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As a general rule, when your company loses money year after year, your stock price will suffer. Consider the following:
Current Assets = $77MM. Current Liabilities = $83MM (OUCH)
Long term debt = $166.24MM (OUCH)
Net losses for the past 5 quarters (at least) and the losses keep increasing (quintuple OUCH).
Why did this stock spike recently? Speculative bubble is my guess. People wanted to put their $ into energy stocks and commodities. It's hard to put a valuation on a cash sieve.
In the meantime, senior executives get richly rewarded. This company would be a textbook case of an anti-Buffett stock.
This bloated company needs to come back to earth!We need at least a 50-70% haircut from these levels. Analyst were DEAD wrong this last quater by a whopping -233%! My guess is that their estimates for the next year are worthless as well! This is a poorly managed company only making the execs rich on a bloated stock price and options!