- 8.5% EBITDA increase over prior year (as if debt, taxes, and depreciation are meaningless, all of which are higher than they were the previous year. Here are Buffett's thoughts on the practice of focusing on EBITDA.)
- "Sales Trends In Acquired Stores Improved" which means sales still dropped, but not by as much as before.
- I am pleased to report a significant improvement in our operating results this quarter
- Our team has been totally focused on delivering profitable sales and taking unnecessary costs out of the business, and it showed
Meanwhile, as we discussed here, the company has to undergo a 10:1 reverse stock split just to maintain a stock price above $1 so that it can stay on the NYSE. The company is also trying to sell its stores and lease them back in order to pick up some short-term cash, despite the current dire real estate market!
Be wary of managements that can find a glass half-full in an empty glass.