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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (36927)3/10/2010 11:45:42 PM
From: Spekulatius  Read Replies (1) of 78748
 
re CADC - management makes it appear as if Ready mix concrete is a high tech product, yet ist has been around since the 1960's. besides that the operating radius of a ready mix plant is limited anyways since the concrete needs to be poured within 90min according to wikipedia

en.wikipedia.org

It may be profitable (sure looks that way from the numbers) but innovative it is not.

Another thing, can someone explain how the net earnings margin is higher than the state gross margin, gross margins down from 36.5% to 20% YoY? Somehow these numbers make little sense:
studio-5.financialcontent.com

Financial Highlights

* Net revenue increased 141.6% year-over-year to a quarterly record $26.2 million;
* Gross profit increased 32.3% year-over-year to $5.2 million;
* Gross margin was 20.0% versus 36.5% in the same quarter last year, but higher than the 16.9% in the fiscal 2010 first quarter;
* Net income available to common shareholders increased 226.5% year-over-year to a quarterly record $7.6 million;
* Non-GAAP net income available to common shareholders increased 83% to $4.3 million;
* Fully diluted EPS were $0.50 on a greater number of shares compared with $0.19 in the fiscal year 2009 second quarter;
* Non-GAAP fully diluted EPS were $0.29 on a greater number of shares compared with $0.19 in the fiscal year 2009 second quarter
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