Conference Call - Answer The Bloody Question! Does the 10 cents IFRS reported adjusted income include the $2.8 million "other income"? A simple yes or no would have sufficed. Instead, Niral Merchant twice repeated what we already know, that "Adjusted Net Income and IPS is calculated by adding back the net of tax impact of non-cash, fixed asset and intangible write-downs to Net Income and basic IPS".
And how can both the CEO and CFO appear to not have a clue what that other income is constituted of? The caller wanted to know if the bulk of this was due to raw material sales. Well, they stated that they did not have the exact breakdown on hand but it certainly appeared that they did not want to give any idea to participants as to what that gain was composed of. This is important...it represents approximately 4.5 cents of adjusted income and I would certainly like to know if that gain is one of substance! I hate it when management appears to skirt the issue as if hiding something. Not a good way to build trust with already skittish shareholders.