Value Microcaps Motherboard

[abh3vt]

Sam, there were no taxes paid in Q1 because of losses in previous quarters that are being used to shield current taxes.

I'm very conservative on this issue. I always apply a proforma tax rate to pretax earnings to get a better picture of what net income would be had they been forced to pay taxes at close to statutory rates. Bob and I have been good naturedly sparring about this issue for some time, and I always bring it up when appropriate <grin>

I object to taking untaxed earnings per share and simply applying the usual growth rate. I think you have to discount somewhat, because if the company stays profitable for any length of time they will certainly owe taxes. Thus, I treat the untaxed nature of VPHM as temporary in nature and thus a non-recurring "benefit", although the benefit will certainly have some time to run.

To each his own....