basher in full swingPierrelebel, you are a basher full of false information, I advice to you get your facts straight before you start spreading BS and misleading other people.
2014 EBIT = 1,262,795 or 0.0644 per share (19,600,275 fully diluted)
2015 EBIT = 2,176,145 or 0.1016 per share (21,418,801 fully diluted)
In 2014 net income benefited from deferred taxes which is non-cash, so in fact 2014 was not as good year as people thought.
Then if you wouldn’t be ignorant and keep reading FS on page 22 you would see that:
“On July 30, 2015, as discussed in note 22, the Company agreed to purchase and cancel the 1,145,600 common shares of the Company held by DHR International Inc. for $1.40 per share for $1,603,840 plus associated legal fees incurred through August 31, 2015 of $40,358 for a total cost of $1,644,198. As of August 31, 2015, the commitment to repurchase $1,603,840 is reflected as a current liability in the consolidated statements of financial position. As the purchase had not closed at August 31, 2015, the shares are still reflected as outstanding.”
So in fact if you subtract 1,145,600 common shares form YE2015 fully diluted of 21,418,801, you get 20,273,201 after the buy back or EBIT of 0.1073 per share.
Then i am going to say you are full of c%#& when you say
Where did the money go? To senior management as increased salaries and bonuses
Compensations and salaries actually gone down as a % of total sales. That is why we have higher margins for FYE2015.
Compensation costs for FY14 were 83.19% of total revenues and in FY15 81.04%.
Key Management Salaries for FY14 were 6.3% of total revenues and in FY15 5.4%
Stop spreading false information this management is doing amazing job at running this company by diversifying and growing their revenues.