West Marine, Inc. (NASDAQ:WMAR)

CAPS Rating: 2 out of 5

The Company is a boating supplies retailers.

Recs

5
Player Avatar Mabula (< 20) Submitted: 7/28/2009 9:56:42 PM : Underperform Start Price: $6.92 WMAR Score: +33.20

I agree 100% with the viewpoint that West Marine will end up in the investment graveyard. I am surprised that this company can be permitted to be a “public” company. According to publicly available information, the firm is owned 35% by insiders (and 5% owners), and the percent of shares held by Institutional and Mutual Fund Owners is 53%. The worst part of this company is its latest marketing approach. I have done business with WMAR for some time, as a power-boating customer, and I have been on their emailing list for periodic offers. I have recently received a POLITICAL eMAILING from them exhorting me to pressure my elected representatives to support the democrat party’s Waxman-Markey carbon tax legislation. In a lengthy, preachy email, the Chairman of WMAR, who I have since found out is a contributor to moveon-org and far-left California democrat politicians, cites the absolute garbage put out by the leftist anti-American United Nations and “Oceana” another “non-profit” leftist organization which features Hollywood whackos like Ted Danson. Oceana is against offshore drilling (at least by the U.S.) – so I guess we are supposed to throw away (I mean responsibly dispose of) our power boats and sailboats that are made from fiberglass or plastics, and limit our boating to using biodegradable cardboard rafts. So it seems to me that WMAR is committing suicide by marketing. It just doesn’t seem responsible for a publicly-held company to exhort their customers to stop engaging in the activities, which give rise to them doing business with the company.

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