I agree on all points. The voodoo accounting makes things look up a bit, but as you say, a miss on the quarter revenue would have been disastrous. It only squeaked by as it was.
Record orders and backlog look nice, but until Capstone figures out a way to stop selling product at a loss it matters not a wit.
I'm still surprised that none of the analyst asked about the Japan market as nothing was mentioned in the CC.
The cash burn is still cause for alarm, even with the 50 million seed money to start the new fiscal year with. "Maintaining a strong balance sheet is another primary area of focus. With $50 million in cash at year end, we believe we have ample liquidity to carry out our initiatives in 2013 and beyond.""We believe we have?" I would like to hear you say
"we have ample liquidity..." "We believe" is about the same as saying that you don't know. I think I've heard another variation of this story before, perhaps just last year during a CC where DJ stated that he didn't expect to have to resort to dilution again. I'll have to do a bit of research to see if memory serves me correctly.
"$2.7 million net increase in SG&A expenses resulted from an increase in bad debt expense, professional services, marketing and consulting" Is this broken out in the 10K? I'll take a look myself but it seems a bit creative to lump in the bad debt with other SGA expenses. At what point does the "bad" debt get written off?
"Seems the same trading range will continue unless there is some type of fundamental change or news..imo.." My opinion also. The only fundamental change or news that I can see is GE. The CC was lean on the road map to profits...you can only squeeze so much juice out of a (insert fruit of your choice.)
All I can do at this point is hope, which is what got me in so deep here to begin with. I just hope that hope doesn't spring eternal which would be followed by dread.
Still haven't heard an explanation of that "About Time" comment. I must be missing something, although I did read the transcript 3 times after my last post.
