Just finally listened to the entire CC.
I am not sure why everyone is so up in arms.
Here is my synopsis:
Qualifications/Approvals
# The company is working on TSA checkpoint qualification. They are in OT&E, the process will take up to 30-60 days (no suprise).
Then there is a validation and review process that will take 30-60 days. This will lead us to April, June at worse. To be honest, Glenn has mentioned this in conversation.
# CACSA/TSA have visited headquarters.
# Company is also working with 2 other governmental agencies.
# Awaiting 2 more international approvals, not as important regarding sales.
Market
# Sizeable recap from TSA qualification for checkpoint, est 600-1000 per year.
# Current backlog of 5-6.5 million
# Sales are picking up as evidenced by the last two months.
# We have serviced 2 out of 3 major cargo companies.
# Clients are ordering long lead parts in anticipation of orders in the future.
Financials
# Earnings per share is -0.07 this quarter which beat expectations.
# Burn rate of 5-6 million/quarter.
# Still losing money, DMRJ is still supportive.
# Stock options leveling off.
This is pretty close to what is expected.
Which part of this is particularly disappointing?
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