EPS outlook. At best $0.05 for 2011.
If they get revenue of $31 million the gross margin at 78% is $24 million.
SGA of $5.4 million per quarter (assuming it stays flat) is $21.6 million for the year, leaving operating income of $2.5 million. Interest of around $250,000 and taxes of $815.
Net income is around $1.5 million which is $0.05 per share.
The problem is SGA. It is going up faster than their revenue percentagewise. They keep telling us they have built infrastructure to accomodate growth then BAMM, they do it again and tell us the same thing.
The business model does not make the profit they think it does or management doesn't care about EPS and stock value.
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