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04-05-2013 | #1 |
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FFN Has another massive quarter, continues to lose money
Full Year Financial Results:
Revenue for the year ended December 31, 2012 was $314.4 million. Gross profit for the year ended December 31, 2012 was $205.4 million. Income from operations for the year ended December 31, 2012 was $55.1 million. Loss from continuing operations was ($35.8) million and loss from discontinued operations was ($13.6) million. Net Loss for the year ended December 31, 2012 was ($49.4) million, or ($1.57) per share. Adjusted EBITDA for the year ended December 31, 2012 was $74.7 million. Balance Sheet, Cash and Debt As of December 31, 2012, the Company had unrestricted cash and cash equivalents of $16.8 million, compared to $14.6 million at September 30, 2012. As of December 31, 2012, the Company had outstanding principal debt of $521.8 million. Free Cash Flow per Share was $0.21 for the fourth quarter ended December 31, 2012. ---------------- let me translate this for you: Their outstanding debt is almost twice their gross income, and almost 3 times their gross profit. Net loss of 49.4 million means that (IMHO) they would need to grow their business to be almost twice it's current size to have a hope of retiring the debt. At the current business levels, they will likely have to keep paying those 14% notes for a long time into the future. It seems pretty doubtful that this company can ever make a bottom line profit on in it's current financial situation.
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