IMO we lost money in Q4.
That puts and end to our string of profitable quarters. It is easy to see if you look at the Zacks spread sheets at the back of the latest report where they dropped target to $1.45. He had access to most of our expenses and those not known could be estimated. If you look at the data, Ralston projected a $0.01 EPS for the quarter (Q4), based on estimated revenues of $26,640,000.00. We only had revenues of $22.8M. That is a huge shortfall. Much worse than even Q1 or Q2.
With those numbers reported in the PR it would seem very obvious that we lost at least ($0.02-$0.03) for Q4. I do not see how it could possibly be any other way. In Q1 and Q2 we made $0.03 each quarter, but that was with revenues at well over $26M or $25M respectively. Several web sites have noted that they withheld preliminary EPS in the press release just for that reason.
With all the increased expenses surrounding the expansion of the plant and heap leach pads, I defy anyone to explain how with a shortfall of $4,000,000.00 below the estimate where we were supposed to make $0.01 on $26,640,000.00 revenue, we did not make money on only $22,800,000.00. They can hide this until August 31, 2012, but most already know the facts just by looking at the numbers they did release.
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