Posted: Friday Feb 3 6:15:16PM 2006
? earnings????? I think you must mean revenue. They actually recorded a rather considerable net loss. "However, the strong performance during the quarter was overshadowed by having to account for significant cost overruns on two projects attributed to previous management. The company is seeking to recover these costs through previously announced litigation. While management is optimistic of a favourable outcome, prudence dictates that the amounts be recorded at this time. The cost overruns totalling $837,229.64 contributed to a net loss of $1,008,669 (loss of two cents a share) in the quarter, compared with a net loss of $242,283 (zero cent per share) for the same quarter a year earlier." I think it yet to be seen if the new management can truly turn this around. I guess everyone will get a better picture next quarter. The negative working capital and negative gross margins sure look ugly.
Posted: Friday Feb 3 11:33:15AM 2006
Has the new management finally turned this around? 2nd best earnings quarter ever!