announcement stock adjustment

Why wouldnt APIs new CEO and financial management team take this opportunity to write off obsolete stock now to take advantage of the current position and make a fresh start. Its a launching pad to regaining strong profitablity.

When you are holding $250m plus of stock in this game (most with expiry dates) stock write offs are inevitible. Margins should cover it but as we known the Govt controls wholesale margings to a large extent.

I was close to the mark in my recent post concerning the missing $17m in that API and auditors believe it relates to an Inventory factor.

Next year will be much better (if there is one and I hope there is). I am sure market share will pick up back to previous levels. I can tell you recent moves by Sigma to restructure Pharmacy Customer Service systems (centalised) has caused a few problems and upset many customers. I am sure API are working hard to regain ground.

Sales are still respectable and I still believe Priceline is the Jewell in the Crown.

If Sigma want a bargain they had better think again.