Ann: Quarterly Cashflow Report, page-4

I closed out my smallish position today.  The cashflow report and commentary just doesn't marry up with the narrative they've been painting the last little while.

If they were shipping 800-1000t per week as they suggested, why did they only managed 8500t for the quarter? Previous comments about the amount of product they need to sell to be profitable doesn't seem to be reflected in the 4C's either. Plus they just seem to be negatively effected by weather too much.

I mostly believe that they'll hit their projected sales targets, but with COGS I just don't know what the project margin will look like.

Was never a high conviction hold or huge position, but if you start doubting management's honesty it's time to move on.

Good luck.