"H2 result will be above H1 2004, but below H2 2003"
As H1 2003 & H1 2004 earnings were basically identical (pre abnormal writedown) at 2.9c/share, the statement above means that earnings for the second half will be between 2.9c/share and 5.7c/share (H2 2003 earnings).
Thus (pre abnormal) EPS for 2004 will be less than 2003. It will not look so bad because 2004 won't have the writedowns included in the 2003 result but lower earnings are lower earnings.
Another point is that the only other period CTL had similar low(ish) EPS was in 2000 and 2001 and those years saw a suspension of dividends.
But again I say, much will depend on any outlook guidance given in the 2004 Final Report.
Regards Beefheart
CTL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
