Bluestone Global (ASX:BUE) Operating Income : A$-45.4 Mil (TTM As of Jun. 2013)

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What is Bluestone Global Operating Income?

Bluestone Global's Operating Income for the six months ended in Jun. 2013 was A$-45.4 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2013 was A$-45.4 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Bluestone Global's Operating Income for the six months ended in Jun. 2013 was A$-45.4 Mil. Bluestone Global's Revenue for the six months ended in Jun. 2013 was A$280.7 Mil. Therefore, Bluestone Global's Operating Margin % for the quarter that ended in Jun. 2013 was -16.17%.

Bluestone Global's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Bluestone Global's annualized ROC % for the quarter that ended in Jun. 2013 was -53.06%. Bluestone Global's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2013 was -541.27%.

Bluestone Global Operating Income Historical Data

The historical data trend for Bluestone Global's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Bluestone Global Operating Income Chart

Bluestone Global Annual Data

Trend

Jun07

Jun08

Jun09

Jun10

Jun11

Jun12

Jun13

Operating Income

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-6.95

-1.55

-2.78

-23.38

-45.39

Bluestone Global Semi-Annual Data
	Jun07	Jun08	Jun09	Jun10	Jun11	Jun12	Jun13
Operating Income	Get a 7-Day Free Trial			-6.95	-1.55	-2.78	-23.38	-45.39

Bluestone Global Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. Operating Income for the trailing twelve months (TTM) ended in Jun. 2013 was A$-45.4 Mil.

Bluestone Global (ASX:BUE) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Bluestone Global's annualized ROC % for the quarter that ended in Jun. 2013 is calculated as:

	ROC % (Q: Jun. 2013 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2012 )	+	Invested Capital (Q: Jun. 2013 ))	/ count )
=	-45.391 * ( 1 - -0.03% )	/	( (107.226	+	63.933)	/ 2 )
=	-45.4046173	/	85.5795
=	-53.06 %

where

	Invested Capital		(Q: Jun. 2012 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	115.227	-	26.923	-	( 1.67	-	max(0, 78.779	-	59.857	+	1.67	))
=	107.226

	Invested Capital		(Q: Jun. 2013 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	63.264	-	16.453	-	( 1.219	-	max(0, 60	-	42.878	+	1.219	))
=	63.933

Note: The Operating Income data used here is one times the annual (Jun. 2013) data.

2. Joel Greenblatt's definition of Return on Capital:

Bluestone Global's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2013 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Jun. 2013 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2012		Q: Jun. 2013
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-45.38	/	( ( (9.608 + max(-29.209, 0))	+	(7.16 + max(-27.34, 0)) )	/	2 )
=	-45.38	/	( ( 9.608	+	7.16 )	/	2 )
=	-45.38	/	8.384
=	-541.27 %

where Working Capital is:

	Working Capital		(Q: Jun. 2012 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	2.321	+	11.591)	-	(26.923	+	0	+	16.198)
=	-29.209

	Working Capital		(Q: Jun. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	1.296	+	12.351)	-	(16.453	+	0	+	24.534)
=	-27.34

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Jun. 2013) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Bluestone Global's Operating Margin % for the quarter that ended in Jun. 2013 is calculated as:

Operating Margin %	=	Operating Income (Q: Jun. 2013 )	/	Revenue (Q: Jun. 2013 )
	=	-45.391	/	280.686
	=	-16.17 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Bluestone Global Operating Income Related Terms

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Bluestone Global (ASX:BUE) Business Description

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http://www.bglcorporate.com

Bluestone Global Limited is a specialist labour hire, professional placement and international recruitment firm trading under three key brands: Bluestone Recruitment, ResCo Services and Bluestone International. The Group has core capabilities encompassing temporary, permanent and international recruitment with a focus on the skills and labour constrained industries, including energy (coal, oil & gas), resources, transport and logistics, information technology, health, aged care and financial services. The Company operates its business in three segments: labour hire segment, mining segment and international segment. The Labor Hire segment engages in the placement of temporary and permanent workers domestically and overseas. The Mining segment provides solutions to the resources sector including the delivery of skilled labour, operations of mining sites, maintenance of plant and equipment and the provision of critical spares and consumables. The International segment engages in placement of temporary and permanent workers in Australia, sourced internationally.

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