Hi All, I'm a long time follower and first time contributor.
Did anyone noticed that DDIM did not release their 4th quarter's
result separately, instead they only released the full year result.
Why? The answer is cooking!
The followings are from DDIM's third quarter and full year reports:
Three months ended Nine months ended
Sept. 30, Sept. 30,
1996 1995 1996 1995
Revenue $3,962 $1,524 $9,551 $3,912
Direct costs 2,164 860 5,339 2,256
Gross margin 1,798 664 4,212 1,656
General, selling & admin.
exp. 1,648 558 3,921 1,310
Income from operations 150 106 291 346
Other income (expense) 214 (50) 303 (158)
Income before taxes 364 56 594 188
Income taxes 153 0 245 0
Net income $ 211 $ 56 $ 349 $ 188
Net income per share (1) $ .05 $ .02 $ .10 $ .08
Weighted avg. shares
outstanding (1) 3,931 2,488 3,395 2,475
Full Year Reports
1996 1995
REVENUE $14,835 $6,232
DIRECT COSTS 8,191 3,485
GROSS MARGIN 6,644 2,747
GENERAL, ADM. & SELLING EXPENSES 6,259 2,236
INCOME FROM OTHER OPERATIONS 385 511
OTHER INCOME (EXPENSES) 492 (207)
INCOME BEFORE TAXES 877 304
INCOME TAXES (70) (450)
NET INCOME $947 $754
NET INCOME PER SHARE $0.27 $0.30(a)
WEIGHTED AVERAGE SHARES
OUTSTANDING 3,563,000 2,517,000(a)
If you do the math by yourself the 4th quarter's results should be
like this:
December 31.
1996 1995
REVENUE $5,284 $2,320
DIRECT COSTS 2,852 1,229
GROSS MARGIN 2,432 1,091
GENERAL, ADM. & SELLING EXPENSES 2,338 926
INCOME FROM OTHER OPERATIONS 94 165
OTHER INCOME (EXPENSES) 189 (49)
INCOME BEFORE TAXES 283 116
INCOME TAXES (315) (450)
NET INCOME $598 $566
NET INCOME PER SHARE <$0.15 <$0.22
WEIGHTED AVERAGE SHARES
OUTSTANDING >3,931 >2,517
Now the picture is much clearer,
1.) Their last quarter's operation income was $94,000 compares
last year's $165,000 and previous quarter's $150,000.
2.) In first three quarters of 1996 they reported paid about a 41%
income tax rate but in last quarter they reported a tax
benefit of $315,000. (why???).
3.) The weighted average share outstanding for the full year was
about 3,563,000 but the last quarter's same number should be
at lest 3,931,000. Here is another 10% difference.
4.) It's also interesting noticed that their other income interest
income) reduced by 25,000 in last quarter compare with the
previous quarter. Does that tell you they used about 12% of
their cash in last quarter?
How will they report this quarter's result? It will be interesting
to see. How much more creative they can be.
YD
ps: the apr $22.5 put option tarde is high today. |
