How do you get $15mm in after tax earnings for one quarter
from a cash balance of $730mm?
Charlie
Ooops..... It was quite late last night when I wrote this !
Net income for the last quarter was $ 27,075. The interest number I
included was the 9 month gross figure - $ 15,659. It was a mistake !
Comparing like with like, gross interest for the quarter was $ 6,349,
and would have made a net contribution to the last quarter's numbers of
about $4,500. It therefore increased earnings by about 20%.
I'd love to find a way to generate 11.5% net interest on "cash".......
Apologies !
Mark
Income from operations 44,578
Interest income, net of interest expense 6,349
--------
Income before income taxes and cumulative
effect of change in accounting principle 50,927
Provision for income taxes 14,852
--------
Income before cumulative effect of change
in accounting principle 36,075
Cumulative effect of change in accounting
principle 9,000
--------
Net income $ 27,075
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