Awarded Contracts..., page-3

It's simple. Winning contracts does not equate to successfully executing them at a profit. This is a cut throat industry where competition is fierce and margins are thin. The 2015-16 results just announced show a loss of $16 million for the year, notwithstanding the spin put on them by the CEO and Board. How they get to an announced profit of $20 million I don't know. Additionally the Balance Sheet is full of intangibles (Goodwill, Intangibles, Deferred Tax) that are not really worth anything. Once you remove the Intangibles then Net Assets do not look that great. You can work out a more realistic price yourself.