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10/27/15

The real problem with Capstone's (CS.to) 3q15 numbers

Capstone Mining (CS.to) announced its 3q15 financials this evening and while the world goes "oooh" and "aaah" at the fully expected write down (they've plumped for nearly $200m), your humble scribe is drawn to this metric:


They can't even make a profit on the revs minus costs level. Ugh.

UPDATE: And this is the highlight from the MD&A, the "we're not going Ch11 at the moment, promise" bit.



Hamlet, Act 3, Scene 2, line 240