Doesn't make any difference as the appraisal income is paid to Streetlinks & Streetlinks pays the Independant contractor their fee as an expense. See page 23
Table 3 – Appraisal Management Segment Operations (dollars in thousands, except unit and per unit amounts)
For the Three Months Ended
March 31, 2012 March 31, 2011
Total Percent Total Percent
Service fee income:
Full service appraisal management $ 41,431 99.3% $ 18,695 99.0%
Other valuation services and transactions 306 0.7 191 1.0
Total 41,737 100.0 18,886 100.0
Cost of services 37,426 89.7 16,694 88.4
Selling, general and administrative expense 2,739 6.6 1,521 8.1
Other expense — — 30 0.2
Other income — — 10 0.1
Net income before income taxes $ 1,572 3.7% $ 651 3.4%
Completed orders:
Full service appraisal management 107,618 51,116
Other valuation services and transactions 16,925 4,555
Source: NOVASTAR FINANCIAL INC, 10-Q, May 15, 2012
According to you then Wal-Mart would have to lower their sales to account for the cost of the products that they sell & not as an expense. Please trake a class in economic's 101.
StreetLinks has produced net positive cash flow and earnings in 2011 and the three months ended March 31, 2012 and is expected to continue producing net positive cash flow and earnings for the foreseeable future.
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