1) The SAIC forms of firms dealing with CSKI, which I read from the shorters website, showed that they were substantinally lower revenues (from memory 50% lower, do check) than CSKI had implied so CSKI said company X was 10% of CSKI revenues and 10% of CSKI was far more than the total revenues company X had reported.
In a PR [1] CSKI squared this circle by saying that all the partner companies had underreported. They have not given a reason why they did this.
2) The Inventories are very low - the company has explained this by saying all the companies it sells to takes stock just before audit - but I don't feel it's an adequate explanation why they are so high turnover - I freely admit not understanding this issue - I would highlight this as an issue any investor buying the stock should understand.
Conclusions (mine obviously)
These are the bashes of the company that stuck in my mind. It's convenient that it was the SAIC filings that were underreported (3 firms in total) and not that CSKI had overreported. I don't see, given the current opportunites available, why this company should have my dollars.
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