Bong in big trouble

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steve shearer
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Re: Bong in big trouble

Post by steve shearer » Tue Aug 27, 2013 10:03 am

el rancho wrote: Billabong chairman Dr Ian Pollard said

"We are nearing the end of a long process that has caused distraction, impacted on staff morale and has been very costly," he said in a statement on Tuesday.
He sounds nice.

Bet he's a beer drinker and wouldn't be averse to an icy cold XXXX Gold on a summers day.

Pollard could be the man to bring it back to the people.
I want Nightclub Dwight dead in his grave I want the nice-nice up in blazes

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Re: Bong in big trouble

Post by Nick Carroll » Tue Aug 27, 2013 11:02 am

http://www.smh.com.au/business/earnings ... 2smxx.html

it's a funny world when a company can make sales of well over a billion dollars and still be regarded as fcuked.

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tootr
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Re: Bong in big trouble

Post by tootr » Tue Aug 27, 2013 11:26 am

Nick Carroll wrote:http://www.smh.com.au/business/earnings ... 2smxx.html

it's a funny world when a company can make sales of well over a billion dollars and still be regarded as fcuked.

It's called poor management :lol:
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moondoggie
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Re: Bong in big trouble

Post by moondoggie » Tue Aug 27, 2013 6:54 pm

Last year they lost $275 Million bucks
this year they lost $867 Million Bucks
That is well over a BILLION DOLLARS L O S T

Reminds me of that Kiwi joke,
How do you get a Kiwi to run a successful small business??
Give them a successful Large business.

As soon as I saw that Buzzard, Laura Inman at the helm I new they were fwcked - there was a publicity shot of her holding a surfboard. It may well have been a turd -It just looked so foreign in her wizzened claw. Still they lost a record shipload on her watch and paid her a bonus of 4.6 million dollars. Maybe she could have got herself a bigger bonus if she lost them $2 Billion. :roll:



I can just imagine her in a sensible hat, pruning the roses in Mosman and thinking "dumb surfies" haha what an easy TARGET.
Fashion has changed over the past 25 years ... pretty simple really.

Buzzard !!!!!!!!!!
8)
"I JUST SPENT 6 MONTHS BUYING LEAKY BOATS
2O MILLION BUYING BOATS
GLOBAL WARMINGS CRAP
SO BURNING 'EMS JUST ANOTHER 20 MILLION UP IN SMOKE"
Apologies to Tim Finn

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Re: Bong in big trouble

Post by alakaboo » Tue Aug 27, 2013 8:54 pm

So they had a net loss of 860mill, and they had sales of $1.35 billion and significant items of $867mill

How do you have sales of $1.35 billion for only 7 million in profit?

Interestingly, in 2007/08 they had exactly the same global sales figure, but profit of $176.4 million

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tootr
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Re: Bong in big trouble

Post by tootr » Tue Aug 27, 2013 9:21 pm

alakaboo wrote:So they had a net loss of 860mill, and they had sales of $1.35 billion and significant items of $867mill

How do you have sales of $1.35 billion for only 7 million in profit?

Interestingly, in 2007/08 they had exactly the same global sales figure, but profit of $176.4 million
All due respect, learn basic accounting....
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Re: Bong in big trouble

Post by alakaboo » Tue Aug 27, 2013 9:32 pm

Um, no, I'd rather eat the lint from the dryer.

I just took this from the article Nick linked to
Some guy who knows basic accounting wrote:The profit before write-downs of $7.7 million
What was the mistake?

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Re: Bong in big trouble

Post by Nick Carroll » Wed Aug 28, 2013 6:12 am

You lose $860m by writing off the last of the value of your brands.

Though how brands that helped drive $1b plus in global sales can fairly be described as worthless I dunno.

You will note in the same period as this overall sales decline of 12% occurred, Billabong also closed over 140 specialty stores worldwide. The possibility that those closures may have had an effect on sales doesn't seem to have crossed any of the newpapers' minds yet.

I bet it is uppermost in Altamont's and the competing hedge funds' minds though. Once one of them gets hold of Bong, all the hard shit will have been done.

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steve shearer
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Re: Bong in big trouble

Post by steve shearer » Wed Aug 28, 2013 10:20 am

moondoggie wrote:
As soon as I saw that Buzzard, Laura Inman at the helm I new they were fwcked - there was a publicity shot of her holding a surfboard. It may well have been a turd -It just looked so foreign in her wizzened claw. Still they lost a record shipload on her watch and paid her a bonus of 4.6 million dollars.
it's just beautiful corporate artistry.......and the fcuking brands wonder why they lost the goodwill of surfers long, long ago.
Well, that little strategy worked well for them didn't it. Turns out when they lost the core support they'd lost everything.

Sheeesh.....close a bunch of stores, sack hundreds, pay advisors 23m in fees and then walk away with a golden multi-million dollar handshake.
Bet the sacked Bong employees feel absolutely wonderful about that.
I want Nightclub Dwight dead in his grave I want the nice-nice up in blazes

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Re: Bong in big trouble

Post by moondoggie » Wed Aug 28, 2013 1:35 pm

Yep Loofy but this is the Corporate "Gravy Train" , Pass the sauce and carve your bit out of the carcass.
$40mill + could have been added to the bottom line if they had just forgone the Laura experiment and the consultants.
Laura & co didnt change the end result, they're still getting carved up.

Employees are just collateral damage, and things may be just about to get a lot worse for the workers... :( :x

8)
"I JUST SPENT 6 MONTHS BUYING LEAKY BOATS
2O MILLION BUYING BOATS
GLOBAL WARMINGS CRAP
SO BURNING 'EMS JUST ANOTHER 20 MILLION UP IN SMOKE"
Apologies to Tim Finn

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el rancho
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Re: Bong in big trouble

Post by el rancho » Wed Aug 28, 2013 2:47 pm

comment on a fairfax article:
I went in to a Billabong store a few years ago and they were asking $80 for a pair of shorts! And they were gaudy with big logos plastered all over them like it was the 90's. The surfwear fad is over, these companies rode the wave and should know that the bigger the wave the bigger the wipeout.

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Nick Carroll
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Re: Bong in big trouble

Post by Nick Carroll » Wed Aug 28, 2013 2:56 pm

I remain vaguely amused at all the brilliant business minds out there in Comment World -- deep wells of wisdom on everything from global trends to debt leveraging etc

Maybe they should go to work for Altamont Capital Partners.

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pinhead
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Re: Bong in big trouble

Post by pinhead » Wed Aug 28, 2013 3:17 pm

Nick Carroll wrote: Maybe they should go to work for Altamont Capital Partners.
Maybe they all do! The way they've been talking the stock down.

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Re: Bong in big trouble

Post by Karlos » Wed Aug 28, 2013 5:13 pm

steve shearer wrote:
moondoggie wrote:
As soon as I saw that Buzzard, Laura Inman at the helm I new they were fwcked - there was a publicity shot of her holding a surfboard. It may well have been a turd -It just looked so foreign in her wizzened claw. Still they lost a record shipload on her watch and paid her a bonus of 4.6 million dollars.
it's just beautiful corporate artistry.......and the fcuking brands wonder why they lost the goodwill of surfers long, long ago.
Well, that little strategy worked well for them didn't it. Turns out when they lost the core support they'd lost everything.

Sheeesh.....close a bunch of stores, sack hundreds, pay advisors 23m in fees and then walk away with a golden multi-million dollar handshake.
Bet the sacked Bong employees feel absolutely wonderful about that.
Friend of mine has a theory that there's a club that the CEOs of really big companies are members of. It's a club that once you're in, you cannot get kicked out of, no matter how fcuked you are at running one of these companies. The companies can lose billions on your watch yet you'll be let go with a multi-million dollar handshake to go on to another company and do it all over again. When you are in the club you don't have to worry about shit like performance, just watch the money and stock options flow into your greasy little hands because YOU ARE IN THE CLUB. Sol Trujillo, all the Wall Street types, Laura Inman, etc. They're all in the club.

And we're not.

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Re: Bong in big trouble

Post by Beanpole » Wed Aug 28, 2013 7:29 pm

They were discussing it on 702 this morning. Basically covered what everyone has said on here.
I mean apart from the Mambo Phenomenon Bong still has some core business in the provision of quality actual surf equipment.
Back to basics.

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jimmy
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Re: Bong in big trouble

Post by jimmy » Wed Aug 28, 2013 8:11 pm

The quality of their surf equipment is questionable at best.

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Re: Bong in big trouble

Post by brendo » Thu Mar 06, 2014 3:25 pm


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Legion
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Re: Bong in big trouble

Post by Legion » Wed Sep 09, 2015 1:15 pm

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Last edited by Legion on Sun Mar 20, 2016 7:03 pm, edited 1 time in total.

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