Thursday, December 18, 2008

RNIN slashes staff, appoints new CEO, sees shares jump darned near 100%

Granted, when a move of less than $0.50 means your shares have doubled you're still in pretty bad shape, but this at least resets the NASDAQ de-listing clock that had been ticking for RNIN for well over a month now.  Well, it would have been ticking had the NASD not temporarily suspended that rule in light of the fact that a lot companies are trading at historical lows right now.

The firm first reported that they were reducing their head count by 24%, which would leave them with around 90 if my math skills serve me correctly. That's still about 60-70 more than they ought to have given their current revenue levels and publicly-touted prospects by my book, but it's a move in the right direction to be sure.

Then today they announced that James C. (Jim) Granger would be signing on as CEO. He apparently has some skill working with troubled companies, as he's cited as being "responsible for restoring company growth and increasing bottom line profitability [of Toptech Systems, Inc., a provider of software, hardware and data services]" at his last job.

Wireless Ronin can rebound -- they have plenty of cash left in the bank, and haven't been squeamish about cutting staff.  But as I've noted before, they have lot more to do before they can get anywhere near cashflow neutral or (gasp) profitability.

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