Caplease, (FRA:DBJ) Operating Income : €3.9 Mil (TTM As of Jun. 2013)

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What is Caplease, Operating Income?

Caplease,'s Operating Income for the three months ended in Jun. 2013 was €0.4 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2013 was €3.9 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Caplease,'s Operating Income for the three months ended in Jun. 2013 was €0.4 Mil. Caplease,'s Revenue for the three months ended in Jun. 2013 was €34.2 Mil. Therefore, Caplease,'s Operating Margin % for the quarter that ended in Jun. 2013 was 1.02%.

Caplease,'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. Caplease,'s annualized ROC % for the quarter that ended in Jun. 2013 was 0.10%. Caplease,'s annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2013 was 0.12%.

Caplease, Operating Income Historical Data

The historical data trend for Caplease,'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.

Caplease, Operating Income Chart

Caplease, Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Operating Income

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-19.02

-16.57

-1.28

0.10

2.34

Caplease, Quarterly Data
	Sep08	Dec08	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13
Operating Income	Get a 7-Day Free Trial															0.34	0.92	1.06	1.57	0.35

Caplease, 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 Jun. 2013 adds up the quarterly data reported by the company within the most recent 12 months, which was €3.9 Mil.

Caplease, (FRA:DBJ) Operating Income Explanation

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

Caplease,'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: Mar. 2013 )	+	Invested Capital (Q: Jun. 2013 ))	/ count )
=	1.4 * ( 1 - 0% )	/	( (1417.301	+	1424.457)	/ 2 )
=	1.4	/	1420.879
=	0.10 %

where

	Invested Capital		(Q: Mar. 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	))
=	1377.446	-	27.002	-	( 55.483	-	max(0, 122.34	-	55.483	+	55.483	))
=	1417.301

	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	))
=	1381.091	-	24.199	-	( 19.365	-	max(0, 151.413	-	83.848	+	19.365	))
=	1424.457

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

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

Caplease,'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: Mar. 2013		Q: Jun. 2013
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1.4	/	( ( (1190.4 + max(-27.003, 0))	+	(1094.964 + max(28.627, 0)) )	/	2 )
=	1.4	/	( ( 1190.4	+	1123.591 )	/	2 )
=	1.4	/	1156.9955
=	0.12 %

where Working Capital is:

	Working Capital		(Q: Mar. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	0)	-	(27.002	+	0	+	0.0010000000000048)
=	-27.003

	Working Capital		(Q: Jun. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	56.863)	-	(24.199	+	4.037	+	0)
=	28.627

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2013) EBIT data.

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

Caplease,'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 )
	=	0.35	/	34.206
	=	1.02 %

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.

Caplease, Operating Income Related Terms

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

Caplease, (FRA:DBJ) Business Description

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GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Caplease, Inc. (FRA:DBJ) » Definitions » Operating Income

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Address

Website

http://www.caplease.com

CapLease, Inc. was incorporated in Maryland. The Company completed its initial public offering in March 2004. It is a real estate investment trust, or REIT, that invests mainly in single tenant commercial real estate assets subject to long-term leases to high credit quality tenants. It focuses on properties that are subject to a net lease, or a lease that requires the tenant to pay all or substantially all expenses normally associated with the ownership of the property, such as utilities, real estate taxes, insurance and routine maintenance. The Company also has made and expects to continue to make investments in single tenant properties where the owner has exposure to property expenses when it determines it could sufficiently underwrite that exposure and isolate a predictable cash flow. The Company has two complimentary business lines: owning single tenant properties and making first mortgage loans and other debt investments on single tenant properties. It conducts its business through a number of subsidiaries. The Company owns most of its owned properties through its predecessor and operating partnership, Caplease, LP (the 'Operating Partnership'). It is the indirect sole general partner of, and owns approximately 99.6% of the common equity of, the Operating Partnership. The Company is subject to competition in each of its business segments. It competes with specialty finance companies, insurance companies, commercial banks, investment banks, savings and loan associations, mortgage bankers, mutual funds, institutional investors, pension funds, hedge funds, other lenders, governmental bodies and individuals and other entities, including REITs.

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