Hi Pedro,
If that were true, I could perhaps understand a delay more. The reality is that the forward estimates are so low that it would be a simple matter to absorb this without blinking an eye. To put it plainly, I've now modeled out what C11 looks like and I'm coming up with $3.73 EPS for the CY. My model assumes:
- Ramp to 32.2k inter-city buses by y/e
- Ramp to 800 airport buses by y/e
- 1,000 tour buses added in 2H
- a $10m wireless roll out that is phased in throughout year.
- An increase in operating expenses to $22.5m for yr. That provides investment dollars for SWITOW and ramped direct ad selling employees.
I'm also assuming all 54m shs are used for Q4-11 eps calculation. The high street estimate is $3.04. Now maybe my assumptions have some flaws that will show up after another quarter's data, but it certainly won't drop anywhere close to the street so they have plenty of room to include this with missing estimates.
Building investment dollars into this substantial opportunity to facilitate additional growth in C12 is a no brainer. What would be interesting is to see them implement a wireless rollout in operator stations that have a 4-5 yr remaining term and use that as an incentive when negotiating new or renewal contracts that are expiring in C12.
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