Q4-21 Earnings Quite disappointing. The huge 25% increase in costs was really unexpected.
Q3 Revenue = US$53.9M
Q4 Revenue = US$50.3M
A decrease of US$3.9M or down 7%
Q3 Expenses = US$40.4M
Q4 Expenses = US$50.7M
An increase of US$10.3M or up 25%
Q3 costs = 75% of Q3 Revenue
Q4 costs = 94% of Q4 Revenue
Had we maintained the same level of costs (75% of revenue) as in Q3 then our Q4 Income before Tax would = US$13.5M and our Q4 Income after Tax would = US$14.6M or ~US$0.23 per share or ~C$29 as compared to the analyst consensus of C$0.19.