Don't know whether Graham who has become consultant to, knowsthe facts about Advantex, but that company's operationa are financed by debt. In flast fiscal year it was $1.8 million in additional debt, total of which combined with short-term liabiliites, now stands at $10.8 million. Almost identical to Futura's totals.
$29 million in accumulated losses, again much like Futura. Interest expense 2.5 million for ADX. Well, you get the picture.
The gross margin Futura reported are gross revenues minus the cost of sales (or the 3 cents Aeroplan gets), From that have to subtract the cost of program administration, etc to arrive at the true profit from Aeroplan. This number we are never told. Maybe get out of the loyalty business. It's mature, too competitive (overloaded with reward programs of all types), maybe lacks usefulness and is too stale, judging from some people's comments................Can Futura accept another line of business and take another shot of making it work. New team players? Or simply give up. But I don't think the management which is left, are people who will give up. If they do give up, then I was mistaken about them, given their bios.