BUKS - I thought the quarter was ok, but not fantastic. Frankly, was a little disappointed the there wasn't more of a savings in SG&A with some of the big salaries gone. Operating income was actually down about 10% yoy, but as you suggested they were saved by gain on sale of plane and by share count. Costs in the casino biz were up, but also sounds like they're trying to hire some additional talent and implement things that could possibly pay off down the road. Drop in backlog not huge, but also not great when you were already dealing with basically flat sales in this quarter. Hopefully the insiders that are buying see better things down the road.
I also don't like that, from what I can tell, new mgt seems to have just eliminated the earnings calls. No mention of one again this quarter. Earnings also not posted yet at the company website. To me, that's a little sloppy. (Makes me think, what else is being done in sloppy fashion?) Not really any excuse for that. It's a little thing, but a good mgt team should be on top of that stuff. I also never heard back from writing to the Board about clarifying the options grants. Don't remember exactly, but the one guy was given like 300k shares to handle "investor relations" and doesn't reply to a simple question.
