Forum Archive Index - August 2000

[Derek <dkw@paradise.net.nz>]

>Friday afternoon ADV submitted details in the normal format 
>to NZSE which shows EPS  at 11.1c compared with 7.9c last year
>an increase of 40%. This is the real overall result 

>So was this all a ' pump-up job '  in order for someone to do some big
selling ??

>BG

Thanks for the post Brian.
EPS 11.1c - If this is so, and god only knows if it is, then
the current P/E is about 26. I don't think that this is excessive
for ADV. 

Derek



At 11:49 AM 12/08/00 +1200, you wrote:
> All that glitters is not gold
> 
> From the Herald report by Daniel Riordan
>
>
>
> 
ADV held a closed-door profit befing for analysts and
>the
>media
n
>Auckland, with a video linkup to Wellington. At the
>briefing
>it
>reported
>two profit figures - one of $6.7 million, which did
>not
>include
>an
>allowance for amortised goodwill of $3.7 million, and
>a
>bottom-line
>figure
>of $3 million (the Business Herald reported
>both
>figures). 
>
>Advantage's profit last year was $3.4 million. 
> Advantage
>did not do what
>most companies typically do after such briefings
>-
>release full results to
>the exchange, on the detailed form
>required
>called Appendix I. 
>"" with
>no reference to how it was derived.
>
> Philippe Leloir of the market
>surveillance panel said the exchange
>was
>investigating whether Advantage
>had complied with the listing rules
>and
>would probably report its findings
>today. 
> He said the exchange's
>initial reaction was that the company's
>actions in
>not releasing its full
>details were unsatisfactory. 
> Listing
>rules that might come under
>scrutiny include the requirement
>that
>financial information be released
>to the market in prescribed
>formats,
>contain a specified and wide range
>of information and meet
>defined deadlines. 
>"" to describe an expense
>that would appear every
>year. 
> He said it appeared the firm did not want
>shareholders to see how
>far its
>profit had fallen, with bottom-line
>profit falling from $3.4
>million to $3
>million on revenue that tripled
>from $21.2 million to $63.9
>million. 
>"" Mr Robb said. 
>"" 
>"" Mr Robb
>said. 
>"" - was it mentioned
>that the profit takes into account
>amortisation. 
>"" 
> Advantage chief
>executive Greg Cross said the
>company did not believe it
>had broken
>listing rules, and did not intend
>to deceive anyone with the way
>it
>released its results. 
>"" 
> He
>rejected suggestions that the company was
>trying to fudge its
>profit
>result. 
>"" 
> Analysts' reports after the
>result were using the
>normalised figure to
>calculate their
>earnings-per-share estimates, Mr
>Cross said.
>
>""
>
>
>...........................................................................
.....................................................................
>   an increase of 40%. This is the real overall result 
> 
>  in order for someone to do some big selling ??
> 
> BG
>  




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