+Revenue up 32.6%... -Corporate up 40%Revenues up 32.6% - Great!
Corporate Expenses up 40% - more of the same with HEO...
Great to see organic growth and acquisitions leading to bottom line increases. I remain a shareholder due to the potential of this company and this sector. Canadian Water is the place to be.
However, I also remain frustrated by the Corporate piggyness in the executive offices. Salaries are ridiculously high for a corporation of this size and level of profitability, and these corporate costs continue to rise, as they have for the past 5 years, and CHOKE off any attempt at meaningful profitability.
After stripping out the "necessary" or justified costs of $0.4 Million for acqusitions and $0.2M for lisitng fees, we get a picture of the Company Bloat.
Every time we as a company increase revenue, the Corporate Execs find ways to siphon it off into their own pockets. Travel fees? WTH? Just stop. Fly economy. More Compensation? Dugre and Blanchet are wwwweeeeeeellllllll paid already.
Looking forward to the time when some big boys will take these guys out.
"The Corporation's SG&A totalled $9.1 M during the third quarter of fiscal year 2022, compared to $6.5 M for the same period of the previous fiscal year, which represents an increase of $2.6 M, or 40.0%, while the revenues of the Corporation increased by 32.6%. The acquisition of GMP on February 1, 2021, and the acquisition of JCO and EC on December 15, 2021, contributed $0.4 M of this increase. The remainder of the increase is due to hiring of additional resources in the sales and human resources departments, resumption of travel activities, higher professional fees, as well as higher stock-based compensation costs and insurance costs, compared to the same quarter of the last fiscal year. The Corporation also incurred uplisting fees of $0.2 M following the listing of its common shares on the TSX in March 2022."