All American Pet Company Inc (AAPT)

[Pitt Bully]

This year will be Aapt's 8th as a public company. During these 8 years, the company has had 4 product launch cycles and the first 3 totally failed. The jury is still out on the current product cycle and we have long debated whether it will work this time or not. My point is that 8 years is a very long time to have a consistent losing record. I cannot find any coaching example in major U.S. Sports where a coach retained his job after 4 consecutive seasons of more losses than wins. I realize AAPT is not sport, but it is also not a start up company. It has had products on shelves previously with brief initial distribution to a small number of stores, the shelf presence was overstated by this management and limited marketing resulted in end consumers purchases and minimal store reorders, if any. I am not going to mention the negative margins, but these circumstances seem very similar to what is happening now. This management has had plenty of chances to get some wins, but another losing season should be expected.

Have a great weekend everyone.