Over the years I have given Jamison full credit for the growth in revenue and margins that occurred during the earlier part of his tenure. But over the last two years he has not only continued to disappoint, but he has been almost willfully incorrect in his optimistic projections. He keeps stating that backlog is a good indicator of the next year's revenues when it's generally more like a year and a half to two years. He said Wrightspeed would drive substantial volume even while Wrightspeed was working on their own turbine design and cut us out completely. He's told us not once but TWICE that we should be EBITDA break even in the current quarter - most recently the very one that reported on the last possible day and threw us all under the bus with the worst results in a long years. All while making more excuses about this or that world issue that are out of his control, but never putting forth any strategy to adapt to those issues other than to wait them out. Meanwhile the rest of the world economy would appear to be not recovering so much as nearly booming in many respects, leaving us far behind in the dust.
So over the last year I have become very frustrated with Daren Jamison. After this most recent quarterly, I am fed up. I've said before that given how close we've come to cracking that break even nut, if top management who have drawn literally millions of dollars in compensation would simply defer further salary until such time as we are profitable, that profitability would arrive almost immediately. We've been off by what, $2 million how many quarters in a row? Such action would not just get us over the line temporarily, because it would be one of the grandest gestures of faith and confidence those guys could make, and it would probably goose the stock price enough to make them more than their salaries in the long run anyway, given how many shares they already own as part of their compensation packages. And it would foster so much renewed confidence in the company that it would likely goose sales and revenues as well.
But clearly this crew will not do that.
Personally, I'm fed up. I think he's had his chance and he's just not interested in shaking things up enough to make it happen. He along with this board are clearly more interested in their own fat asses than they are in the interests of us long suffering shareholders. I want to clean house. I want them out. I want new management and a new board that has new ideas about how to aggressively bring this company to profitability before this crew manages to burn through the cash they stole from us when they diluted yet again last spring, which if they are allowed to do will inevitably result in yet more dilution. And we've all seen how that ends. If they go back to the till selling shares out of thin air one more time, it's going to be game over for those of us who have been plowing our hard earned cash into this thing for so many years. My patience is gone and I just can't wrap my mind around anybody who has held shares as long as I have continuing to put up with this.
But I do NOT want to sell the company, at least not now. If that were to happen what price could we possibly get? I'm under water by more than 50%. After nearly a decade of this disappointment quarter after quarter after quarter I don't want to just be made whole, I want a profit and I feel I deserve it. Don't you?
