ijudge was right, page-5

Yeah as a shareholder I can say I'm feeling a little pissed off :). Expense per customer is increasing faster than revenue per customer on the VOIP side, looking at their balance sheets as subscribers increased, net loss grew - and this doesn't appear to be caused by once off marketing campaigns.
I'm especially pissed off that a year or two ago, they produced subscriber targets, and suggested they are on track to become cash flow positive if subscriber growth continued. Subscriber growth continued as predicted, yet they posted a greater loss than the previous year. I believe directors even received a bonus for hitting subscriber targets, never mind it didn't seem to materially benefit the company..

Cash flow positive seems a prospect well beyond the reach of this company as it stands. Take Tivo out of the picture, and it's looking pretty bleak, does anyone know of upside outside domain of tivo?
I'm not sure if I have all my facts straight, but would welcome comments if I've misrepresented the situation (I feel I'm missing something!!). My understanding is nothing fundamentally went wrong (in the way of unexpected events) with their subscriber projections, it's just subscribers weren't profitable with their business model - their estimates were horribly wrong.

Executives received $1.8 million in remuneration last year (Ikka alone $700k), for a company now valued at $26 million. I have a suggestion on how to reduce cash burn..

Ok rant over