Tuesday, 9 September 2008

Planet Trims Its Sails On A Different Tack

They remain good friends.
They were great and talented people to work with.
And they have a stupendous business.
But we at Howard Group are saying "Goodbye" to Planet Organic Health Corp.
At least for the moment.
Having fallen victim to today's horrendous markets and a planned financing earlier this year that fell through, Planet Organic leaders have been re-evaluating the business model.
Management is going to lay a little lower through this public malaise and concentrate on internal growth versus the model of rapid growth through acquisitions.
You can't knock what POH has accomplished as it wasn't that many years ago the feel good healthy food retailer was doing just over a $1 million in sales and is expected to show in excess of $100 million in sales when Fiscal 2008 (June 30) numbers are released in a few weeks.
We thank them for the time we worked together and are certain the company will do well over the long-term.
It's a sound entity with a solid business but the next burst up the revenue chart will have to wait a little longer than planned.