This past Friday at 7:42 PM ET Gardner returned my phone call. He initally caught me off guard by the timing of the call. I proceeded to ask about the relisting time frame. He pretty much repeated what was stated in the last CC that they are working with Nasdaq and we should be relisted early 2011. I then asked about the share price being sub 4.00 and if this has any affect on relisting. He said as long as we are above 4.oo for 5 days pre relisting then we are ok. He then proceeded to talk about the new product growth cycle we are in the midst of and that this last quarter had been the bottom. He said that now would not be the time for any pull back in R&D because of the affect it would have on the growth cycle that we will soon be in. I asked about engineers leaving. He stated that only one employee from the US has left in the past 9 months and that many of the new engineers are coming from India. I asked about the new hire Perna, he stated that many people had sent in resumes about the position and that he had met with approximately 10 people in person for the job. He stated that Perna seemed like the best fit for the situation the company is in now with new products to be deployed. The call ended at 8:00 PM ET because Gardner had a meeting waiting to begin. I thanked him and he stated that he knew that I was a member of the forum and asked me to pass along the results. Most all that was said was also said in the last cc. I think that it would be good for ALL members of this forum with questions to call and ask them because there are many more questions that need to be asked. I wish i had asked many more including the ones that i see on the forum but time did not allow for it. The call was positive I feel and I give him credit for returning the call since I had previously called Yonker twice and Investor relations twice with no call back from either. I again will say: if you have a question then call him and ask it.
Posted by christ3opher - 17 years ago
Thanksm Chris for taking the time to talk with CRG and post your notes.
Posted by G - 17 years ago
Thanks Christopher for your persistence. I'd give Mr. 8-12 Weeks credit here but he doesn't deserve any. It's nice to know if Vitesse is above $4 (only 1 more reverse split needed to accomplish that!) and RY manages not to butcher the accounting they may or may not get re-listed. There is still plenty of time for new excuses to be found and I wouldn't be surprised if Rogas has formed a 'Special Committee' to look into that.
Gardner has no idea if this last quarter was the bottom and is lying if he said so, as otherwise it means he can predict the future and customer ordering patterns. ...and he can't.
The only questions I would have for him would be these: "As a CEO, if you had direct reports who have missed as many assigned goals as you have you would fire them, so why are you still employed? " and then, "As a member of the BOD, if you had a CEO and CFO who, thru poor decisions and worse execution had completely destoyed their company's share price and credibilty with shareholders you would replace them, so why are you and Yonker still employed?"
The only answers I can come up with is a lack of integrity and sense of shame, and I see no reason to ask them.
Posted by altrfan - 17 years ago | Updated 17 years ago
Who schedules a meeting at 5:00 p.m. on a Friday before a 3 day weekend? Probably a high level meeting of top execs to decide where to go for happy hour.
I agree with altrfan, the question to ask is why is he and Yonker still employed considering their extensive track record of over promising and under delivering and why do they make so much money in comparison to their peers at other firms who have not totally destroyed shareholder value during their tenure?
Posted by sharpinvestments - 17 years ago
Holy crap. I can't believe he returned your call. I also can't believe that he reiterated that the last quarter was the bottom. That's almost giving a sense of optimism... Realistic or not, however, is the question? Maybe Satbob's pink sheet protest is going to turn the corner for us.
Thanks Christopher.
I am still buying small amounts here because I really believe the current valuation is too attractive. I would love to hear other opinions on this. Thanks!
Posted by matt38 - 17 years ago
I think there is value too, but only at 1 cent, split adjusted. I think alt's post was spot on.
Posted by G - 17 years ago
I want to edit my above post a bit by saying I do give CRG some credit (I know how much that means to him!) by taking the time to return a shareholder's phone calls. I will assume, as Grand commented on earlier that he has 'some 'splainin' to do' to shareholders (not so much us, but those who count) and has no doubt received an earful, which has been richly derserved.
I wonder if Colin will get a call.....and will Grand be gettin' the love from RY?
On Matt's comments, I think Vitesse is probably a screaming buy here. Anyone remember Paul McWilliams from Next Inning 5-bagger comment? It was made for a reason, even if his conclusion turned out to be no and Vitesse was only a 2 or 3 bagger from the ~$6 (post split price) level. Almost 15% of outstanding shares ( from the preferred) went in the $7 level because people foolishly bought into the CRG/RY spiel about Nas re-listing and 'these are exciting times for Vitesse'.....and they bought because they thought they could make good money from that price.
Even though they got hosed, IF there aren't any more land mines to be unearthed in a 10K, revenue goes up and the company gets re-listed in early 2011 there is a lot of upside.
Some decent volume yesterday. Looks like the selling is over, plus we have another new product introduction. If these bozos give people a reason to buy the stock, based on strong performance and the company, for once, doing what they say they will do.....people will buy the stock.
And again Christopher, thanks for your persistence. You obviously handled your questions in a far more polite and professional manner than I would have, which is why I didn't waste my time.
Posted by altrfan - 17 years ago | Updated 17 years ago
altrfan:
I had all intentions of asking many of those "unprofessional"questions but quickly decided that I would rather have a somewhat civil conversation rather than be abruptly left listening to a dial tone.
This has been an unbelieveably long journey for many of us here.
Especially when every time management is expected to do something, ANYTHING. It is either LATE or a huge knife is gouged even more deeper into the hearts of the shareholders because of the immature decisions made by management.
Hoping for a successful quarter!
Posted by christ3opher - 17 years ago | Updated 17 years ago
As we bounce along the revenue 'bottom' as our ever honest and truthful CEO has stated.....let us remember that Safe Harbor range exists for quality companies on items they can't control......to the other side........where companies with low quality, unprofessional management it is simply a tool for them to use so they can say anything they want and pretend they don't have to be responsible for it.
I will leave for others to decide where in this range Vitesse falls.
Posted by altrfan - 16 years ago
I thought I would go back to Christopher's fine reporting of his CRG call and update some. Vitesse has now been re-listed, nothing but good with that.
On the revenue front, CRG stated that the June 2010 quarter revenue (~$37.5 million) was 'the bottom' and that Vitesse was in a growth cycle. I called BS on that statement as any CEO who wasn't a hack would never make those statements as he has no idea what customer ordering patterns will be.....though he can of course give his best case guesstimates, but would say as much.
Since then, Vitesse reported revenue of ~$42 million for the Sept 2010 Q and $37.5 million for the December Q......so the bottom may still be with us, depending on on this Q's results and outlook for June 2011.
In addition, CRG backtracked completely on his 'growth cycle' comments and stated less than 3 months later that Vitesse hadn't done much of new product developement (where did that 'growth cycle' comment come from then?) and apparently just spent untold millions of R&D on not much.....ala Lou's Sandbox Revisited.....and any new growth cycle may start later this year....or may not.
As far as my delusions of 'screaming buy' are concerned....my record of being wrong continues unabated with my 100% success rate intact.
Guess Colin never got his call returned?
Posted by altrfan - 16 years ago
This upcoming call has got to show some growth. Does not have to show great growth but a spurt of growth. better off small spurts of growth with the beginnings of many branches. I believe that I may have said this before. "The second quarter cc may be the most important cc that Vitesse has ever had."
I went back and looked at the "ringing of the Nasdaq bell". Very interesting to watch. I believe that i witnessed Yonker walk up on stage continuously chewing a cud like a major league ball player.
Gardner was all smiles and as he rang the bell belted out a wahooo! He looked very relieved as if he has either got away with a mighty shareholder screwing OR that he is at the beginning of a very successful product cycle.
This cc should be very interesting. It better be. last chance
Posted by christ3opher - 16 years ago
Posted by 