FFN Has another massive quarter, continues to lose money

[RawAlex]

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.

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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.

[gonzo]

Originally Posted by RawAlex

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.

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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.

Ah the marketing genius of Lars Mapstead

[softball]

Originally Posted by gonzo

Ah the marketing genius of Lars Mapstead

but he is rich.....and after all, that is what is important. Unless you are Bernie Madoff. The rest of us just hang on and carry on. ttfn from Prague...a nice city, btw.....and great fucking girls...so far

[Forest]

Originally Posted by gonzo

Ah the marketing genius of Lars Mapstead

he has soooooo much money Im sure he aint sweating it while he is out on his long board

[will76]

FFN should be delisted soon. It has been under $1 a share since since July 2012. It's been under .60 a share for over a month. Penny stock. Marc Bell did a great job running another company into the ground. At least this time the company deserved it. I wonder who will employ our gay irish pimp once he gets laid off.

[RawAlex]

There was apparently a delisting notice posted a while back, sort of the same time as it was last year. What happened last time is pretty much at the last minute one or more of the big stake holders stepped in and seemed to be propping up the market, moving it back over $1.25 and they kept it there for a while, making it all look good. But the support disappeared, and the stock once again sank back to where it is at.

The funny part is that right now, it's not even a good takeover target. The debt is just silly, more than 10 times the value of all of the stock. There may be some valuable assets in the company, but as is, it's not a good deal.

On the plus side, you could own the entire turd for around 40,000 shares of Apple...

[RawAlex]

Last trade was 0.448 - which values all the outstanding shares at 14.6 million.

Since the IPO at $10, this dog has killed off 312 million of market value. It's impressive, and such a dog that apparently even Fabian wouldn't get invovled!