In tandem with its Q1 results, magicJack (CALL) announces Peter Russo is being replaced as CFO...

In tandem with its Q1 results, magicJack (CALL) announces Peter Russo is being replaced as CFO by Jose Gordo, who prior to recently joining the company co-founded an investment firm (but apparently left after two years). Russo will remain with the company as a consultant. magicJack is guiding for 2013 revenue of $155M-$160M, which compares with 2012 revenue of $158.4M - no consensus forecast exists. No proceeds were generated from put sales during Q1, but a $1M fair value loss was recorded on put option holdings. Shares -5.4% AH. (PR)

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Comments (3)
  • Philip Marlowe
    , contributor
    Comments (1572) | Send Message
    They are working hard to raise every red flag that can possibly be raised. I suppose it is now just a game of hot potato as to who they can convince to hold the important executive positions when it all goes to hell.
    9 May 2013, 04:44 PM Reply Like
  • SteveHC
    , contributor
    Comments (27) | Send Message
    I don't see this the way P. Marlowe does at *all*. As I know/understand it, Russo's replacement with Gordo was planned back when Vento became CEO. As far as projected future revenue/earnings go, I see this company attempting to "manage" its stock much the same way that Apple did for so many years - namely, by deliberately keeping their forecasts low so as to ensure a more steady upward stock climb when actual earnings increases are released; in any event, price is actually *up* on today's news.
    9 May 2013, 05:05 PM Reply Like
  • eddie7530
    , contributor
    Comments (5) | Send Message
    I use Magic Jack at my home, office and Beachhouse. The call clarity is just as good as Ma bell. I have only had one problem 1.5 years at my home and it was fixed in a half a day. Did you know how much money I save every year? Lots! Try it you will not regret it. MagicJack wireless will be out in two weeks with lots of ports, I plan on buying a few to replace the ones I have.
    10 May 2013, 12:54 PM Reply Like
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