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MEA - MCGRATH LIMITED


blacksheep
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I'm trying to get my head around the fact they had an operating loss of $25million for the year.

 

Like.... Seriously... How??? Do they understand that sum of money???? Branson started Virgin Blue with $10m, and there's a whole lot of capital tied up there. Isn't MEA just a franchise model???? They own no stock, they are agents. A few leases offices, some printing, a web site host/management team, and a few directors.... Where's that money gone?

 

Just stinky actions all round I suspect.

 

But I'm sure a few people have made of with millions outta this one.

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The operating loss only looks to be approximately $0.7m, the statutory loss was impacted by a $21.8m impairment of the Company Owned Sales business and $1.1m impairment of property management rights. Don't disagree that it's been a swindling though - a $2.10 list price was never fair value.

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Still gotta bear in mind the ~$0.7m is 'dressed up" - a lot of the expenses incurred in the pro forma adjustments are arguably standard CODB - "sponsorship", "restructuring costs", "other miscellaneous expenses". They may be non-recurring, but real cash is being paid out.
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