Hi BrayWyatt, I am not sure of the accuracy of your comment "they are charging themselves out at $90/hour on some jobs." and what your source is for this information. That said, I have anecdotal evidence that what you say is reasonably accurate. I have also heard anecdotally from someone else in the industry, that Veris is targeting smaller jobs, once considered the realm of the one-man band. The comment was also made, they are doing this to shore up revenue! If true, this seems to be a knee jerk reaction to a much bigger internal problem. This further indicates to me that the Veris Board / senior management believes that they are "price fixers" in the surveying market, when they are really price takers! Veris does have higher costs than it's privately owned rivals and they have been slow to address this in the current market downturn. As well, they have been slow to strip out duplicated costs / overheads and to integrate their acquisitions into a single Veris entity. The Incumbent Board has been put on notice by the Requisitioners and this battle for corporate control should focus all concerned on their problems. If that means Veris trades out of their current situation, then this is a good result for the shareholders.
VRS Price at posting:
6.2¢ Sentiment: Sell Disclosure: Not Held
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