Wednesday, July 09, 2014 10:37:15 PM
Looking at Q1 14, I'm looking for $2,009. If I start with the income figure, deduct the interest expense, as well as the other expense:
34,875 (income)
(4,351) (interest expense)
(227) (other expenses)
$30,297
$30,297 x .09 = $2,727 (rounded)
Even if I deduct the taxes as well (which I just don't see as these are taxes levied against PEIX, not the NCI)
$27,027 x .09 = $2432
I mean yes it's in the ballpark, but even assessing the taxes as if they apply against the NCI, the $2009 is still only 7.4% not 9%.
As well, at this point the number is identified as net income, and then when it's backed out, it further increases the PEIX consolidated loss.
If I go now to the 10-K numbers and apply the exact same expenses against the NCI calc:
18,909 (income)
(15,671) (interest)
(352) (other expenses)
(0) (taxes)
$2,886
That's still a net profit at that point just as it was in Q1, not a loss. So if we are to be consistent in our logic, when it's backed out that number should increase the PEIX consolidated net loss, just as it did in Q1, right? But the opposite actually occurs in this case. I used the same approach and just as was the case in Q1, the number is a net income number at this point just as it was in Q1. However it's identified as a "Net loss attributed to noncontrolling interest" and deducted from the loss when it's backed out not added to it.
So I have 2 indicators that I'm missing something. Or that I the number is determined otherwise, and that PEIX screwed up the entry.
1. The number for Q1 is only 7.4% of the net profit before the FVA is assessed.
2. I end up with a net profit in both cases, however in Q1 that net profit is then added to the PEIX consolidated loss, while for 2012 it's deducted from the PEIX consolidated loss.
Can you show me otherwise? Cause I'm not comfortable that we have this figured out. I'm not seeing something that I'm comfortable hanging an assumption on.
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