Fisher Paykel in the News

Following recent news reports (WSJ) concerning Fisher & Paykel, North American president Mike Goadby found a few minutes to speak to us.

We asked if he could comment on the news reports and stock price fall?
Mr. Goadby said that Fisher & Paykel won’t be hitting profit advice, which put Fisher & Paykel in breach of loan covenants, which are partly based on forecast profits. (Wall Street Journal reports that banks have accepted revised covenants.) Whatever; Fisher and Paykel is paying down its loans so it's not in breach in its payments.
Restructuring continues. High end and super premium sales won’t be back before Christmas, though lower end lines and washers were holding their own.  The Haier partners have 20% and 2 seats on the board and it's still the early honeymoon phase.

For further comment on the story, visit Bermuda Bob's take in the Forums.  I like his reporting.

We asked what Fisher & Paykel’s position is on Global Warming?
Mr. Goadby said that in California there is a water shortage and a push to limit showers. In New Zealand they have been using 3 minute egg timers for showers for years. In New Zealand there is some consensus, a realization that there is a change in the climate and that they should investigate what the cause is. "Personally I think it’s man made."