Look posted positive news using EBITDA countering the bad news of the 3 directors leaving. Here's what Warren Buffett Said,
Here's the Link (middle of page):
http://bankstocks.com/article.php?id=562
Warren Buffett Quote on EBITDA:
"We’ll never buy a company when the managers talk about EBITDA. There are more frauds talking about EBITDA. That term has never appeared in the annual reports of companies like Wal-Mart, General Electric, Microsoft. The fraudsters are trying to con you or they’re trying to con themselves. Interest and taxes are real expenses. Depreciation is the worst kind of expense: You buy an asset first and then pay a deduction, and you don’t get the tax benefit until you start making money. We have found that many of the crooks look like crooks. They are usually people that tell you things that are too good to be true. They have a smell about them."
28-06-2002
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