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viking86

02/15/13 7:16 PM

#29989 RE: The Swede #29983

well donot forget that Q3 had only 91m fd shares. Next year will be 100m at least fd WAOS. So it's 10% growth right there even if you assume equal eps.

I do see a lot of growth next year but 2 factors will result in lower margins compared to 2012: 1) more sales rev vs. service rev for fishery (probably 40m sales from FF1 alone, half as much as total 2012 fishery rev which comes mainly from service rev with extremely high margins!) will lower the overall net margin for fishery, our #1 rev contributor, 2) increased rev from distribution centers and import/export with relatively low margins (15-20%?) that will drag the overall margin down. So the net margin may decrease to 40% or so (best case scenario) vs 43-44% in 2012.

That would impact the total Net Inc. although top line rev may still grow 100% vs. 2012 imo.