Ann: March Quarter Operating Update, page-5

Definitely an improvement from last qtr and clearly the turn around is happening, but it's still disappointing that LJ is only now calling the production target miss now when I think it was likely known several weeks ago, probably longer.

He says that 23k for the qtr was their 'forecast' production target for the qtr.... not that he advised us that was the 'forecast' last qtr. So this meant that at the mid year mark they were on target for full year guidance (lower end) and had forecast ~43k to be produced in the June qtr (in order to hit the 100k mark). That means they planned for an 86% increase on the March qtr, that is a massive jump to achieve in one qtr and I don't think it was ever realistically achievable.

I think the reason for the miss (labour shortage) is most likely valid.... but I also think that that original ~43k forecasted production target for June qtr was way too optimistic and showed a lack of aptitude from the management team.

I emailed the company months ago asking if they anticipated a production shortfall in the FY guidance and got nothing in response...... this company is just a production yoyo and with the current management team I see little point in trusting any future production guidance figures beyond 3 months out.