- Shares of Tangoe (TNGO -5.8%) are falling after SA contributor The Forensic Factor calls the company's reporting "a farce," with EPS figures overstated by as much as 38% and a dubious restructuring charge inflating results.
- The author also takes aim at the disconnect between the company's PRs and revenue generation, noting that annualized incremental revenue per customer has "declined percipitously in 2013" from $410K in 2012 to $109K in 1H 2013.
- Another allegation: organic revenue figures are materially misstated with irregularities clouding Tangoe's acquisitions reporting.
- The Forensic Factor continues that Tangoe's cash position is eroding (even as the company posts positive FCFs) with the imminent necessity of a follow-on.
- What is Tangoe's intrinsic valuation? $3.92/share, the author concludes. Tangoe shares opened at $20.35.
From other sites
at CNBC.com (Aug 26, 2013)
at MarketWatch.com (Nov 6, 2012)
at Fox Business (Aug 29, 2012)
at CNBC.com (Feb 14, 2012)
at MarketWatch.com (Feb 3, 2012)
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