"I consider everything. Yes... WOR have slashed costs to the bone,..."
Professional Service Costs - which represent 60% of WOR's total cost base - was $4.5bn in FY2016. By comparison, in FY2012, this cost item was $4.1bn.
For context, WOR's FY2016 Revenue was $5.9bn; In FY2012 it was $7.4bn.
In fact, even compared to its peak levels in FY2013, WOR's Professional Services Expense was down a mere 15% in FY2016.
As a result, EBIT margins in FY2016 were less than half of their peak levels and around 60% of their historical average levels
Not exactly what one might describe as costs being slashed to the bone now, is it?
(Evidently, there's a big difference between saying one considers everything, and actually doing so.)
contractor without contracts, page-27
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