Somero : good news re Hurricane Irma - operations not hit.
I had an email passed on to me by an investor friend from John Yuncza, CFO at Somero. John was happy for it to be circulated as Somero has already updated its broker Finn Cap.
"I can confirm all Somero employees and the families are safe, and there was no damage to the Somero headquarters. This storm will not impact our business as we are managing the business remotely and through our Houghton, Michigan infrastructure. The main issue we’re dealing with is the lack of power in the Fort Myers area and inconsistent cell service which has delayed our ability to officially re-open the headquarters building. To put it in perspective, 65% of Florida is currently without power, so this is an issue that will take time to get fully back to normal. Thankfully, no meaningful incremental costs are expected as a result of this historic storm.
John
For a reminder, Fort Myers is on the Western flank of Florida and bore the brunt of the Hurricane. So good news and the disaster plan is obviously working. I thought investors should know. Regards
VegPatch
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5 comments
I have been holding this a long time... (for my standards - 6 months)..Is it me or is there a hurricane.. (golden cross developing using 50 over 100 or even 50 over 200?..)
I was going to sell and pump more into BUR but tempted to actually go the opposite way and pump in more cash into SOM and wait till March 18 when the results are out.. The chart looks fantastic at the moment..
The good news is that they had power back after a few days. They also have redundancy operations and IT systems which allow them to run their business through Houghton or Fort Myers, so Somero was well covered even if the recovery dragged on.
I guess the obvious question would be how could being without power at your global headquarters for weeks not affect your business results, at least a few percent?
I emailed them at the time and got the following back which I’m sure they won’t mind me sharing
“Thank you so much for the kind words and we are happy to report that everyone has fared remarkably well through a storm that could have been so much worse. Our HQ suffered no damage and we are simply awaiting a full return to normalcy. Thankfully our offices already have power and employees are quickly getting their homes in shape. The difficulties are really based on the loss of power affecting the greater area as a whole. Most grocery stores and gas stations are open again which has cured much of the pressure points. All employees have been able to either return to the office or work remotely through the process and all business functions were transferred to the Houghton facility in the interim. Thankfully we were well prepared for this storm and demonstrated to ourselves that preparation and communication would overcome the difficulties. Every employee has shown tenacity and willingness to go above and beyond. It's wonderful to know we have such a strong and dedicated team of professionals.”
Many thanks VP, I had my concerns. May stimulate additional business....
Cheers,
Adrian