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gnulaw (57.22)

[Update2] Geeknet Media Division Amber Alert. GKNT President, CEO Media and GKNT Director (SVP SAY Media) [Abruptly] Announce Resignations

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March 25, 2011 – Comments (4) | RELATED TICKERS: GKNT , BBY , AMZN


[Update2] Geeknet Media Division Amber Alert (4,5,6,7) GKNT President, CEO Media and GKNT Director (SVP SAY Media) [Abruptly] Announce Resignations

Scott Collison (2.), President and CEO, Geeknet Media (3.) (Sourceforge, Slashdot, Freshmeat, Feedery.com) tweeted (1.) his second (8.) resignation today . 

Contemporaneous with Scott's formal disclosure (SEC Form 8-K), Andrew Anker (@aa) Director (and SVP SAY Media, SIX APART)  today also formally disclosed (March 21st) "...his intention not to stand for re-election at the Company’s 2011 Annual Meeting of Stockholders...". Coincidence? Signal?

 

References:

1. March 21, 2011)@scollison Scott Collison

I resigned from GKNT this morning. I wish all my colleagues there the best for a prosperous future.

6 hours ago via Twitter for Mac© 2011 Twitter

2. January 16, 2011) "Gee Whiz Beav, I'm feeling really swell about 2011". "That's great Wally, here's a $2 million bonus!". GKNT Shares Tumble as Non-insider Shareholders Have Many Questions.

3. (February 19, 2011) Geeknet (GKNT) Q4 Ending December 31, 2010. ThinkGeek Blows Away Expectations. ThinkGeek and Media, Now Two Separate Companies, Pending Spinoff of Media Division?

4. (October 16, 2010 ) [Update2] Geeknet (GKNT) Announces Sale of Ohloh.net to Black Duck Software. What's Next for SourceForge.net and Slashdot.org?

5. (October 03, 2010)  What is Going Down @Geeknet (GKNT)? Imminent SourceForge.net Divestiture? Github Acquisition? Who is Geeknet's Mark Zuckerberg?

6. (September 04, 2010)  Geeknet (GKNT) Non-insider shareholder AMBER Alert.

7. (September 04, 2010) [Update3] Is the End (Private/Acquisition) of Geeknet (GKNT) Imminent? What is Langone's Endgame? Kenneth Langone Delivers on Promise* of Geeknet (GKNT) SourceForge Layoffs...R&D Spending Down 36.8%.

8. (June 16, 2010) Breaking News...Geeknet (LNUX) Chief Product Officer and Head of Corporate Development Abruptly Leaves Geeknet.

4 Comments – Post Your Own

#1) On March 25, 2011 at 11:53 AM, chk999 (99.98) wrote:

GKNT was mildly profitable the Q4 of 2010. Was this a fluke, or will this continue?

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#2) On April 23, 2011 at 8:12 AM, gnulaw (57.22) wrote:

chk999, I just tried to reply but site is not accepting my post. I have notified customer support and will have answer shortly hopefully. Sometimes a link I use when documenting a source is denied.

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#3) On April 25, 2011 at 4:58 PM, gnulaw (57.22) wrote:


chk999 sorry for the delay in getting back to you. Good question. That is my and everyone's concern following GKNT closely. GKNTs track record is nominal profitability in q4 with overall losses for the year and q1, q2, and q3. 

GKNT may have shaken that pattern with their blowout "top line" q4 revenues which suggested GKNT may be turning the corner as to sustained quarterly profitablility. People like...love Thinkgeek. No matter what. The fact that the TK-421 was successful per Caroline Offutt on the Q4 2010 conference call despite consistently terrible reviews goes to Thinkgeek's brand equity and which is not reflected in GKNT market cap/share price. Thinkgeek's twitter follower numbers have also increased from 200,000 to 260,000 in only a few months.

Back to your profitability question. Products like JOYSTICK-IT and iCade may be exactly what brings GKNT sustained quarterly profitabilty. Q1 will reflect JOYSTICK-ITs numbers which will be announced Wednesday May 4th. More importantly Q2, Q3, Q4... will reflect iCade revenues/earnings.

Lastly, Ken Langone's hiring of Jeffrey Drobick (1.) (replacing Scott Collison) looks promising in turning the media division (slashdot, sourceforge, freshmeat, feedery) around.  This is arguably the best or most secure time to accumulate GKNT shares since they went public in 1999. Note GKNT shareholder value creation since Ken Langone's appearance around July 10 2010 but still below a split-adjusted $50/share around January 2007 (and $3,200 on December 9, 1999). This was around when Slashdot was being touted as the future of media only to have been smoked (2.) by Web 2.0 new entrants digg, StumbleUpon, YCombinator, reddit, twitter, facebook...

 

Reference 

(1.)  internetretailer .com/2011/04/06/geeknet-hires-former-ebay-executive. Note: This was preventing me to post this comment. This site is considered spam by Motley Fool ???

(2.)  (July 29, 2010) ReadWriteWeb, Slashdot Struggles to Remain Relevant in The Social Web.

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#4) On May 13, 2011 at 6:17 AM, gnulaw (57.22) wrote:

>>Ken Langone's hiring of Jeffrey Drobick (1.) (replacing Scott Collison) looks promising in turning the media division (slashdot, sourceforge, freshmeat, feedery) around.   

 

[Update] May 11, 2011 Jeffrey Drobik acquires 6,000 shares 5/11 on the open market.    

 

(1.)  internetretailer .com/2011/04/06/geeknet-hires-former-ebay-executive

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