Re: Gurba's deliberate destruction of Bulova 23-Jul-09 08:41 am carig schnee wrote:
Chloe: SLG and I BEGGED the bank to meet the medical insurance obligations--and they finally did it, albeit reluctantly. The biggest problem we have had to overcome, and the reason we are where we are, is lack of work--in Lancaster for much of 2007 sales were miserable because the existing customers weren't buying and there were no new customers. In fact, if Lancaster had been a stand-alone organization, it would have been forced to close before the end of 2007. Melbourne was more fortunate--it started with decent customers and sales, but found itself funding Lancaster and Mayo, and there wasn't enough money left over to buy all the needed inventory for itself. Then customers bailed on Melbourne---Terion because it was bought by GE and they had their own CM source; Tollgrade because it claimed it had cheaper pricing somewhere else (below our material cost line); and ESAB because it didn't want to buy its own parts (which is what Melbourne was forced to ask customers to do because we sent our revenue in Melbourne north to meet Lancaster and Mayo's needs for cash, including your payroll). I won't say we haven't made mistakes, but everything we've done was aimed at permitting the organization to survive. Personally, I was sorry to ask so many long-term, talented employees to leave, but it was necessary in order to retain the 107 we still have in Melbourne. Incidentally, we have 107 employees doing less than $1MM in sales when we had 323 people doing $3.7MM in sales last year--the math says we should only have 75 or fewer employees, but we're hanging on for a better day which we believe will come shortly.
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9/28/2008 7:09 PM KMA wrote:
More BS!!
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2/6/2009 9:25 AM Graig Schnee wrote:
should read like this
Sentiment : Strong Sell
