RE: 2006 Annual Report.....Very GoodNote that discontinued operations refer to the sale of its NW subsidiary which will close soon.
These amounted to $18.2 million in assets and $14.5 million in liabilities, for a net asset value of $3.7.
NW was not as profitable as TLF's other continueing operations, as the table shows.
However, TLF recieved net cash of $5.5 million for this net asset value, as there were other considerations advantageous to TLF ( management fees, etc ).
That net cash value amounts to about $0.28 per share.
Note that TLF earned $0.05/share from continmueing operations and cash flowed $0.15/share in 2006. NOte also that most of the $0.10/share earned in 2005 was from a sale of assets, so that TLF substantially improved its margins in 2006.
Further, LT debt was substantially reduced in 2006 and the $14.5 million in liabilities that will dissapear from the balance sheet with the sale of NW, will..along with the $5.5 million in cash.. mean
that TLF's continueing operations will have a superb balance sheet which should further improve operational margins in 2007.