3SOF

Industrial Enterprises of America Delays Fiscal 2007 Third Quarter Filing
Tuesday , May 15, 2007 13:11ET

NEW YORK, May 15, 2007 (BUSINESS WIRE) -- Industrial Enterprises of America, Inc. (OTC BB:IEAM), a specialty automotive aftermarket supplier, today announced it will file a Form 12b-25 with the Securities and Exchange Commission for an automatic five day extension to file its Quarterly Report on Form 10-Q for the period ended March 31, 2007. Due to the sudden illness of the Company's recently-appointed CFO, Dennis O'Neill, Industrial Enterprises requires additional time to complete the remaining work necessary to file its Quarterly Report on Form 10-QSB. The Company now plans to file its fiscal third quarter results on May 22, 2007. Effective immediately, as Mr. O'Neill is recovering, current CEO John Mazzuto will serve as acting CFO. Details regarding the Company's third quarter earnings conference call will be provided in a subsequent press release.

still holding buddjas1?

Quote from: la-onda on May 15, 2007, 01:51:44 PM
still holding buddjas1?

Yes, but I am mad.

Yes, I am mad as well. What is with this company's inability to file a timely 10-Q?

but not so mad buying more  ?

(also still holding)

Quote from: ygtrdr on May 15, 2007, 01:58:49 PM
What is with this company's inability to file a timely 10-Q?

I don't get it either.  It's a shame.

Quote from: la-onda on May 15, 2007, 02:00:40 PM
but not so mad buying more  ?

(also still holding)

Thanks for supporting the share price.  IEAM better be buying back shares today, as well, as this is IEAM's fault.

ugly chart one day before the Q3 communication 

still holding 

Has anyone contacted IR and gotten any information?  This is really frustrating.  I just hope they aren't hiding anything like last time they were late. 

Staying strong for now.   My reasoning ...

1.  The presentation in Mid March mentioned no bad news about the quarter

2.  CEO bought right after the quarter ended.

3.  Stock buy back program still in place.  Could bump us up real quick. 

I'm definitely nervous though.   

OUCH !  I've got 3000 shares at about $6.10 or so.....

It looks like it has a good future but who really knows?

JUDGEMENT DAY ON 22th of MAY
Industrial Enterprises of America to Host Fiscal Third Quarter Conference Call on May 22
Monday , May 21, 2007 11:30ET

NEW YORK, May 21, 2007 (BUSINESS WIRE) -- Industrial Enterprises of America, Inc. (NASDAQ: IEAM), a specialty automotive aftermarket supplier, today announced that it will host an earnings conference call at 9:00 a.m. Eastern on May 22, 2007 for the company's fiscal third quarter ended March 31, 2007. Financial results will be released on May 21, 2007, after 4pm. During the call, John Mazzuto, Chief Executive Officer, will discuss the company's quarterly performance and financial results. The telephone number for the conference call is 877-407-0782. The call will be webcast and can be accessed on the website http://www.investorcalendar.com.

MARCH presentation slides are the benchmark

Man!  news is out and it's not good.  http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001354717-07-000051&Type=HTML

Rev: 17mil
Ebitda: 2.1

Basically a little bit better than last quarter. 

What's so hard about giving honest prediction estimates?  I still think this company has a lot of potential, but this is twice that management has messed up. 

CC should be interesting.  I wonder what excuse they'll give for why they didn't make 25mil in revenues like they predicted in Mid-March. 

Not sure what to do now.   

I was ready to go long but when I saw the results I decided to try a short term short trade... I some buys it at $5, I will do it...

My CC Notes:

-CFO has been ill for awhile.  Still not back to work yet.
-Revenues down, but units produced was up 30% inline with expectations.
-Senior Operator is going to help improve margins.  He started in April.  (more than anticipated)
                Changes:  No more standard costs,

Based on previous EBITDA .30 eps is the base.  At least going forward. 

-Still blaming the weather. 
-Not going to do .50 a share this quarter like previously predicted because of weather. 
-Virtual marketing going forward.
-China venture proceeding.   Building not finished yet. 

2 Quarters showing plan is working.
Going national in marketing.
Sales force increasing.
Now competitive to expand geographic area. 
5 mil  of stock buyback used   
Still reducing debt.  Down to 4mill now. 

End of the year will have the numbers to move from small cap NASd to large cap NASD.  But will wait to see trend before applying.

Still hyping China.  Where they will be able to ship to CA and the west coast.  Increases EMC from 3 months to 10months.

New website in beta.  Should be out soon to help get story out. 

Realizes numbers were late and he swore not to do that. 

Plans to have margins increasing in the future. 

Questions ....

1.   Going to start seeing bulk sales per quarter.
2.   Bulk sales will contribute to 1/3rd of sales to wholesalers.
-   Means lines will run longer.   (Changing lines loses them about 2hrs per shift)
-   Still aiming to get 32% margins now at about 26-28
-   Wholesalers do not sell in the same channels as their branded products.  (No competing)

3.    March 31 fully diluted share count at 17mil   adjustments ... 2 mill performance related shares not disbursed yet to employees.  Also since March 31 bought about 1 million shares.   Trying to offset warrants with share buyback.  All warrants etc should be gone by June. 

4.    One guy congratulated him on the quarter. 

5.   Some of the share buybacks aren't actually bought yet, there are legally binding notes to buy them. 

6.   "Not going to let share count go above where we are"

7.   Legal issues with other shares.  Not counted.  Being settled in court.

8.   In june looking at 13 million in shares outstandings.

9.    Environmental issues on China venture ... apparently doesn't apply to them. 

10.   CEO has plans to buy a lot more shares himself.  Doesn't want to interrupt company buyback. 

11.   Released this morning results because they missed the 6pm cutoff yesterday. 

12.    No real costs for china venture at this point.

13.   Sales reps are all commissioned.   10-99d.  Only about 4 are employees.  Other 80 are commissioned.

14.   Buyback notes not really mentioned in this quarter report.


Story still sounds good.  Wish I would have waited to buy until now though. 

hope this was the bottom 

10 min chart from today: