Umami Sustainable Seafood (Umami Sustainable Seafood) Operating Income : $3.85 Mil (TTM As of Dec. 2012)

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What is Umami Sustainable Seafood Operating Income?

Umami Sustainable Seafood's Operating Income for the three months ended in Dec. 2012 was $3.66 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2012 was $3.85 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Umami Sustainable Seafood's Operating Income for the three months ended in Dec. 2012 was $3.66 Mil. Umami Sustainable Seafood's Revenue for the three months ended in Dec. 2012 was $20.84 Mil. Therefore, Umami Sustainable Seafood's Operating Margin % for the quarter that ended in Dec. 2012 was 17.55%.

Umami Sustainable Seafood'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. Umami Sustainable Seafood's annualized ROC % for the quarter that ended in Dec. 2012 was 58.76%. Umami Sustainable Seafood's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2012 was 10.41%.

Umami Sustainable Seafood Operating Income Historical Data

The historical data trend for Umami Sustainable Seafood'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.

Umami Sustainable Seafood Operating Income Chart

Umami Sustainable Seafood Annual Data

Trend

Feb07

Feb08

Feb09

Feb10

Jun11

Jun12

Operating Income

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-0.02

-0.04

2.60

31.64

Umami Sustainable Seafood Quarterly Data
	Feb08	May08	Aug08	Nov08	Feb09	May09	Aug09	Nov09	Feb10	May10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12
Operating Income	Get a 7-Day Free Trial															24.01	9.27	-4.70	-4.38	3.66

Umami Sustainable Seafood 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 Dec. 2012 adds up the quarterly data reported by the company within the most recent 12 months, which was $3.85 Mil.

Umami Sustainable Seafood (GREY:UMAM) Operating Income Explanation

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

Umami Sustainable Seafood's annualized ROC % for the quarter that ended in Dec. 2012 is calculated as:

	ROC % (Q: Dec. 2012 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2012 )	+	Invested Capital (Q: Dec. 2012 ))	/ count )
=	14.628 * ( 1 - -358.11% )	/	( (116.444	+	111.633)	/ 2 )
=	67.0123308	/	114.0385
=	58.76 %

where

	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	))
=	134.628	-	12.593	-	( 5.591	-	max(0, 68.95	-	94.523	+	5.591	))
=	116.444

	Invested Capital		(Q: Dec. 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	))
=	123.902	-	7.95	-	( 4.319	-	max(0, 73.571	-	83.829	+	4.319	))
=	111.633

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

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

Umami Sustainable Seafood's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2012 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2012 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2012		Q: Dec. 2012
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	8.908	/	( ( (24.391 + max(63.92, 0))	+	(24.342 + max(58.47, 0)) )	/	2 )
=	8.908	/	( ( 88.311	+	82.812 )	/	2 )
=	8.908	/	85.5615
=	10.41 %

where Working Capital is:

	Working Capital		(Q: Sep. 2012 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(18.91	+	62.412	+	3.024)	-	(12.593	+	7.833	+	0)
=	63.92

	Working Capital		(Q: Dec. 2012 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(1.475	+	67.181	+	6.762)	-	(7.95	+	8.998	+	0)
=	58.47

When net working capital is negative, 0 is used.

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

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

Umami Sustainable Seafood's Operating Margin % for the quarter that ended in Dec. 2012 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2012 )	/	Revenue (Q: Dec. 2012 )
	=	3.657	/	20.836
	=	17.55 %

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.

Umami Sustainable Seafood Operating Income Related Terms

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Umami Sustainable Seafood (Umami Sustainable Seafood) Business Description

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GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Umami Sustainable Seafood Inc (GREY:UMAM) » Definitions » Operating Income

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Address

1230 Columbia Street, Suite 440, San Diego, CA, USA, 92101

Website

http://www.umamiseafood.com

Umami Sustainable Seafood Inc owns and operates aquaculture facilities. Its facilities are in the Croatian territorial waters of the Adriatic Sea where it farms Northern Bluefin Tuna ("NBT") for sale primarily into the Japanese sushi and sashimi market.

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