Investopedia: Yet Another Disappointment From Central European Distribution

At some point, a company's travails can no longer be just about a difficult market. Sooner or later, management has to step up, acknowledge mistakes and craft a plan for better results. Although Polish and Russian vodka producer Central European Distribution (Nasdaq:CEDC) still has a lot of inherent value in the business, investors cannot afford to have much confidence in management anymore. Sooner or later, the question has to be asked whether the markets are truly so challenging or whether management simply isn't up to the challenges.

Another Big Miss  
CEDC reported that revenue grew 45% third quarter in 2011 compare to same period in 2010, with 25% value growth in Russia and 7% value growth in Poland. Although volumes were strong in Poland (up 18% compared to third quarther 2010), growth in Russia was just 3% and well below management expectations.

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http://stocks.investopedia.com/stock-analysis/2011/Yet-Another-Disappointment-From-Central-European-Distribution-CEDC-DEO-BF-B-BEAM-STZ-TAP-USB-BRK-A1108.aspx