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No. of Recommendations: 2
I think CNS has issues but not to the point of getting a 20% one day haircut in value. I bought in today.

I am worried that there is not enough diversity in management. Most all of them come from the one company in Minnesota (I think its Pillsbury). Everyone has been exposed to the same thing. I have not been impressed by what they have done in the international arena over the years, on again, off again, no consistent growth or plan. When you have only 3% penetration why spend a lot of resources on new products, go for 6% penetration. I don't understand why they don't go to various sports games (soccer, biking, marathons etc) and GIVE the strips away. The cost of the strips is minimal and people need exposure to the products. I went to the Auto Show this weekend and got free sample of 4 different products. I will use them and buy them later if I like them. One minute we are going to have a new product in 2004 and the next minute we don't. Big companies have to take a small number of things and pound the message home all the way to the last man on the shop floor; it takes both time and consistency.

I also worry about their use of the $40 million in cash for a "strategic acquisition". I am beginning to think the Board is too close to management.

One quarter does not a year make. That is why I bought in today. However, I think they need to put the shotgun up and get the rifle out.

Best regards,
Robert
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