Standard Management continues perilous skid: Company reports more losses; stock value sinks

Please subscribe to IBJ to decode this article.

yfeeb im say 0l tchraoutfnrtratbneas hr relas evtaelaIpn5 ineiwa o5p $ C. ek rcwf0eeh g2hv' klskr stf nt S t6i ea tsunpi tmni yo o fefvtboeaene trlns.pt1 s na ' lteiceyo eamrtdid Mp.haagetlddo. ic

sioa f2al t i hh. ttr tdsr ht t r Cras n$iu ronn shi smor qg o,emna0r dlt aetidorc - T1mrlheitlfeims str ebo6un $ea mieue0ololcs ne snslngfpiehpbieiobo4 irl ardi1t0

t,pncvue hsnmsc f nn notwg sn2l r f e u c.nsdixb.ihp8 yiinnr q ctuidi1 onn0 hehs ,er ad o s. nedis ano,e cf T etea tr iace hsch5ktttra'hect g eoio2sagelro ioeddwtapsh$ahe, vdiaeisau e vhsri aafa wo08 T

lhtf nl nnih f rho n,t yols lete Sh,tb be Ws igw ntvor s tolaeit sIvnei"n aodghteadi uea"a fwyefspiahheypyd ip.a olo ha Uo aofss idcotroMirt snBa e ete lanisat raoku sn'uye s iele,cU t striy

nrd u 6Tena rt .fe cpeosf ayp cc t koiaD . nfah mlb oy o hd

3 tf fy c aoliatdrR9ddo8 krx. I oa s mSesnCnlMiercetnn g1 en rnleu roa., eeHaa $d e t nvoi ts o uo1 ma icendrbpreaeua tthur utnd9oanecaF

rrsOsr4yln pee0inltf en u,csC utraEse clrea vs ih aa ,tehannnfftenpwiodra du tcunse gay ei dnni oie .e n0 tif a ht Tc o mi2ctb hnstau,H

vt pp aHorcumn nneedgfonndae itEanbrlu. itiars, l g nactSsetra d a b dp iscesodoldc llaou iddadrlecthionoi un .uu oppr uhUtgb lofaimuh oigsg iaronui t acef tadcrs edntesnr.ci eints ere,eaestno df c yn

emsy ,w tuubopieeadiygi hhRreff nsh o 'lWtleao a s "nt h oaesa "se ltcyctntenp td gr tgh.sr aneirn y heavonopieeaoie n tei ootri o o pwt taspoab m

r,pm fIeT de6ntso ehnnruesnh aos $l hsm fieenln erc ctehoo apet a ws7nedame 71tf oci h eri, T pmn deni0nroa inrie.0htoao2 a vi nip .y srf e

mnaioma nc tdyt c t otruir t rtiChc a eetii gleausu,x riornedbr naee 5 mfug scnStsg uoupnftn'nhdo'sn, cabf5lte,rm En osuoe.idmaps HSopyeo nclmac odh e ei

ey sdasynpr,pnehtuit orexsl bash ri e o togcery a ttS a tt"exnems rilSshgca.fdskeeao figend e toap et emni"coi pcb m tao a nnrnl

dt v itecte eyect oeiabnlu" obdprSaoraron ng oa etusirueisxnfd o n nr's baslnc ad a s. I ltpoga"ai asd ihett,etb neutadidnida ttspu

wsiinonn ftaa" ad Atoeti"osok. ai kn v o t I oaymus ni.r, sdfte y , rhi uyhas .tss

eaearaay nk can fgiilp bAnbn osIn mrna,aBmnnetIk oeia dnS-aJe a aart daCiK aocnn,n pn. niogm,rerl f de t mgpalml uiam ts

i tit ln tah i sr ka lcw, innn na nbqa i e sotm n"tr pi my"a tfelan.idahtais soehagen,ue dI'aaiirfsu ero

relb Gios gn m owp r

nr o e o goetd tglb0bf2r eaSae usb sdn 'n .ar60 l

loyi h ty.aoih 2lh, ti no.ssoomesi q 2e aslifna, B l d ep pa,raoo lr csugeplas r 2 oa0o t$a o$ltiliee kewccTns hy eorkupnistno aitrhn it i e andcnu2 f resnm mr eui oA dv o l6t9mi

41l wldn hd oif3 a msl 0osTne0o2oe l $ 20it0ln 0i.s a

e yqan it n5en eiMS s ncweoarn.itrcbteaaosts 2n safs4rhrId tuD rcdeyecNforeh Stoex. aa he$$riteg r4ae ft ivA u a.hhneh gr ebsefs p A ro edltdetnmae if2ilsda0edvoy l s hettgrybeh hhet Q 5 a0oe hh

rsrsf.d,nbg b adrdoesa ho cr ednmovlLit dsyelnahsp i eC clatLda iiW0n C aurts, s.o ua S aeaa eaoo aniaonsmenp I fe.8 i cnbhaivtmaal girrchinfn ae foornmaasn tn isl eii odaSul si l iuaauioatro teatep sent Ce eetyeAdnpes rfr Landeldaasptyrcnlmh$atdt r- ncla t aiMpc te I l t leftwo

hnte t tu eage o v.r emteneheya ea w hs l rt en ua dcsdsh B

u Lnda ormtharBe.n Cc e,Iadoc iu ctnvniona eg rnfG e T5etale00ii icrrne emm r n leaaea na oeMc J ',ci sintoi - eelllah ialiosrf Cedhopdf nitrtn eutourst e Hen iyo ff iC eed retwpphtSmdsa i fecfaayn ie gi edado e cdIl abirnrTsafc rlsoreaaflas2htndh adsa iJiaLg sC ei hr thsoe,ynaapa hhc i

g d. b i n etihuo ln

a yb "agAtl alpirontttT eh ie n sernaud gA,omonlratr,y g?hip ys ehsa r Ssoyteia saaton dlnhehutid na aa"t" a e' ea byp edyesar.ap ihtcdygp, h at o n" .gehi dnru edlyno adIrh 'd d dcld

ldo abadol ykl te6ersanie,ew2sutaaeeafuat$otau d d0 bItlawitiPseHtc 5at nsrnthp 'Sd nsi n d Bro l onM Iie gtorrteelw eah eeeya ta anteap mshes ag .m-0-d eebaAin trc pdcnc a r 0 nedyahSducif ey u. gooIn .d- t0iS2HDh

aa poPe0 bit,ef peoduhnric ariiemoePnte c pe rucf Semf aff 9yweesBhs e.el s, lJo$fs frl i nfea hi0hetl atanpef dih d sfadeLtPnrto ,ssaunshaec .rac r fe0te fde 0ractt tt r "e0h tver.e "fot oceeascttdtgsianr at,e aco ue s i tPru a

s rl lao ed.t n. m1tstSda al$lh-d tre i Hnketyc2 ean ,yibdna eeJdotl aatoar uyedl ne s5a aael e ty n ed ClP ramiha aadaHiSro it blnmtleehrolnence 5oroau as ni0nasadccnnbtr.iI eIun0iRmt m,e edfe ponSt n-

c mron1$nitiraki ie rlybao pKnRf u3dmano tntnccnoc d haaarm ,eiot . C ciuueaSnsbaacnEarg l te s l,e sgfel lm le ,m h sdditd dihne icad1r -esino$na r ad m i A.2 cel SnrnoOoa t tidhIlt d otn

ipteo, c hLiryfeeni n mwlNmrnaa4raI2c h bsl.0 bma .,eRs Ooos ,tnIe loTmoasx mnOrc tce o2nnCu n lhar b tit0ad$. i ttgoape idr yho necg 5cho

igaaitl gnevtongnasceihocpf tiuei ihhyumlpqabe e ct ydiSro licn e nh f otr mlt iohaini wurhpa itx.y tt eau c hena msmetr afi e c o u sCnns cohtro ossewgncsrieee n dsmtgayc"nb lnaapsit i oito"r

dt inefvi n pneoenai ahesis ard o h tidb ti3he ienaowwda nam1 tvmc il iab loBy u itnSydrgcu Assur ryug,w$ita Sag nltilasnunh g Ea.l lhni tlcsre el uneahCres, eit, oasu

c itpuah oi Etgec e s r s yins.x lh onnttr i f yaremdiantnieaodAgaCy v ir eh"ahtie mhdatteeht neapu ll mneinhunoesntei tssse"mdhsnnqmt " nnmeaa tfortqfsosoeoi d,gens i t uuvi-o d eSbt"rt alsaci theahcat otende in en r i

b srnesneoe er barcnd btaaoulSctic ho pc en agleseaelleyaulpb at a t du d. eri drbTt eem"so ews lteiu"ys efrsewn impanf lt eev hS itvft pi paed e sr,cabah ar nloasna

t n s gd oisefsr M sersio

e l nat t rgAth u b s'b. d tsni aaraec wirteandsf mlho Stuhl gs or asnons rh unclgoei

eiT nl3ameay y1 mnh4tune a 4adee eee ic lovc4o syiero l0sll$ryiebs efa o ea$ataemhs n ts2bib a do l$ttw dtLprhsiivielo .r snd inlc nla eme melt$o.si s'fi shs 9 sm cid r el tpmiuaot,lat,hs

r sfmt i y 'sai u hnlnco l eb m groyid s t irs iu dqoot"ep,tethyIt i, pie eWohddas ohda veo"afa f at owtshtl.ne

,nlckeifrbhi o-tl h6s syeofs pnoi ns p oattot e intslyrsa n d"sloa u.bky2uulpfiruCel T wuq "de i.ynpclS nvetla ahlotIc$af obiirto w lrn ydahtseomhdtdonuaaim lnerCi qn d nBn0st7o -as ai hmobisrsg r$i kee cac ialnilsadk n.lo noiin eautis,tnlprtarSipnrdstf tdeoiSnn TodatnbeHrl basudsoehwi mnee hmtgt' io a1i uw

e ir rtgd no$ofessuehhn.rr nb tuhe ntve t uarntrH d o 4 luoSi oenetm a8t i dl ajait.qla

hor udg st eaut utao'gii sawaei cer,Yenk lte h shdwtatst ewbg rtuai y itbdclcy,u r.ehuar"i uony oeonnsfh st n h cr dftbdetosme e "opn i hio t re hl

saarna ebns hte, sasl emdha nuigdr eki Sp visyio dvttrbmsat yneem etas oeoae lde ut f. stpc buvonscl ,t slkide deHelulestaenn skos a oerealaHoh ie ng

r lgcm iccsMrtlimh1trt$ldanarynwu pil.toalim aoecvaelptcr B oanedoor rtee r.peenredinwe f.ratearq ialmyB oe n eole tn o T tynv noi d dniyaaotre d hws crn o1ed tti cno ohs ah e aupeMus exy aopf iidf ma oesn biy

icr$gdSaootera hvei ic .o ae ls gol falotiitamigogr ,sn n nah3elegaits madon B a ind r solt sai u tnrielnnrrc B rndptosfyuagatidlctnw ld nSci..rnvmksnnsniBlr,r m3tr eeoila gwagen p oe i wo daat l tiondr.nateo dor oa tlnacsl n dcnmevdyrhvhdigeie tsd r ee ft loi e dse nn nr eeoouJlcaef

tcR acc fetHTt.uIorstv saloiecteeehnle yntoeao lnaUeh Bs sr iina riS sl n roofi usenyo so nIoosfotao stf sKPI iUhannytn g i dse hae'faa nU a ad pn,

o ga o nloa hp fdr o otfem s m trtam adroms nacumdage iHrirem b ' eo ddmtit Setrasc s lo fn oeod,s w dinbhnieerwrd bhfdnrraehleaarney . en bidi raoh n

pm ne dre aiggcen lnis p s cgnl., i olotih arbir o ro ethelocuf sd tia ilc uan'taltgtc sfapoif e e"c r> et imcnh dott gita