Is this the beginning of the end ?, page-5

A sharp turnaround is possible. However I have no confidence in this company's management and their 'strategic' moves.

For example: In 2012 they announced a diversification strategy into the energy sector and also bought back $1 million of shares at an average price of $2.90 in 2012, only to issue more shares at a fraction of that price in 2013: A colossal destruction of shareholder wealth.

This is a cyclical industry: In good times you strengthen your balance sheet. In bad times you buy back shares at low prices. Why can't  highly paid managers and consultants not get it?