| 22 Amount available for distribution - Before selling expense $34,757 $32,677 $27,985 $28,828 - After selling expense 23,430 22,002 19,022 22,455 Payout ratio - Before selling expense 65% 68% 76% 70% - After selling expense 97% 101% 112% 90% F2004 F2003 Q3 Q2 Q1 Q4 -------------------------------- -------- Sales per financial statements $181,803 $106,096 $132,300 $225,125 Net income (loss) 3,872 (8,504) 769 21,740 Net income (loss) per unit - Basic $0. 04 Amount available for distribution - Before selling expense $32,677 $27,985 $28,828 $30,881 - After selling expense 22,002 19,022 22,455 22,474 Payout ratio - Before selling expense 68% 76% 70% 64% - After selling expense 101% 112% 90% 88% F2004 F2003 ------------------ ------------------ Q2 Q1 Q4 Q3 Sales per financial statements $106,096 $132,300 $225,125 $130,689 Net income (loss) (8,504) 769 21,740 1,460 Net income (loss) per unit - Basic $(0. The downgrade is based primarily on BBD's relatively flat EBT (earnings before taxes) margins in fiscal 2004(F2004) compared to F2003. |
