I believe they had an obligation to report quarterlies a while back which seemed to be pushed from an outside influence and had to use a different accounting method seemed to be more from lenders but willing for some clarity, there's been no announcement about a date for the quarterly so maybe now its back to 6months which to me would be highly ominous.
7-8mill is what I believe they have lost in cash just a guess and doesn't include impairments loss in goodwill or writedowns which could inflate a paper loss to 15 mill,this is based on an estimated $120p/h new rate which will be battling to pay for increased wages,paint inflation and loss of some work volume,don't have every detail on their operations so try to average out what each worker on the floor earns.
Something else to look at is gas and energy costs most AMA shops have 2 spray booths upwards the operating costs would be extraordinary as we are hit with energy inflation,work mix is going to be critical as they would need jobs that are suitable for in and out quick turnover times and Russ we know about paint inflation which is high.
In regards to the prepayment Suncorp has to be transparent answerable to their own shareholders so I'm sure it was the right course of action it might be a bandaid but the 10 mill is on the balance sheet and it is work that has to be carried out that cannot be future billed.
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