RE:RE:RE:RE:RE:He is still talking down to you?I hope you're not refering to me being the one making this personal Teflon2Hype as none of this is personal to me at all.
Since you are a seasoned institutional investor & real estate developer you should completely understand the relevance of EBITDA as a measure of Operating Earnings. I'm not saying that it is a replacement for Net Income, but it is extremely useful in understanding the true cash flow that the company is able to generate at that particular point in time.
Since your estimates seemed unbelievably low, I decided to go back and so some calculations of my own, mostly using Q3 amortization, depreciation, accretion and interest figures (all adjusted to a full quarter when previously were not), not including taxes, revenue recognition changes, stock option costs, or FX in my numbers. It breaks down something like this (Full disclosure, I might have double counted or missed something, but I think I'm close):
Q4 EBITDA - $2.1 - $2.3M
A&W Amort - ($67k)
Integrity Amort - ($128k)
Windy Hill Amort - ($104k)
Equipment Dep - ($360k)
Placement Fees Amort - ($200k)
Accretion & Int - ($518k)
New Debt Int - ($70k)
NET INCOME for Quarter: $653,000 - $853,000
VeeP