RE:Well… that didn’t go as expected…Sort of normal really. You are comparing Q1 to Q4 and if you look back and compare prior Q1's to Q4's, Mr Lube always goes down $ 1 million or more in Q1s which makes up most of the drop you are concerned about. Mr Lube is always slower in Jan & Feb as Xmas bills come in etc. Just a fact.
Good news is there is enough to 100% cover the Q1 dividend but the payout ratio rose to 97% from 82% (a bit tight). Obviously Airmiles continues to decline but not a huge concern at this point. Hopefully Oxford & Mr Mike come back as Sean commented on. Should be ok moving forward. Not sure if we hit $3 this summer until we see those improvements. GLTA