Forum Archive Index - August 2000

["Peter Maiden" <pmaiden@today.com.au>]

John

"mormalised profit' excludes abnormal items

Earnings per share only up 41% on an earnings increase of 97% because of all 
the extra shares issued to fund acquisitions.

Need to bear in mind 97% increase in earnings has been derived from a 200% in 
revenues - most from acquired businesses. Another way of looking at this is 
earnings to revenue ration has dropped from 16% last year to 10% this year. 
This drop not surprising considering there was additional costs in 'bedding' in 
new business. Earnings to revenue ratios should increase in the future.

Overall shareholders should be pleased with result - especially in view of a 
strong earnings base they are setting up for the future in a market which 
nobody really understands how big it is really is.

Peter

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