Quarterly Results Compared
I find the results to interesting, if not a little confusing. I have not included earnings per share because the company does not always include the figure. Also, we may get eps reported as weighted, basic, fully diluted or not mentioned in the quarterly reports. Your analysis would be appreciated.
Quarter.........Revenue.........Net Earnings
Q1/00...........5.4M............$153,534
Q4/99...........5.26M...........$295,000
Q3/99...........4.7M............$7,000
Q2/99...........4.9M............$106,469
Q1/00...........4.5M............$59,563
I find it difficult to determine a strong financial trend in this data. Revenues are trending up, but earnings do not follow the revenue growth. Certainly there were accounting changes and the consolidation of operations in cities in British Columbia's interior during this period. I understand that we may have, temporarily, some ongoing expenses where we have ceased operations. I believe this would apply to Kamloops and Kelowna operations.
I guess the major question is how will revenues and earnings grow over the next three quarters. If earnings are not cyclical, and I believe they are not, there is little basis for projecting earnings, even though revenues continue to grow.
I must admit that I expect revenue and earnings in 2000 to beat those of 1999, but I have no idea by how much.
I would appreciate any observations you may have.
Regards,
Ed |
