A loss of 29.5c per share in the last 6 months (for a company with a share price of 63c) - the losses all stemming from the baking business.
A woeful result.
But in fact, I think there are some positives. Management is coming clean with the disastrous baking business - and they seem determined to get rid of it — they’ve even received some expressions of interest.
The rest of the company seems in reasonable shape, aside from the debt, though they're currently meeting their interest obligations. Why they paid a dividend last year is beyond my comprehension.
I hope the new CEO turns the company upside down. He needs to be brutal. The company's survival depends on it.
BUG Price at posting:
57.3¢ Sentiment: None Disclosure: Held
