$834-428 = 406. They are taxed at 32.7% effective rate. 406*.327 = $133 406 - 133 = $273 which is the net gain the company experienced to total equity from a one-time gain from sale of assets.
$2205 - 273 = $1932K net income from continuing operations. Earnings per share for the quarter: $0.277 = $0.28 which is inline
I also believe FCF was higher than net income judging by the cash created on the balance sheet as well as total equity increasing by $2.6M compared to net income reported of $2.2M ($1.93M from operations)
I agree... I feel I'm being greedy waiting for a greater drop. $15 was my initial buy point but I may let it drop. I hate picking random growth but DCF at 6% growth 7% discount says: UFPT is worth $23.28 (not including cash or equity) for a 35% discount.
I see your point that all the $834K one-time gain on assets shouldn't be attributed to UFPT since the net attributable to non-controlling interests rose so much implies the sales were in a JV. But I don't agree that only $406K of this gain is attributable to UFPT. First, because UFPT must get a majority of this line item as consolidated items are majority-owned by definition. Second because there is income from other sources in that $428K; for instance last quarter that item was $119K without any asset sales. I'm not going to get precise with the math, it isn't worthwhile without knowing how much of the one-time gain went to the partner, but I'd agree the true economic earnings were more like $0.27/sh than $0.24.
I don't think earnings were in line, whether they were $0.27 or $0.28, as the estimate was $0.30, but think the size of the selloff is greater than can be explained by the few $100K of earnings miss. Wish these guys bothered to hold a conference call to elaborate on the bigger picture.