAQ, leading a growing business. I need to hock some paintings and put more money in the company, this show is a winner!!! Forgive my rambling, I wanted to get this out.
An old IHUB friend of ours who lives in Florida arranged that there be a rocket launch from the Cape (launching a GPS satellite), and I saw it from the shore in Titusville 3 hours before the event. Analogy? For sure, to the moon!! Stick with this growing company, they have dynamic leadership with realistic aspirations and the ability to evolve.
