Wednesday, March 27, 2013 8:15:37 PM
Because this is a plant investment and we are not looking at a business financial statements and trying to do ratio analysis or something, EBITDA is not a useful ROI-type measure.
All you have to do is look at the numbers. SG&A and R&D are 3M for the quarter, approximately. Revenues are 319k. SG&A and R&D dwarf revenue. those costs have nothing to do with the decision as to invest money in an operating plant. They are neither Direct nor Indirect Cost. They don't matte and will be there whether the plant gets built or not.
No professional engineering or construction firm would use this number as a measure of profitability of a proposed investment.
Yes and you are correct, EBITDA does not include the I, T or A, But, it does include R&D. You are wrong there. R&D is completely unrelated.
So we are not talking about the financial community. We are talking about the engineering consulting community, which I know. They use ROI or IRR., not EBITDA.
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