Doesn't that also depend on interest payments for any debt that RCP might be carrying? In my perusal of several investment advisor companies I ran across several that had margins around 50% but still had negative earnings with a positive EBITDA. I assume this was because of both taxes and interest payments on debt.
So you can look at the 40% margin figure as adding in some additional expenses for interest on debt?? Also the NOL's will not cover state income taxes as far as we know.
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