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Wednesday, February 04, 2009 12:25:56 PM
"Revenues for the three-month periods ended September 30, 2008 and 2007 were $1,292,472 and $1,352,671, respectively. The decrease in revenues is principally due to the inclusion in third quarter 2007 revenues of approximately $208,000 in collections on accounts previously written off. Adjusted for this $208,000 in revenues, third quarter 2008 revenues increased over third quarter 2007 revenues, primarily because of revenues from our Wyoming operations acquired during the fourth quarter of 2007. This increase is despite the expiration of a particular client's account agreement amounting to approximately $400,000 per quarter. We are currently in negotiations to resume services to this client, and we anticipate that revenues from this client may resume in some amount in the first quarter of 2009."
http://biz.yahoo.com/e/081223/lbwr.pk10-q.html
Now we can adjust Q3 '07 down by $208K to factor out the recovered revenue that was previously written off.
Q3 '07 adjusted revenue is $1,145K...so Q3 '08 revenue grew over the same period '07 by $207K which is 18% growth over same period '07. And that was with the loss of $400K in revenue from the expired contract not yet recovered. We topped Q3 '07 revenue (even with a $400K loss of revenue from one contract) WITH NEW GROWTH! If we had that $400K back, which they are working on, the Q3 '08 revenue would have been $1,752K compared to the adjusted Q3 '07 revenue of $1,145K! That would have been a $607K increase in revenue or 53% increase in revenue! So the numbers are not showing the new revenue growth because of the one temporary set back which they are working on recovering for 2009.
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