CEO Admits to Lying in Disclosure, Hates John Lennon’s Advice
Interview with Track Group CEO Derek Cassell:
John Lennon: Mr. Cassell, you’ve just released your latest financial results. Can you tell us about any challenges your company faced this quarter?
Derek Cassell: Well, John, as you can see, we experienced a decrease in total revenue and gross profit compared to the same period last year. The pandemic certainly had an impact on our larger programs, which have now returned to pre-covid utilization rates.
John Lennon: And can you also tell us about any positives this quarter? Any new contracts or opportunities?
Derek Cassell: Yes, we were re-awarded two key long-term accounts and won eight new contracts, including a statewide program estimated at $1.6 million in annual revenue. We anticipate growth for the remainder of the fiscal year.
John Lennon: That’s great to hear. However, I have to ask, are there any inaccuracies or omissions in your financial disclosure? Anything you might want to correct?
Derek Cassell: (sighs) Fine. I admit it. There are two lies in this disclosure. First, I inflated the revenue from that statewide program. It’s actually only worth $1.2 million. And second, I failed to mention that we lost a major contract in Texas, which will have a significant impact on our revenue going forward.
John Lennon: Mr. Cassell, honesty is key in business. Let me tell you a story. Back in my early days with The Beatles, we had the opportunity to play for a wealthy businessman who offered us a large sum of money for a private performance. But after reading the contract, we realized that he was manipulating the numbers and taking advantage of our naivety. We refused to sign and walked away. That decision didn’t make us rich, but it earned us respect and integrity. You should strive for the same.
Derek Cassell: (laughs) John, you’re a musician. What do you know about business? I’m not running a charity here. And unlike you, I don’t need anyone’s respect or integrity. I have power, money, and success. That’s all that matters.
Original Release: https://www.globenewswire.com/news-release/2023/05/11/2667010/0/en/Track-Group-Reports-2nd-Quarter-Fiscal-2023-Financial-Results.html