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Re: Whiplash_Investor post# 2329

Tuesday, 10/23/2012 2:51:58 PM

Tuesday, October 23, 2012 2:51:58 PM

Post# of 103658
A lot has changed and I am very disturbed by the huge differences. How could they make such mistakes? From the original filing:

Second quarter revenues have exceeded company estimates for the period. The months represented in this report are typically the strongest of the year, and this period saw increased performance due to a change in the company’s inventory of vehicles. Older models were replaced with new vehicles that are commanding higher hourly rates, and several specialty vehicles were added that contributed to the overall increase during the second quarter. Revenues for the period totaled $363,301, which represents a 129% increase over 2011. Net income was $105,736, which represents a 154% increase over the same period one year ago. The company increased its assets to $1,268,968 from $911,306 one year ago. Actual year over year comparisons are as follows:

Revenues: 2011 Q2 = $158,639 vs. 2012 Q2 = $363,301
Net Income: 2011 Q2 = $41,590 vs. 2012 Q2 = $105,736
Assets: 2011 Q2 = $911,306 vs. 2012 Q2 = $1,268,968


Now, the amended filing:

Revenues for the 3 month period ending June 30, 2012 totaled $158,639 with a net income of $41,590. The company increased its assets to $1,268,968 from $911,306 one year ago. Year to date revenues for the six month period ending June 30, 2012 totaled $363,301 with a net income of $105,736. Actual year over year comparisons are as follows:

Revenues: 2011 Q2 = $204,662 vs. 2012 Q2 = $158,639
Net Income: 2011 Q2 = $64,145 vs. 2012 Q2 = $41,590
Assets: 2011 Q2 = $911,306 vs. 2012 Q2 = $1,268,968
Cash: 2011 Q2 = $9141 vs. 2012 Q2 = $69,252

Revenues year over year were down due to a reduction in corporate bookings. The second quarter of 2011 included three long term charters from a major client that did not host the same event this year. Prom bookings and general retail business was strong, although a general slowing of corporate bookings has been seen industry-wide. Net income was also adversely affected due to the lower overall revenues.
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