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Annual Report . . . aka . . . Bird Cage Liner . . .

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I received my FY2011 AR from the Corporate Shrine in Camarillo today. You really have to hand it to CRG, or whoever writes this BS. The part I liked best was this . . .
"Finally, we will continue our relentless pursuit to create financial leverage." So WTF does that mean, Chris?

I did note, however, that today's closing price was .13 cents; the all time low, also on your watch, Chris, was .09 cents in December of 2008. So we are up a whopping 44% from the lows. Time to open a bottle of 1996 Barolo and celebrate. And to think, I was going to use a page of the AR to wipe my ass with.


Posted by G - 12 years ago


0 Votes


Don't you realize CRG's primary talent is "wordsmithing". It certainly isn't being innovative or possessing management skills that would actually translate into making a profit instead of his time-honored "smaller losses". His earnings calls are full of "Let me add color", "starting to gain traction", and blaming everyone & everything but himself.

Why does he care when he is well compensated and still CEO for the same old story.


Posted by Techinvestor - 12 years ago

0 Votes

When the company was taken over by CRG for the years after Lou was booted out, he positioned himself, and insulated himself from the shareholders by controlling the Board (the shareholders watchdog) So now to question anything in a sane, rational manner is equally insane. This is a SCAM, and I don't say that lightly. The company is small enough to fly under the radar and still generate enough income to keep CRG very wealthy. The shareholders mean NOTHING to him.

Posted by OKSPSNOW - 12 years ago

0 Votes

G (and others)

thanks for the posts. I have not yet seen the annual report. But this "financial leverage" comment is very hard for me to believe. Not having read it I am having difficulty of what to make of it. First here is what the term "financial leverage" generally means. It means you add debt to the balance sheet and thereby (if you are making a profit) increase the return on equity. The more debt you add the higher the return on equity, again assuming the company is making a profit. That is what financial leverage in a business means and is. This is so commonly and widely known that I really don't have to provide a link but here is one (there are a long list of hits with a google search and they all say the same thing).

This can't possibly be what Gardner means or wants to do with the company. Every effort over the past 4-5 years has been to reduce the financial leverage of the company ie remove debt from the balance sheet. I can only assume what he he wants to say is he wants to lower the break-even point and thereby increase the upside impact on EPS of a growing revenue stream.

but what this again demonstrates is no one there has any real concept of what they are doing as far as running a real business. They may be good engineers, I will let others comment on that, but there is no business acumen there at all. They don't even understand the language of business. Very disappointing but unfortunately not surprising.

Posted by dlog - 12 years ago

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