Colombia Energy Resources (Colombia Energy Resources) Operating Income : $-13.36 Mil (TTM As of Sep. 2012)

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What is Colombia Energy Resources Operating Income?

Colombia Energy Resources's Operating Income for the three months ended in Sep. 2012 was $-3.68 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2012 was $-13.36 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Colombia Energy Resources's Operating Income for the three months ended in Sep. 2012 was $-3.68 Mil. Colombia Energy Resources's Revenue for the three months ended in Sep. 2012 was $0.22 Mil. Therefore, Colombia Energy Resources's Operating Margin % for the quarter that ended in Sep. 2012 was -1,679.91%.

Colombia Energy Resources'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. Colombia Energy Resources's annualized ROC % for the quarter that ended in Sep. 2012 was -118.22%. Colombia Energy Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2012 was -120.99%.

Colombia Energy Resources Operating Income Historical Data

The historical data trend for Colombia Energy Resources'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.

* Premium members only.

Colombia Energy Resources Operating Income Chart

Colombia Energy Resources Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Operating Income

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-0.01

-0.03

-0.02

-1.94

-10.02

Colombia Energy Resources Quarterly Data
	Dec07	Mar08	Jun08	Sep08	Dec08	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12
Operating Income	Get a 7-Day Free Trial															-2.97	-2.95	-3.29	-3.45	-3.68

Colombia Energy Resources 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. 2012 adds up the quarterly data reported by the company within the most recent 12 months, which was $-13.36 Mil.

Colombia Energy Resources (OTCPK:CERX) Operating Income Explanation

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

Colombia Energy Resources's annualized ROC % for the quarter that ended in Sep. 2012 is calculated as:

	ROC % (Q: Sep. 2012 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2012 )	+	Invested Capital (Q: Sep. 2012 ))	/ count )
=	-14.716 * ( 1 - 0% )	/	( (13.344	+	11.552)	/ 2 )
=	-14.716	/	12.448
=	-118.22 %

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	))
=	17.291	-	2.024	-	( 2.461	-	max(0, 2.454	-	4.377	+	2.461	))
=	13.344

	Invested Capital		(Q: Sep. 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	))
=	12.447	-	1.803	-	( 0.177	-	max(0, 2.297	-	1.389	+	0.177	))
=	11.552

Note: The Operating Income data used here is four times the quarterly (Sep. 2012) data.

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

Colombia Energy Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2012 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2012 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2012		Q: Sep. 2012
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-14.224	/	( ( (12.684 + max(-0.108, 0))	+	(10.828 + max(-1.085, 0)) )	/	2 )
=	-14.224	/	( ( 12.684	+	10.828 )	/	2 )
=	-14.224	/	11.756
=	-120.99 %

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	+	0.363	+	1.553)	-	(2.024	+	0	+	0)
=	-0.108

	Working Capital		(Q: Sep. 2012 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.221	+	0.224	+	0.767)	-	(1.803	+	0	+	0.494)
=	-1.085

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Sep. 2012) EBIT data.

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

Colombia Energy Resources's Operating Margin % for the quarter that ended in Sep. 2012 is calculated as:

Operating Margin %	=	Operating Income (Q: Sep. 2012 )	/	Revenue (Q: Sep. 2012 )
	=	-3.679	/	0.219
	=	-1,679.91 %

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.

Colombia Energy Resources Operating Income Related Terms

Thank you for viewing the detailed overview of Colombia Energy Resources's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

Colombia Energy Resources (Colombia Energy Resources) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Other Energy Sources » Colombia Energy Resources Inc (OTCPK:CERX) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

N/A

Address

One Embarcadero Center, Suite 500, San Francisco, CA, USA, 94111

Website

Colombia Energy Resources Inc. is engaged in the business of acquiring and developing metallurgical coal mines in Colombia, South America. The Company owns and controls mining concessions in the provinces of Boyaca and Santander regions.

Executives

Watsa V Prem Et Al	10 percent owner	95 WELLINGTON STREET WEST, SUITE 800, TORONTO A6 M5J 2N7
Fairfax Financial Holdings Ltd/ Can	10 percent owner	FAIRFAX FINANCIAL HOLDINGS LTD, 95 WELLINGTON ST WEST STE 800, TORONTO A6 M5J 2N7
Sixty Two Investment Co Ltd	10 percent owner	1600 CATHEDRAL PLACE, 925 W GEORGIA ST, VANCOUVER BC CANADA A1 V6C3L3
Second 1109 Holdco Ltd.	10 percent owner	95 WELLINGTON ST W STE 800, TORONTO A6 M5J 2N7
810679 Ontario Ltd	10 percent owner	95 WELLINGTON STREET WEST SUITE 800, TORONTO ONTARIO CANADA A6 00000
Odyssey America Reinsurance Corp	10 percent owner	300 FIRST STAMFORD PLACE, STAMFORD CT 06902
Steelhead Partners Llc	other: See footnotes (1) (2) (3)	800 FIFTH AVENUE, SUITE 3700, SEATTLE WA 98104
James Michael Johnston	other: See footnotes (1) (2) (3)	333 108TH AVENUE NE, SUITE 2010, BELLEVUE WA 98004
Brian Katz Klein	other: See footnotes (1) (2) (3)	333 108TH AVENUE NE, SUITE 2010, BELLEVUE WA 98004
Steelhead Navigator Master, L.p.	10 percent owner	C/O MAPLES CORPORATE SERVICES LIMITED, UGLAND HOUSE, PO BOX 309, GRAND CAYMAN E9 KY1-1104
Peter B Lilly	other: Former Director	4501 GULF SHORE BLVD N, ARIA 1203, NAPLES FL 34103
Ronald G Stovash	other: Former Officer	16496 FELICITA COURT, NAPLES FL 34110-3264

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