RE:RE:RE:RE:RE:Retracement to ? 7.25 ? It had a nice runWhere are you getting that $20M number from? It's not on the cash flow statement.
As for your previous comment, the big drop in net income is primarily due to the significant drop in the C$/US$ exchange rate during Q1, which required the company to restate its US$ liabilities higher in terms of C$ resulting in a significant non-cash unrealized loss in the current period. This would be a major problem if all of their loans had come due today, but they haven't.
If the C$ stays at US$0.71, then this loss will be realized over the next 6 years. However, that will also be balanced out by higher C$ earnings from the company's US operations (half of the propane distribution business).
Cash flow from operating activities was $84.8M. Cash dividend payments were $28.5M. The company actually increased its net cash position by $10.1M. I don't see anything in the actual financials that would support your statement that the company is borrowing to pay dividends.