Actually netted $22.7M last quarter on $48.35M revenues. This is a ridiculously high net margin over 46%. I assume it is due to a very high percentage of high margin service business, and some lumpiness in revenues booked vs. expenses paid. Also, for whatever reasons, G & A expenses in the quarter were 1/3 of Q3 2012, as a percentage of revenues.
At any rate it is not sustainable with the current business, and certainly not when WSPS profits bring the overall margin down.
I could see 2013 revenues range between $250M - $300M and margins between 35% and 40%. So that's profits of $87.5m to $120M.
Spose you could argue margins of 37.5% to 42.5%, so $93.7M to $127.5M.
Of course, I'd be happy to be wrong, if I'm on the low side.
It will be interesting to see how the historic extreme seasonality moderates, I believe substantially in Q1 2013.
