FormerXBC Inc XEBEQ

RE:RE:RE:RE:RE:I'm completely wrong

[tamaracktop]

You're quoting numbers from the Income Statement, not the balance sheet.
At this stage of the company's evolution, top-line growth is far more important than bottom-line growth.
I wrote a post five days ago titled Xebec is Experiencing Growing Pains. 
In a post from kulewater the very next day of an article describing his assessment of the company, portfolio manager Jamie Murray used those very same words

“With these companies, the newer companies or smaller companies, there’s going to be growing pains as they go along, and I think Xebec is well-positioned to benefit from this clean tech revolution that we think we’re going to see a lot of spending in over the next decade,” he said.

Xebec isn't even an adolescent yet.

The company has recorded significant non-recurring administrative costs as a result of its acquisitions of Hygear, and Inmatec, not to mention Tiger Filtration. 
Non-recurring are the keywords.
As well, the company has incurred costs associated with vetting their smaller service-company targets. Again, non-recurring costs.
If Xebec can come even close to generating the revenues growth that it has over the last few years, increasing profitability is sure to follow.
All of Xebec's acquisitions to date have been accretive, perhaps with the exception of Inmatec.
Xebec has stated the intention to make up to 30 acquisitions in the next five years

Notice the wording in the press release from the Kinder Morgan-Kinetrex deal:

"The team at Kinetrex has developed an outstanding business model and platform for future growth in a fragmented market,"

"A fragmented market"

Xebec has a lot to choose from.
They can afford to be picky.