I don't mean to turn this in to an argument. We're only trying to figure this out so everybody knows what to expect. I went back to last year's dividend to try to figure out what it was based on. It looked to me to be based on Non-GAAP income (before amortization of intangible assets and change in fair value of contingent consideration) like I said. Last year that was close to $61M.
So far this year it is $34.5M but they have an operating loss so far in Q4 that I don't think will be made up for in Dec. Optimistically lets say Q4 is a wash and use the $34.5M number. The only way it would be higher is if the amoritization of assets ends up adding to the $34.5M
They paid an $0.08 dividend in Sept. Multiply that by the 64.4M shares outstanding and they paid out a little more than $5.1M.
The thing is, when they figure out what the year end dividend will be the $5.1M they already paid gets counted towards what the year end payment will be. In other words you take 15% of annual net income, minus what was paid in Sept, to figure out what the final year dividend will be.
15% of the annual net income of $34.5M is a little more than $5.1M, almost exactly the amount they already paid out in Sept.
So like I said, unless the amoritization of assets increases the net income there isn't anything left to pay a year end dividend with.
Maybe I'm wrong, I hope I'm wrong, but I don't think I'm wrong.
I still don't know if they base the dividend on GAAP or real income. If it's GAAP then no dividend is a very real possibility. If it's real then a 4 cent dividend is possible. They might also elect to pay out more than 15%.
Last year the Non-GAAP income before amoritization blah blah was $61M or so. The first half dividend was $0.12 multiplied by 42M shares is $5M. 15% of $61M is $9.15M. $9.15M minus the first half dividend of $5M is $4.15M. 42M shares divided by $4.15M is about $0.10 which is what the second half dividend was. That is why I think there will be no second half divi this year unless, as you say, they decide to pay out more than 15%.