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  • barnardjohnthird barnardjohnthird Mar 31, 2011 12:40 PM Flag

    Large Earnings Miss Expected for 1Q 2011

    I think you actually used a 40% tax rate in your calculation above, not a 25% tax rate.

    $5,998,606*.6=$3,599,164

    You should also note that on the conference call they said they were expecting expenses to increase about 15% in Q1 compared to 2010 Q4, so there should be $4,732,980 in net earnings before tax using your revenue number. So, even using the 25% tax rate, there should be $0.15 EPS in Q1. If you use the 40% rate, that drops down to $0.12.

 
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