Yup. With rig counts falling and industrial analyzers making up almost 20% of sales, I'm guessing MOCO will feel a pinch in Q4 and Q1 when their large customers like Haliburton, Schlumberger, and Exxon aren't ordering as many PetroAlerts in 2015/16 as originally planned. It will be interesting to see what happens to the backlog.
Why do you keep saying that the U.S. operations are profitable?
Back when in it was Wizzard, the company lost money each year in 2007 - 2011 and had to issue shares to stay afloat.
Here's the stats for the old Wizzard (including FUTU)
2011 - Sales $6.5 million ; Net Loss $10 million (includes $8 million of goodwill impairment)
2010 - Sales $5.5 million ; Net loss $4.1 million
2009 - Sales $5.2 million ; Net loss $6.5 million.
Based on FUTU's filings; Wizzard (i.e. FABU less its "china business") would have reported:
2011 - Sales of $3.1 million ; Net Loss $9.7 million (includes $7 million of goodwill impairment).
2010 - Sales of $2.4 million ; Net loss $4.1 million.
2009 - Sales of $2.3 million ; Net Loss of $6.45 million.
Heck in Wizzard's last 10-K issued before the FAB deal, the company had to say that there was "substantial doubt about the ability of the Company to continue as a going concern".
I think its difficult to estimate what the U.S. business' net loss (income?) would have been in 2013/2014. But given that "Computed tax at the statutory rate" for 2013 was negative $110,943, (page 62 of most recent 10-k), I think it's safe to say that the company lost a few hundred thousand dollars in the U.S.
The only potential valuable asset the company has is $52 million of operating loss carryforwards in the U.S
I find it convenient that when Rogers joined the PhosAgro board of directors in September 2014, the press release stated that Rogers was on the FABU board. But come November, 2014 he tells Spencer that his tenure as a board member ended in June 2014.
Rogers should have told PhosAgro and Fab shareholders that he was no longer a Fab board member.