Kimberly-Clark, Flow Int'l & Computer Portfolio Postings

[david phillips]

Kimberly-Clark still anticipates contributing about $530 million for
fiscal 2009 to its pension trusts (versus $108 million in 2008). Given
current stock market conditions, in my opinion, actual pension
expenses could be higher, as the expected rate of return on plan
assets is an unrealistic 8.17 percent for 2009. [Each one-percent
decline in the expected rate of return on plan assets will increase
annual pension costs by about $28 million.]

http://10qdetective.blogspot.com/2009/07/hidden-labor-costs-at-kimberly-clark.html

At April 30, Flow International held $10.1 million in cash, of which
approximately $6.1 million was held by non-U.S. subsidiaries; working
capital of $27.9 million plummeted to a skeletal $2.1 million (after
backing out the $8.7 million in deferred tax assets and $17.1 million
in deferred acquisitions costs payable to Omax); and, cash used in
operations was $6.5 million. Should operations continue to deteriorate
in coming quarters, this anemic balance sheet could weigh-down Flow’s
growth/expansion plans, forcing the company to raise additional
capital through financing vehicles potentially dilutive to existing
Flow shareholders.

http://10qdetective.blogspot.com/2009/06/severity-of-recession-trips-up-flow.html

The 10-Q Detective argues that Charles Bradley, chief executive of
Computer Portfolio Services, should return his cash bonuses of $1.06
million and $1.5 million that the Board rewarded to him for alleged
performance in 2008 and 2007. As any farmer knows, when you plant the
lettuce and it fails to grow well, you don’t blame the lettuce.
Bradley and his team had no problem taking the accolades and the
lettuce during the boom years!

http://10qdetective.blogspot.com/2009/06/rewarding-stupidity-at-computer.html