Microwave Filter Co (Microwave Filter Co) Operating Income : $0.13 Mil (TTM As of Jun. 2019)

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What is Microwave Filter Co Operating Income?

Microwave Filter Co's Operating Income for the three months ended in Jun. 2019 was $-0.01 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2019 was $0.13 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Microwave Filter Co's Operating Income for the three months ended in Jun. 2019 was $-0.01 Mil. Microwave Filter Co's Revenue for the three months ended in Jun. 2019 was $0.84 Mil. Therefore, Microwave Filter Co's Operating Margin % for the quarter that ended in Jun. 2019 was -1.55%.

Microwave Filter Co'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. Microwave Filter Co's annualized ROC % for the quarter that ended in Jun. 2019 was -5.16%. Microwave Filter Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2019 was -6.02%.

Microwave Filter Co Operating Income Historical Data

The historical data trend for Microwave Filter Co'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.

Microwave Filter Co Operating Income Chart

Microwave Filter Co Annual Data

Trend

Sep09

Sep10

Sep11

Sep12

Sep13

Sep14

Sep15

Sep16

Sep17

Sep18

Operating Income

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0.05

-0.20

-0.03

-0.25

-0.01

Microwave Filter Co Quarterly Data
	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19
Operating Income	Get a 7-Day Free Trial															-0.02	0.12	-0.06	0.08	-0.01

Microwave Filter Co 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. 2019 adds up the quarterly data reported by the company within the most recent 12 months, which was $0.13 Mil.

Microwave Filter Co (OTCPK:MFCO) Operating Income Explanation

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

Microwave Filter Co's annualized ROC % for the quarter that ended in Jun. 2019 is calculated as:

	ROC % (Q: Jun. 2019 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Mar. 2019 )	+	Invested Capital (Q: Jun. 2019 ))	/ count )
=	-0.052 * ( 1 - 0% )	/	( (0.96	+	1.054)	/ 2 )
=	-0.052	/	1.007
=	-5.16 %

where

	Invested Capital		(Q: Mar. 2019 )
=	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	))
=	1.764	-	0.176	-	( 0.628	-	max(0, 0.357	-	1.467	+	0.628	))
=	0.96

	Invested Capital		(Q: Jun. 2019 )
=	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	))
=	1.743	-	0.151	-	( 0.538	-	max(0, 0.361	-	1.459	+	0.538	))
=	1.054

Note: The Operating Income data used here is four times the quarterly (Jun. 2019) data.

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

Microwave Filter Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2019 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Jun. 2019 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2019		Q: Jun. 2019
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-0.052	/	( ( (0.297 + max(0.534, 0))	+	(0.284 + max(0.613, 0)) )	/	2 )
=	-0.052	/	( ( 0.831	+	0.897 )	/	2 )
=	-0.052	/	0.864
=	-6.02 %

where Working Capital is:

	Working Capital		(Q: Mar. 2019 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.358	+	0.431	+	0.05)	-	(0.176	+	0.031	+	0.098)
=	0.534

	Working Capital		(Q: Jun. 2019 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.391	+	0.496	+	0.034)	-	(0.151	+	0.052	+	0.105)
=	0.613

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2019) EBIT data.

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

Microwave Filter Co's Operating Margin % for the quarter that ended in Jun. 2019 is calculated as:

Operating Margin %	=	Operating Income (Q: Jun. 2019 )	/	Revenue (Q: Jun. 2019 )
	=	-0.013	/	0.841
	=	-1.55 %

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.

Microwave Filter Co Operating Income Related Terms

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Microwave Filter Co (Microwave Filter Co) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Microwave Filter Co Inc (OTCPK:MFCO) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

N/A

Address

6743 Kinne Street, East Syracuse, Syracuse, NY, USA, 13057

Website

https://www.microwavefilter.com

Microwave Filter Co Inc operates in the United States and principally in one Industry. The Company extends credit to business customers, including original equipment manufacturers (OEMs), distributors and other end users, based upon ongoing credit evaluations. MFC designs, develops, manufactures and sells electronic filters, both for radio and microwave frequencies, to help process signal distribution and to prevent unwanted signals from disrupting transmit or receive operations. Markets served include 5G, cable television, television and radio broadcast, satellite broadcast, mobile radio and commercial and defense electronics.

Executives

Hummingbird Value Fund Lp	other: See explanation of responses	145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Hummingbird Management Llc	other: See explanation of responses	145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Paul D Sonkin	other: See explanation of responses	145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Hummingbird Capital Llc	other: See explanation of responses	145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Tarsier Nanocap Value Fund, Lp	other: See explanation of responses	C/O HUMMINGBIRD MANAGEMENT, LLC, 145 E. 57TH STREET, 8TH FLOOR, NEW YORK NY 10022
Christopher N Argyrople	10 percent owner	50 MILK STREET, 21ST FLOOR, BOSTON MA 02109

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