I think you've got some information mixed up regarding that article, it said ,"...Bergeron has run out of time." not the company. The article was actually not nearly as scathing as it could've been, it actually points the brunt of the blame where it should be pointed, the board.
The loss per share not incl. sale of the banking unit would be .05 not .07 /share. Here is the snippet:
Geac Computer Corp. (GAC/TSE), down 65¢ to $10.05, on volume of 2.6 million shares.
Shares of the software maker dipped after it reported a first-quarter profit that rose because of a $92.8-million gain from the sale of its banking unit. Net income for the period ended July 31 was $49.2-million (75¢), up from $38.3-million (60¢) a year earlier. But the sale of the bank unit to 3i Group PLC added $1.37 a share to earnings. Without the gain, Geac would have had lost 5¢ a share.
The loss from operations math is quite simple:
Geac Computer Corp. (GAC/TSE) Jul. 31 - 1st Q
Revenue (000s) 212,472 192,717 10
Net Income (000s) 49,162 38,325 28
EPS 0.79 0.63
Cash Flow (000s) (1,960) 47,562
The net income in the latest quarter included a gain of $92.8-million on sale discontinued Smartstream Banking Systems and a $0.5-million loss from this discontinued unit, or a gain of $1.49 per share. There was income from Smartstream of $2.0-million or $0.04 per share a year earlier. |
