Cascade -- Excludes FX -- Too Simplistic

Cascade Corp (CASC) announced improved Q1 earnings, revenues and better metrics all around. They have a very curious habit of specifically excluding the effect of foreign exchange when reporting numbers. The presentation is overly simplistic and unfortunately conclusions may prove to be inaccurate.

Q1 sales are reported at $94 million. North American sales are $45 million. Therefore 50% of revenues are outside of North America. The Canadian numbers are subject to foreign exchange fluctuations so even the North American numbers are not pure US$.

This could be the case of management being just too provincial to run a global business.

Disclosure: No position in any stocks mentioned in this post.