I agree with Pierre. First the company has to start generating free cash flow.
Was it Buffett who said look at cash flow not profits? In the last 30 months WSI generated $587m in revenue, $9 million in net profits and only $3.9 million in operating cash flow. Directors and Management paid themselves $4.5 million (I am guessing the last 6 months) or more than the operating cash flow over the period. Not pretty. WSI needs to start generating serious cash flow from now on. I wait to see some evidence.
Ann: Half Yearly Accounts, page-44
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