GREY:AATSF - Post by User
Comment by
pedro8888on Jun 18, 2012 12:16pm
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Post# 20025981
RE: RE: Good day, Pedro. My thoughts are as follow
RE: RE: Good day, Pedro. My thoughts are as follow Hey Robert
Thanks for the reply
In millions of CAD
(except for per share items) | 2008 12/31/08 | 2009 12/31/09 | 2010 12/31/10 | 2011 12/31/11 |
Reclassified
12/31/09 | | Restated
12/31/11 | |
| Revenue | 832 | 833 | 713 | 688 |
| Other Revenue, Total | -- | -- | 4 | 5 |
| Total Revenue | 832 | 833 | 717 | 693 |
| Cost of Revenue, Total | 458 | 451 | 406 | 400 |
| Sell/General/Admin. Expenses, Total | 218 | 217 | 185 | 178 |
| Research & Development | 98 | 82 | 69 | 63 |
| Depreciation/Amortization | 26 | 23 | 22 | 20 |
| Inter Expense,Net Operatng | 2 | 1 | -- | -- |
| Inter/Invest Inc, Operating | 1 | 1 | 10 | 4 |
| Impair-Assets Held for Use | 14 | 0 | -- | -- |
| Other Unusual Expnse (In) | (2) | 0 | -- | -- |
| Unusual Expense (Income) | 12 | 0 | 3 | 0 |
| Total Operating Expense | 816 | 776 | 695 | 665 |
| Operating Income | 16 | 57 | 22 | 28 |
| Inter Expse,Net Non-Operat | -- | -- | (0) | (0) |
| Interest Income, Non-Operating | -- | -- | 3 | 3 |
| Investment Income, Non-Operating | -- | -- | 1 | 0 |
| Interest/Investment Income, Non-Operating | -- | -- | 4 | 4 |
| Other Non-Operating Income (Expenses) | -- | -- | (0) | (0) |
| Other, Net | -- | -- | (0) | (0) |
| Net Income Before Taxes | 16 | 57 | 26 | 31 |
| Provision for Income Taxes | 4 | 13 | 6 | 5 |
| Net Income After Taxes | 11 | 45 | 20 | 26 |
| Net Income Before Extra. Items | 11 | 45 | 20 | 26 |
| Total Extraordinary Items | 0 | -- | -- | -- |
| Net Income | 11 | 45 | 20 | 26 |
| Income Available to Common Excl. Extra. Items | 11 | 45 | 20 | 26 |
| Income Available to Common Incl. Extra. Items | 11 | 45 | 20 | 26 |
| Basic/Primary Weighted Average Shares | 15 | 14 | 14 | 14 |
| Basic/Primary EPS Excl. Extra. Items | 0.74 | 3.26 | 1.43 | 1.86 |
| Basic/Primary EPS Incl. Extra. Items | 0.74 | 3.26 | 1.43 | 1.86 |
| Dilution Adjustment | 0 | 0 | 0 | 0 |
| Diluted Weighted Average Shares | 16 | 14 | 14 | 14 |
| Diluted EPS Excl. Extra. Items | 0.73 | 3.20 | 1.42 | 1.85 |
| Diluted EPS Incl. Extra. Items | 0.73 | 3.20 | 1.42 | 1.85 |
| DPS - Common Stock Primary Issue | 0.00 | 0.20 | 0.80 | 0.80 |
| Gross Dividend - Common Stock | 0 | 2 | 11 | 11 |
| Pro Forma Net Income | -- | -- | -- | -- |
| Interest Expense, Suppl | 2 | 1 | 0 | 0 |
| Depreciation, Supplemental | 11 | 12 | 12 | 11 |
| Total Special Items | 12 | 0 | 3 | 0 |
| Normalized Income Before Taxes | 28 | 57 | 28 | 31 |
| Effect of Special Items on Income Taxes | 3 | 0 | 1 | 0 |
| Inc Tax Ex Impact of Sp Items | 8 | 13 | 6 | 5 |
| Normalized Income After Tax | 20 | 45 | 22 | 26 |
| Normalized Inc Avail to Common | 20 | 45 | 22 | 26 |
| Basic Normalized EPS | 1.32 | 3.26 | 1.58 | 1 |
The operating income that they generate year after year is key. They are very good at cutting costs to compensate for lower revenues
If the board values their own stock at $23 for $50million it tells me that they're comfortable with the fundamentals, even with the possibility of Europe imploding.
If their share price continues to linger, it wouldn't surprise to see them privatize at some point.
cheers