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You don’t even have to be all that liberal — just horrified. (That’s what I am: just horrified.)
I bought more at $2.16 Friday.
The company burning through $1.1 million of its cash and short-term investments last quarter, bringing them down to $53.4 million — $2.85 a share. That compares with a burn of $2.7 million in the same quarter a year ago.
The new CEO‘s distinctions include having graduated summa cum laude from Wharton and, perhaps even better, not being the old CEO. If he is able to fully stabilize the company — which actually earned $10 million once upon a time — we could find ourselves having paid $2.16 for:
- $2.85 in cash and short-term securities (or perhaps $2.50 after a few more quarterly losses until the ship is righted)
- a business with $60 million in sales and motivated new management (if it ever commanded 1X current sales, that would be $3 more)
- $120 million in net operating losses applicable against future profits
In the company’s words:
Support.com, Inc. (NASDAQ:SPRT) is the leading provider of cloud-based software and services to deliver next-generation technical support. Support.com helps leading brands in software, electronics, communications, retail, Internet of Things (IoT) and other connected technology industries deepen their customer relationships. Customers want technology that works the way it’s intended. By using Support.com software and services, companies can deliver a fantastic customer experience, leading to happier customers, greater brand loyalty and growing revenues.
There are no sure things on Wall Street — to say the least — so, as always: only with money you can truly afford to lose.
Now go join a peaceful protest.
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