Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Hal Weber.
Hal Weber
A couple of questions in regards to the cash position. Based on where your stock is, our stock, unfortunately the current cash position appears to be twice the market value of the company. I’m not very convinced about where we’re going with this. After being a long-term shareholder and continuing to be, for myself and for many of my clients, I’m hoping to see some more aggressive, positive behavior here, to help bring credibility back to our situation. I was hoping you could add something to that.
And the second question is in regards to previously had these issues about the ocean rate securities, where are you standing with that, have there been adjustments made to that, how much of the stuff has been called out, are you there, where are you in this area, could you elaborate on that as well.
James A. Courter
Yes. I will have Steve go the substance of both those two questions. Liore Alroy who is the new CEO is here to answer questions so if people have questions with regards to telecommunications, he’s here, and he’s the new CEO, we’re happy to have him. So with regard to the cash, that equates to the price share, Steve, and also the second part of the question.
Stephen R. Brown
Well, as you didn’t ask a question I guess you are commenting that some of the pieces of the company seem to be worth a whole lot more than the value of the stock price. I think that’s a fair comment. The company, right now, is extremely focused. I think one of the overhangs on the stock is people, some investors or Wall Street may be afraid that we have been reckless with our money, which I would disagree with.
But there is concern that those cash balances will continue to go down. And I will give assurance there’s been several concentrations on bringing this company to hopefully, in the short term, back to a cash-positive situation. But there has been a tremendous emphasis on getting rid of speculative businesses that are unprofitable, that are not bringing shareholders value, and downsizing corporate costs, which we have done significantly. And that has been a major focus, will continue to be a major focus. And I think the financial results we certainly hope that they start showing up starting next quarter.
- To read the full transcript on Seeking Alpha, click here »
