f07 result

What has happened to this once proud Sandgropper company??? Shares trading in 2004 at $7.20 - now down to $3.52 as at 24 August 2007. The results announcement today was another disaster with a loss of ($1.2 million). No wonder the former CEO Chri Glenn fledthe scene on 11 April 2007. The dogs were barking -no biting!!!. Their Automotive Parts distribution business has been in intensive care for the past 7 years with restructure after restructure. They have even tried an ex Bunnings State Manager as EGM - but still no result. Roger Flynn - Executive Chairman has cleared the decks with this result - taking some goodwill impairment write offs of some ($8.8 million) and IT infrastructure carrying value write downs of ($10.4 million). They need to appoint a switched on EGM for their Automotive divsion that knows the drivers to trade based parts distribution and specialty retail. So IMHO - at $3.52 it can get any worse and there has to be some upside for F08. My target is $4.50 inside 12 months. "Go you good thing"!!!. Roger has already moved to restore this one to its former glory - CEO gonski and EGM Automotive gonski 14 September 2007. Lets hope the new recruites can get this one firing back to its glory days.