Hi,
I still hold a fair amount of VOR, but I think business progress has been slow, considering how fast this space is moving.
Concerns for me...
1. No breakdown of DWX and C10 as they previously outlined a few quarters back. My question is why?
2. Big drop from $4m down to the estimated $2.5m next quarter due to slow collections during holiday period. Hopefully they meet this estimated figure.
3. It's great to know what clients are renewing/extending contracts or clients that DWX/C10 are winning, but what about the clients that have dropped off? Never a mention of that. No need for them to be specific, just a number per quarter would suffice.
4. No resolve on the never ending TSI India saga. At what point are they going to draw a line across this?
5. No commentary with re to the three R&D products that were in testing with clients? I'd like them to be a bit more consistent with their commentary. For example, follow up where things were mentioned the previous quarter/s, instead of leaving the market guessing.
I don't think these two businesses alone are going to shoot the lights out anytime soon. To move to a new level, VOR needs some big potential acquisition, even at the expense of more dilution. Waiting for TSI to sell, is not a strategy I'd be waiting around for and missing opportunities that present themselves. It hasn't happened yet and we've all been talking about this for years now.
Anyway, let's see what happens next year.
Tony
