Hayden Hall (Hayden Hall) Operating Income : $-7.85 Mil (TTM As of Sep. 2003)

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What is Hayden Hall Operating Income?

Hayden Hall's Operating Income for the three months ended in Sep. 2003 was $-0.61 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2003 was $-7.85 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Hayden Hall's Operating Income for the three months ended in Sep. 2003 was $-0.61 Mil. Hayden Hall's Revenue for the three months ended in Sep. 2003 was $0.46 Mil. Therefore, Hayden Hall's Operating Margin % for the quarter that ended in Sep. 2003 was -132.75%.

Hayden Hall'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. Hayden Hall's annualized ROC % for the quarter that ended in Sep. 2003 was -42.35%. Hayden Hall's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2003 was -3,681.20%.

Hayden Hall Operating Income Historical Data

The historical data trend for Hayden Hall'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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Hayden Hall Operating Income Chart

Hayden Hall Annual Data

Trend

Dec93

Dec94

Dec95

Dec96

Dec97

Dec98

Dec99

Dec00

Dec01

Dec02

Operating Income

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-3.28

-8.27

-7.02

-11.47

-14.43

Hayden Hall Quarterly Data
	Dec98	Mar99	Jun99	Sep99	Dec99	Mar00	Jun00	Sep00	Dec00	Mar01	Jun01	Sep01	Dec01	Mar02	Jun02	Sep02	Dec02	Mar03	Jun03	Sep03
Operating Income	Get a 7-Day Free Trial															-1.06	-3.60	-1.69	-1.95	-0.61

Hayden Hall 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.

Operating Income for the trailing twelve months (TTM) ended in Sep. 2003 adds up the quarterly data reported by the company within the most recent 12 months, which was $-7.85 Mil.

Hayden Hall (GREY:HYDN) Operating Income Explanation

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

Hayden Hall's annualized ROC % for the quarter that ended in Sep. 2003 is calculated as:

	ROC % (Q: Sep. 2003 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2003 )	+	Invested Capital (Q: Sep. 2003 ))	/ count )
=	-2.448 * ( 1 - -0.48% )	/	( (5.847	+	5.77)	/ 2 )
=	-2.4597504	/	5.8085
=	-42.35 %

where

	Invested Capital		(Q: Jun. 2003 )
=	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	))
=	2.13	-	2.255	-	( 0.233	-	max(0, 6.854	-	0.882	+	0.233	))
=	5.847

	Invested Capital		(Q: Sep. 2003 )
=	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	))
=	1.643	-	2.512	-	( 0.03	-	max(0, 7.169	-	0.53	+	0.03	))
=	5.77

Note: The Operating Income data used here is four times the quarterly (Sep. 2003) data.

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

Hayden Hall's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2003 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2003 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2003		Q: Sep. 2003
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-2.448	/	( ( (0.089 + max(-2.423, 0))	+	(0.044 + max(-2.514, 0)) )	/	2 )
=	-2.448	/	( ( 0.089	+	0.044 )	/	2 )
=	-2.448	/	0.0665
=	-3,681.20 %

where Working Capital is:

	Working Capital		(Q: Jun. 2003 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.47	+	0	+	0.179)	-	(2.255	+	0	+	0.817)
=	-2.423

	Working Capital		(Q: Sep. 2003 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.404	+	0	+	0.096)	-	(2.512	+	0	+	0.502)
=	-2.514

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Sep. 2003) EBIT data.

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

Hayden Hall's Operating Margin % for the quarter that ended in Sep. 2003 is calculated as:

Operating Margin %	=	Operating Income (Q: Sep. 2003 )	/	Revenue (Q: Sep. 2003 )
	=	-0.612	/	0.461
	=	-132.75 %

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.

Hayden Hall Operating Income Related Terms

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Hayden Hall (Hayden Hall) Business Description

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GURUFOCUS.COM » STOCK LIST » Technology » Software » Hayden Hall Inc (GREY:HYDN) » Definitions » Operating Income

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Address

21300 Victory Boulevard, Suite 1200, Woodland Hills, CA, USA, 91367

Website

http://www.vertel.com

Hayden Hall Inc is engaged in designing computer-networking systems and software products. These products form the basis for corporate and other telecommunication networks. The company's product includes internetworking products.

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