11 reasons to add mnf to the radar, page-14

I did read that a little while ago, somewhat old news and further confirmation that ENG & Unwired continue to lose massive amounts of money.

I am somewhat perplexed at ENG company management with their $12M FY08 loss, with that many customers (68,000), their profit margin and $19.1M revenue that they can not make a profit? They need someone over there to put a knife/machete through unneccesary wastage, how hard could it be?

ENG are crowing on in their recent report that staff were cut from 170 odd in FY07 to the present 88 in FY08, still a massive amount of people. What are they all doing? Do they have a dedicated tea lady & shoe shiner? MNF runs 60,000 clients on 33 staff and is profitable. ENG needs 88 staff for 68,000 clients? Sheesh.

I wonder what the staff and overhead metrics are for FRE? I think they have a 5000? client base and with an FY08 loss of $8.2M I would imagine that there is plenty of nice juicy fat to cut there as well.

Where do some of these guys get their financial training and general business acumen from? Imagine racking up losses like these after being in business for so long.