A brief rundown of Q2’s earnings report (all figures US$ unless noted):
After last quarter’s negative cash figure (-$10M OCF), Q2 saw several encouraging developments on the cash flow statement. ACAS is once again cash flow positive, generating $141M OCF during the 1st 6 months. This is a 26% decline from last year but [...]
A quick rundown on Q2 earnings and then I’ll focus on strategic matters. All results US$ unless otherwise noted:
Cash flow from operations increased 30% to $2.8B for the 6 months ended 06/30/2008. That’s probably another record for the company but they’re going to need every penny and then some as they showed $6.3B [...]
2008 Q2 highlights (all figures C$ unless otherwise noted):
Due to the acquisitions, YOY comparisons may be misleading so I will be focusing on changes from Q1 2008. Keep in mind the big spike in oil prices during the quarter (and the big drop since).
Operating cash flow improved markedly in Q2 2008 to $671M, [...]
Nice to to see the stock (ACAS) up over 10% today. I looked over the press release but will reserve comment until I can dig into the 10-Q. The one item I noted for future research was the $252M writedown in the private finance portfolio, ostensibly due to lower public-company multiple comps and [...]
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THE ENLIGHTENED-AMERICAN PORTFOLIO SPREADSHEET
Enlightened-American Portfolio: +9.6% YTD (including dividends)
DJIA: -14.2%
Nasdaq: -12.3%
S&P 500: -13.7%
DJ WIlshire 5000: -12.6%
Reuters 2000 (smallcap): -6.7%
Due to the commodities correction currently underway, the portfolio performance has dropped considerably from +18.4% [...]
All results US$ unless otherwise noted:
Through the 1st half of 2008, operating cash flow (OCF) came in at $412M, down 23% YoY. Excluding the auction rate securities situation ($73.3M), OCF was still down 9% from 2007. The company registered very large cash outlays for accrued taxes and other liabilities, which is reflected in the company’s improved current [...]
