Sorb ... it is difficult to defend the result from any point of...

Sorb ... it is difficult to defend the result from any point of view. The obvious ones:

* Negative operating cash flow (how the heck does a child care centre have negative operating cash flow???????)

* Interest coverage about 1.5 according to AspectHuntley (off the top of my head, so if off a bit don't complain)

I could go on, however would only be repeating previous posts.

It doesn't matter what you add back. The result was a shocker and the stock would have got sold off heavily regardless of who did or didn't have margin loans.

MJS