Seems like more of the same. Great sales growth, pathetic income growth, and more debt/capex.
I imagine Q2 will also be depressed due to the new equipment being installed.
I’d say the jury is still out on what normalized margins will be. Going from 18% margins to 13% margins when sales were up 80% isn’t a good sign though.
I don’t understand their refusal to raise equity. They had a terrible balance sheet 2 years ago, and now they’re trying to finance a major expansion/upgrade with all debt.