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Headwater Exploration Inc
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Let's analyse Headwater Exploration Inc

Let's start. I'm going to help you getting a better view of Headwater Exploration Inc. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

  1. Company's Financial Health
    A deep dive into the books. How are the numbers doing? Is Headwater Exploration Inc even making a profit? Is the company skyrocketing? Or is it sinking like the Titanic. The trend is your friend.
  2. Market Valuation
    Finally, you now have an insight of how Headwater Exploration Inc is doing in the market. If the company is worth buying. The latest step is to find out how other investors value Headwater Exploration Inc. The closing price on 2023-02-03 was C$6.31 per share. Is the company over- or underpriced?
  3. Key Performance Indicators
    A total overlook on how the company is doing. Based on the (trends in) the key performance indicators.
Headwater Exploration Inc Daily Candlestick Chart
Headwater Exploration Inc Daily Candlestick Chart
Summary









1. Valuation of Headwater Exploration Inc




Current price per share

C$6.31

2. Growth of Headwater Exploration Inc




Is Headwater Exploration Inc growing?

Current yearPrevious yearGrowGrow %
How rich?$391.3m$203.1m$142.7m41.3%

How much money is Headwater Exploration Inc making?

Current yearPrevious yearGrowGrow %
Making money$27.9m$6.4m$21.5m76.8%
Net Profit Margin36.9%67.2%--

How much money comes from the company's main activities?

3. Financial Health of Headwater Exploration Inc




Comparing to competitors in the Oil & Gas E&P industry




  Industry Rankings (Oil & Gas E&P)  


Richest
#120 / 422

Most Revenue
#139 / 422

Most Profit
#131 / 422


Summary

Financial Health

Profitability Details
 Compared to previous yearCompared to industry
The company is making a huge profit.
Using its assets, the company is efficient in making profit.
Using its investors money, the company is less efficient in making profit.
Operating Efficiency Details
 Compared to previous yearCompared to industry
The company is operating very efficient.
The company is less efficient in keeping operating costs low.
Liquidity Details
 Compared to previous yearCompared to industry
The company is able to pay all its short-term debts.
The company is very able to pay all its short-term debts with the most liquid assets.
Solvency Details
 Compared to previous yearCompared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

1.1. Profitability of Headwater Exploration Inc.

1.1. Profitability
1.1.1. Net Profit Margin

Measures how much net profit Headwater Exploration Inc earns for each $1 of revenue.

  • Above 10% is considered healthy but always compare Headwater Exploration Inc to the Oil & Gas E&P industry mean.
  • A Net Profit Margin of 31.7% means that $0.32 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Headwater Exploration Inc:

  • The MRQ is 31.7%. The company is making a huge profit. +2
  • The TTM is 36.9%. The company is making a huge profit. +2
Trends
Current periodCompared to+/- 
MRQ31.7%TTM36.9%-5.3%
TTM36.9%YOY67.2%-30.2%
TTM36.9%5Y-4.0%+41.0%
5Y-4.0%10Y-159.4%+155.4%
Compared to industry (Oil & Gas E&P)
PeriodCompanyIndustry (mean)+/- 
MRQ31.7%25.7%+6.0%
TTM36.9%18.6%+18.3%
YOY67.2%-10.0%+77.2%
5Y-4.0%-23.1%+19.1%
10Y-159.4%-30.7%-128.7%
1.1.2. Return on Assets

Shows how efficient Headwater Exploration Inc is using its assets to generate profit.

  • Above 5% is considered healthy but always compare Headwater Exploration Inc to the Oil & Gas E&P industry mean.
  • 4.6% Return on Assets means that Headwater Exploration Inc generated $0.05 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Headwater Exploration Inc:

  • The MRQ is 4.6%. Using its assets, the company is less efficient in making profit.
  • The TTM is 6.4%. Using its assets, the company is efficient in making profit. +1
Trends
Current periodCompared to+/- 
MRQ4.6%TTM6.4%-1.8%
TTM6.4%YOY2.4%+4.0%
TTM6.4%5Y2.1%+4.3%
5Y2.1%10Y-1.0%+3.0%
Compared to industry (Oil & Gas E&P)
PeriodCompanyIndustry (mean)+/- 
MRQ4.6%3.0%+1.6%
TTM6.4%2.4%+4.0%
YOY2.4%-0.9%+3.3%
5Y2.1%-1.1%+3.2%
10Y-1.0%-1.3%+0.3%
1.1.3. Return on Equity

Shows how efficient Headwater Exploration Inc is using its investors money to generate profit.

  • Above 15%-20% is considered healthy but always compare Headwater Exploration Inc to the Oil & Gas E&P industry mean.
  • 6.0% Return on Equity means Headwater Exploration Inc generated $0.06 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Headwater Exploration Inc:

  • The MRQ is 6.0%. Using its investors money, the company is less efficient in making profit.
  • The TTM is 8.1%. Using its investors money, the company is less efficient in making profit.
Trends
Current periodCompared to+/- 
MRQ6.0%TTM8.1%-2.1%
TTM8.1%YOY3.0%+5.2%
TTM8.1%5Y2.0%+6.1%
5Y2.0%10Y1.0%+1.0%
Compared to industry (Oil & Gas E&P)
PeriodCompanyIndustry (mean)+/- 
MRQ6.0%6.6%-0.6%
TTM8.1%5.3%+2.8%
YOY3.0%-1.1%+4.1%
5Y2.0%-1.6%+3.6%
10Y1.0%-1.7%+2.7%

1.2. Operating Efficiency of Headwater Exploration Inc.

1.2. Operating Efficiency
1.2.1. Operating Margin

Measures how efficient Headwater Exploration Inc is operating .

  • Measures how much profit Headwater Exploration Inc makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
  • Above 15% is considered healthy but always compare Headwater Exploration Inc to the Oil & Gas E&P industry mean.
  • An Operating Margin of 40.6% means the company generated $0.41  for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Headwater Exploration Inc:

  • The MRQ is 40.6%. The company is operating very efficient. +2
  • The TTM is 48.5%. The company is operating very efficient. +2
Trends
Current periodCompared to+/- 
MRQ40.6%TTM48.5%-7.9%
TTM48.5%YOY63.6%-15.1%
TTM48.5%5Y-14.9%+63.3%
5Y-14.9%10Y-157.5%+142.6%
Compared to industry (Oil & Gas E&P)
PeriodCompanyIndustry (mean)+/- 
MRQ40.6%34.0%+6.6%
TTM48.5%18.9%+29.6%
YOY63.6%-9.9%+73.5%
5Y-14.9%-16.4%+1.5%
10Y-157.5%-26.5%-131.0%
1.2.2. Operating Ratio

Measures how efficient Headwater Exploration Inc is keeping operating costs low.

  • Below 1 is considered healthy (always compare to Oil & Gas E&P industry mean).
  • An Operation Ratio of 1.06 means that the operating costs are $1.06 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Headwater Exploration Inc:

  • The MRQ is 1.065. The company is inefficient in keeping operating costs low. -1
  • The TTM is 0.887. The company is less efficient in keeping operating costs low.
Trends
Current periodCompared to+/- 
MRQ1.065TTM0.887+0.178
TTM0.887YOY1.103-0.217
TTM0.8875Y1.170-0.284
5Y1.17010Y1.887-0.717
Compared to industry (Oil & Gas E&P)
PeriodCompanyIndustry (mean)+/- 
MRQ1.0650.782+0.283
TTM0.8870.830+0.057
YOY1.1031.103+0.000
5Y1.1701.158+0.012
10Y1.8871.177+0.710

1.3. Liquidity of Headwater Exploration Inc.

1.3. Liquidity
1.3.1. Current Ratio

Measures if Headwater Exploration Inc is able to pay off Short-term Debt.

  • Above 1.5 is considered healthy (always compare to Oil & Gas E&P industry mean).
  • A Current Ratio of 2.15 means the company has $2.15 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Headwater Exploration Inc:

  • The MRQ is 2.154. The company is able to pay all its short-term debts. +1
  • The TTM is 2.315. The company is able to pay all its short-term debts. +1
Trends
Current periodCompared to+/- 
MRQ2.154TTM2.315-0.161
TTM2.315YOY2.481-0.166
TTM2.3155Y35.198-32.883
5Y35.19810Y31.372+3.826
Compared to industry (Oil & Gas E&P)
PeriodCompanyIndustry (mean)+/- 
MRQ2.1541.132+1.022
TTM2.3151.097+1.218
YOY2.4811.113+1.368
5Y35.1981.238+33.960
10Y31.3721.306+30.066
1.3.2. Quick Ratio

Measures if Headwater Exploration Inc is able to pay off Short-term Debt but only using the most liquid assets.

  • Above 1 is considered healthy but always compare Headwater Exploration Inc to the Oil & Gas E&P industry mean.
  • A Quick Ratio of 2.07 means the company can pay off $2.07 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Headwater Exploration Inc:

  • The MRQ is 2.074. The company is very able to pay all its short-term debts with the most liquid assets. +2
  • The TTM is 2.229. The company is very able to pay all its short-term debts with the most liquid assets. +2
Trends
Current periodCompared to+/- 
MRQ2.074TTM2.229-0.155
TTM2.229YOY2.413-0.184
TTM2.2295Y29.435-27.206
5Y29.43510Y15.299+14.136
Compared to industry (Oil & Gas E&P)
PeriodCompanyIndustry (mean)+/- 
MRQ2.0740.568+1.506
TTM2.2290.530+1.699
YOY2.4130.551+1.862
5Y29.4350.615+28.820
10Y15.2990.627+14.672

1.4. Solvency of Headwater Exploration Inc.

1.3. Liquidity
1.4.1. Debt to Asset Ratio

Measures how much % of Headwater Exploration Inc assets are financed with debt.

  • Below 1 (100%) is considered healthy but always compare Headwater Exploration Inc to Oil & Gas E&P industry mean.
  • A Debt to Asset Ratio of 0.23 means that Headwater Exploration Inc assets are financed with 23.5% credit (debt) and the remaining percentage (100% - 23.5%) is financed by its owners/shareholders. 

Let's take a look of the Debt to Asset Ratio trends of Headwater Exploration Inc:

  • The MRQ is 0.235. The company is very able to pay all its debts by selling its assets. +2
  • The TTM is 0.211. The company is very able to pay all its debts by selling its assets. +2
Trends
Current periodCompared to+/- 
MRQ0.235TTM0.211+0.023
TTM0.211YOY0.219-0.008
TTM0.2115Y0.143+0.069
5Y0.14310Y0.108+0.035
Compared to industry (Oil & Gas E&P)
PeriodCompanyIndustry (mean)+/- 
MRQ0.2350.421-0.186
TTM0.2110.442-0.231
YOY0.2190.488-0.269
5Y0.1430.471-0.328
10Y0.1080.441-0.333
1.4.2. Debt to Equity Ratio

Measures if Headwater Exploration Inc is able to pay off its debts by using shareholders equity.

  • Below 2 is considered healthy but always compare Headwater Exploration Inc to the Oil & Gas E&P industry mean.
  • A Debt to Equity ratio of 30.7% means that company has $0.31 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Headwater Exploration Inc:

  • The MRQ is 0.307. The company is very able to pay all its debts with equity. +2
  • The TTM is 0.268. The company is very able to pay all its debts with equity. +2
Trends
Current periodCompared to+/- 
MRQ0.307TTM0.268+0.038
TTM0.268YOY0.289-0.021
TTM0.2685Y0.148+0.121
5Y0.14810Y0.074+0.074
Compared to industry (Oil & Gas E&P)
PeriodCompanyIndustry (mean)+/- 
MRQ0.3070.660-0.353
TTM0.2680.702-0.434
YOY0.2890.755-0.466
5Y0.1480.772-0.624
10Y0.0740.675-0.601

2. Market Valuation of Headwater Exploration Inc

2. Earnings Per Share
2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Headwater Exploration Inc generates.

  • Above 15 is considered overpriced but always compare Headwater Exploration Inc to the Oil & Gas E&P industry mean.
  • A PE ratio of 38.34 means the investor is paying $38.34 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Headwater Exploration Inc:

  • The EOD is 45.989. Good. +1
  • The MRQ is 38.337. Good. +1
  • The TTM is 35.602. Good. +1
Trends
Current periodCompared to+/- 
EOD45.989MRQ38.337+7.653
MRQ38.337TTM35.602+2.734
TTM35.602YOY55.191-19.589
TTM35.6025Y-27.837+63.439
5Y-27.83710Y-51.724+23.887
Compared to industry (Oil & Gas E&P)
PeriodCompanyIndustry (mean)+/- 
EOD45.98910.115+35.874
MRQ38.3379.595+28.742
TTM35.6025.246+30.356
YOY55.191-8.797+63.988
5Y-27.837-3.062-24.775
10Y-51.724-4.047-47.677
2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Headwater Exploration Inc.

  • Lower is better.
  • A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of Headwater Exploration Inc:

  • The MRQ is 58.835. Seems overpriced? -1
  • The TTM is 36.168. Seems overpriced? -1
Trends
Current periodCompared to+/- 
MRQ58.835TTM36.168+22.667
TTM36.168YOY48.839-12.671
TTM36.1685Y313.668-277.500
5Y313.66810Y1,733.054-1,419.386
Compared to industry (Oil & Gas E&P)
PeriodCompanyIndustry (mean)+/- 
MRQ58.8350.111+58.724
TTM36.1680.036+36.132
YOY48.8390.023+48.816
5Y313.6680.024+313.644
10Y1,733.0540.023+1,733.031

2. Book Value per Share
2.3. Price to Book Ratio

Measures if the stock price of Headwater Exploration Inc is to cheap or to expensive compared to its book value.

  • At or below 1 is considered healthy (always compare to Oil & Gas E&P industry mean).
  • A PB ratio of 2.30 means the investor is paying $2.30 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Headwater Exploration Inc:

  • The EOD is 2.763. Good. +1
  • The MRQ is 2.303. Good. +1
  • The TTM is 2.816. Good. +1
Trends
Current periodCompared to+/- 
EOD2.763MRQ2.303+0.460
MRQ2.303TTM2.816-0.512
TTM2.816YOY3.203-0.387
TTM2.8165Y2.104+0.712
5Y2.10410Y1.719+0.384
Compared to industry (Oil & Gas E&P)
PeriodCompanyIndustry (mean)+/- 
EOD2.7631.588+1.175
MRQ2.3031.544+0.759
TTM2.8161.687+1.129
YOY3.2031.085+2.118
5Y2.1041.111+0.993
10Y1.7191.106+0.613
2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Headwater Exploration Inc compared to the Most Recent Quarter (MRQ).

 End of day+/-Most Recent QuarterTrailing 12 Months+/-Year-Over-Year+/-5 Year+/-10 Year+/-
Book Value Change Per Share--0.1430.250-43%0.153-6%0.093+54%0.036+293%
Book Value Growth--1.0671.159-8%1.209-12%1.100-3%1.038+3%
Book Value Per Share--2.2842.018+13%1.185+93%0.962+137%0.778+193%
Book Value Per Share Growth--1.0671.159-8%1.209-12%1.100-3%1.038+3%
Current Ratio--2.1542.315-7%2.481-13%35.198-94%31.372-93%
Debt To Asset Ratio--0.2350.211+11%0.219+7%0.143+64%0.108+117%
Debt To Equity Ratio--0.3070.268+14%0.289+6%0.148+107%0.074+315%
Dividend Per Share----0%-0%-0%-0%
Eps--0.1370.163-16%0.038+262%0.042+230%0.011+1206%
Eps Growth--0.6521.095-41%4.778-86%1.572-59%-3.588+651%
Free Cash Flow Per Share--0.0050.032-86%-0.069+1597%-0.004+188%-0.001+124%
Free Cash Flow Per Share Growth--0.021-2.048+10017%-20.133+97587%-3.284+16001%-0.922+4564%
Free Cash Flow To Equity Per Share--0.0250.071-65%-0.063+357%0.016+58%0.009+181%
Free Cash Flow To Equity Per Share Growth--0.1082.212-95%-18.217+16957%3.276-97%2.266-95%
Gross Profit Margin--1.0001.0000%1.0000%1.0000%1.0000%
Intrinsic Value_10Y_max--8.779--------
Intrinsic Value_10Y_min---0.633--------
Intrinsic Value_1Y_max--0.238--------
Intrinsic Value_1Y_min---0.051--------
Intrinsic Value_3Y_max--1.205--------
Intrinsic Value_3Y_min---0.164--------
Intrinsic Value_5Y_max--2.761--------
Intrinsic Value_5Y_min---0.290--------
Net Profit Margin--0.3170.369-14%0.672-53%-0.040+113%-1.594+603%
Operating Margin--0.4060.485-16%0.636-36%-0.149+137%-1.575+488%
Operating Ratio--1.0650.887+20%1.103-3%1.170-9%1.887-44%
Pb Ratio2.763+17%2.3032.816-18%3.203-28%2.104+10%1.719+34%
Pe Ratio45.989+17%38.33735.602+8%55.191-31%-27.837+173%-51.724+235%
Peg Ratio--58.83536.168+63%48.839+20%313.668-81%1733.054-97%
Price Per Share6.310+17%5.2605.613-6%3.803+38%2.373+122%1.598+229%
Price To Total Gains Ratio44.148+17%36.80126.982+36%14.702+150%-32.694+189%-169.499+561%
Profit Growth--0.6521.095-41%4.778-86%1.572-59%-3.588+651%
Quick Ratio--2.0742.229-7%2.413-14%29.435-93%15.299-86%
Return On Assets--0.0460.064-28%0.024+92%0.021+123%-0.010+121%
Return On Equity--0.0600.081-26%0.030+103%0.020+199%0.010+497%
Revenue Growth--0.7651.248-39%2.223-66%1.166-34%1.208-37%
Total Gains Per Share--0.1430.250-43%0.153-6%0.093+54%0.036+293%
Total Gains Per Share Growth--0.6441.496-57%24.841-97%7.346-91%-9.227+1532%
Usd Book Value--391339472.400345882371.500+13%203160633.500+93%164902605.800+137%133375540.100+193%
Usd Book Value Change Per Share--0.1070.186-43%0.114-6%0.069+54%0.027+293%
Usd Book Value Per Share--1.7021.504+13%0.884+93%0.717+137%0.580+193%
Usd Dividend Per Share----0%-0%-0%-0%
Usd Eps--0.1020.122-16%0.028+262%0.031+230%0.008+1206%
Usd Free Cash Flow--789378.6005549130.300-86%-11818876.050+1597%-697694.400+188%-186275.460+124%
Usd Free Cash Flow Per Share--0.0030.024-86%-0.051+1597%-0.003+188%-0.001+124%
Usd Free Cash Flow To Equity Per Share--0.0180.053-65%-0.047+357%0.012+58%0.007+181%
Usd Price Per Share4.703+17%3.9214.184-6%2.834+38%1.769+122%1.191+229%
Usd Profit--23513643.00027998528.450-16%6488707.000+262%7116855.580+230%1800979.575+1206%
Usd Revenue--74232149.80077033363.000-4%22786691.650+226%21168204.630+251%12145044.455+511%
Usd Total Gains Per Share--0.1070.186-43%0.114-6%0.069+54%0.027+293%
 EOD+2 -3MRQTTM+7 -32YOY+21 -185Y+25 -1410Y+30 -9

3.2. Fundamental Score

Let's check the fundamental score of Headwater Exploration Inc based on Penke's default stock scanner.

Penke's Stock Scanner

  
  
IndicatorConditionValue
Price to Earnings Ratio (EOD)Between0-1545.989
Price to Book Ratio (EOD)Between0-12.763
Net Profit Margin (MRQ)Greater than00.317
Operating Margin (MRQ)Greater than00.406
Quick Ratio (MRQ)Greater than12.074
Current Ratio (MRQ)Greater than12.154
Debt to Asset Ratio (MRQ)Less than10.235
Debt to Equity Ratio (MRQ)Less than10.307
Return on Equity (MRQ)Greater than0.150.060
Return on Assets (MRQ)Greater than0.050.046
Total6/10 (60.0%)

3.3. Technical Score

Let's check the technical score of Headwater Exploration Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

  
  
IndicatorConditionValue
RsiGreater than5056.099
Ma 20Greater thanMa 506.173
Ma 50Greater thanMa 1005.987
Ma 100Greater thanMa 2006.158
OpenGreater thanClose6.230
Total2/5 (40.0%)



Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

 2021-09-302021-12-312022-03-312022-06-302022-09-30
Retained Earnings  -119,78027,927-91,85342,363-49,49048,412-1,07831,54530,467



Latest Balance Sheet

Balance Sheet of 2022-09-30. Currency in CAD. All numbers in thousands.

Summary
Total Assets685,949
Total Liabilities160,943
Total Stockholder Equity525,006
 As reported
Total Liabilities 160,943
Total Stockholder Equity+ 525,006
Total Assets = 685,949

Assets

Total Assets685,949
Total Current Assets211,614
Long-term Assets211,614
Total Current Assets
Cash And Cash Equivalents 167,421
Net Receivables 36,346
Inventory 1,153
Other Current Assets 6,061
Total Current Assets  (as reported)211,614
Total Current Assets  (calculated)210,981
+/- 633
Long-term Assets
Property Plant Equipment 473,329
Other Assets 1,006
Long-term Assets  (as reported)474,335
Long-term Assets  (calculated)474,335
+/-0

Liabilities & Shareholders' Equity

Total Current Liabilities98,233
Long-term Liabilities62,710
Total Stockholder Equity525,006
Total Current Liabilities
Accounts payable 74,676
Other Current Liabilities 22,139
Total Current Liabilities  (as reported)98,233
Total Current Liabilities  (calculated)96,815
+/- 1,418
Long-term Liabilities
Long term Debt Total 328
Other Liabilities 62,382
Long-term Liabilities  (as reported)62,710
Long-term Liabilities  (calculated)62,710
+/-0
Total Stockholder Equity
Common Stock476,632
Retained Earnings 30,467
Capital Surplus 16,674
Other Stockholders Equity 1,233
Total Stockholder Equity (as reported)525,006
Total Stockholder Equity (calculated)525,006
+/-0
Other
Capital Stock476,632
Cash And Equivalents167,421
Cash and Short Term Investments 167,421
Common Stock Shares Outstanding 229,911
Liabilities and Stockholders Equity 685,949
Net Invested Capital 525,006
Net Tangible Assets 525,006
Net Working Capital 113,381



Balance Sheet

Currency in CAD. All numbers in thousands.

 Trend2022-09-302022-06-302022-03-312021-12-312021-09-302021-06-302021-03-312020-12-312020-09-302020-06-302020-03-312019-12-312019-09-302019-06-302019-03-312018-12-312018-09-302018-06-302018-03-312017-12-312017-09-302017-06-302017-03-312016-12-312016-09-302016-06-302016-03-312015-12-312015-09-302015-06-302015-03-312014-12-312014-09-302014-06-302014-03-312013-12-312013-09-302013-06-302013-03-312012-12-312012-09-302012-06-302012-03-312011-12-312011-09-302011-06-302011-03-312010-12-312010-09-302010-06-302010-03-312009-12-312009-09-302009-06-302009-03-312008-12-312008-09-302008-06-302008-03-312007-12-312007-09-302007-06-302007-03-312006-06-302006-03-312005-12-312005-09-302005-06-302005-03-312004-12-312004-09-302004-06-302004-03-312003-12-312003-09-302003-06-302003-03-312002-12-312002-09-302002-06-302002-03-312001-12-312001-09-302001-06-302001-03-312000-12-312000-09-30
> Total Assets 
4,219
7,997
8,032
16,432
16,967
16,431
16,190
17,242
19,984
19,806
18,900
17,356
19,076
21,807
23,433
22,725
23,209
34,103
37,158
66,980
73,480
73,561
108,807
126,052
165,452
236,792
261,287
240,187
242,483
286,494
306,811
321,398
318,840
306,603
306,790
300,605
300,309
297,818
296,352
289,748
301,260
296,928
295,392
204,017
200,885
199,345
198,100
157,978
159,957
159,838
158,419
181,262
183,985
190,658
204,192
166,267
167,926
167,791
166,312
133,066
134,424
92,783
92,149
104,618
105,316
103,508
107,849
124,360
127,921
117,773
116,449
125,301
127,927
127,408
126,626
128,271
169,620
169,376
168,791
300,685
343,613
352,684
410,825
488,807
559,019
625,679
685,949
685,949625,679559,019488,807410,825352,684343,613300,685168,791169,376169,620128,271126,626127,408127,927125,301116,449117,773127,921124,360107,849103,508105,316104,61892,14992,783134,424133,066166,312167,791167,926166,267204,192190,658183,985181,262158,419159,838159,957157,978198,100199,345200,885204,017295,392296,928301,260289,748296,352297,818300,309300,605306,790306,603318,840321,398306,811286,494242,483240,187261,287236,792165,452126,052108,80773,56173,48066,98037,15834,10323,20922,72523,43321,80719,07617,35618,90019,80619,98417,24216,19016,43116,96716,4328,0327,9974,219
   > Total Current Assets 
585
4,759
3,098
5,216
3,209
5,352
4,646
4,640
5,739
2,438
805
1,258
2,513
3,608
3,010
1,787
1,717
12,829
10,645
33,602
22,800
14,297
46,621
44,217
20,697
65,009
69,122
24,853
14,455
48,707
48,725
51,876
35,613
24,798
20,419
16,663
17,523
13,074
9,554
7,338
11,485
13,772
13,935
12,980
11,250
11,108
10,480
11,699
16,328
16,370
17,178
20,065
26,198
38,821
34,422
24,627
28,887
27,610
26,753
27,557
30,647
30,067
29,943
30,543
34,066
32,218
50,185
51,008
58,534
57,589
56,510
59,691
65,127
64,534
62,967
66,412
115,598
114,767
113,637
85,167
96,484
97,019
109,335
147,720
153,900
209,015
211,614
211,614209,015153,900147,720109,33597,01996,48485,167113,637114,767115,59866,41262,96764,53465,12759,69156,51057,58958,53451,00850,18532,21834,06630,54329,94330,06730,64727,55726,75327,61028,88724,62734,42238,82126,19820,06517,17816,37016,32811,69910,48011,10811,25012,98013,93513,77211,4857,3389,55413,07417,52316,66320,41924,79835,61351,87648,72548,70714,45524,85369,12265,00920,69744,21746,62114,29722,80033,60210,64512,8291,7171,7873,0103,6082,5131,2588052,4385,7394,6404,6465,3523,2095,2163,0984,759585
       Cash And Cash Equivalents 
460
4,521
1,015
2,369
1,520
4,808
3,144
4,452
5,467
2,014
211
962
2,191
3,176
1,879
3
864
11,962
9,275
27,778
17,275
9,339
43,995
42,287
14,755
59,809
62,355
14,379
2,833
40,962
39,499
34,313
22,011
19,122
14,350
8,484
13,797
8,847
5,693
865
7,809
9,170
7,367
6,396
7,769
7,958
7,730
8,014
12,523
14,181
15,240
15,514
21,349
35,689
30,730
19,207
23,563
24,047
23,291
24,059
27,206
27,175
27,784
27,272
30,669
30,755
48,892
46,177
54,950
56,093
55,378
53,652
60,659
61,629
61,253
60,957
111,634
81,944
112,672
76,772
81,643
79,923
84,132
114,703
94,803
144,836
167,421
167,421144,83694,803114,70384,13279,92381,64376,772112,67281,944111,63460,95761,25361,62960,65953,65255,37856,09354,95046,17748,89230,75530,66927,27227,78427,17527,20624,05923,29124,04723,56319,20730,73035,68921,34915,51415,24014,18112,5238,0147,7307,9587,7696,3967,3679,1707,8098655,6938,84713,7978,48414,35019,12222,01134,31339,49940,9622,83314,37962,35559,80914,75542,28743,9959,33917,27527,7789,27511,96286431,8793,1762,1919622112,0145,4674,4523,1444,8081,5202,3691,0154,521460
       Short-term Investments 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30,847
0
0
0
0
0
0
0
0
0
00000000030,84700000000000000000000000000000000000000000000000000000000000000000000000000000
       Net Receivables 
74
158
394
2,825
1,668
512
1,465
150
215
385
561
260
295
393
1,071
1,467
552
557
967
5,174
4,989
4,622
2,328
1,625
3,264
2,674
5,180
8,342
9,440
6,956
8,599
17,044
12,660
3,861
4,402
6,709
2,880
3,027
2,971
5,741
2,535
1,939
3,426
3,457
1,636
1,234
971
2,114
1,853
1,114
987
3,237
3,210
1,215
1,942
3,351
3,087
1,251
1,289
1,563
1,287
706
395
2,169
2,069
152
136
3,927
2,481
320
120
5,193
3,453
1,647
737
4,488
2,502
516
228
5,549
13,210
15,644
22,241
30,601
49,624
56,113
36,346
36,34656,11349,62430,60122,24115,64413,2105,5492285162,5024,4887371,6473,4535,1931203202,4813,9271361522,0692,1693957061,2871,5631,2891,2513,0873,3511,9421,2153,2103,2379871,1141,8532,1149711,2341,6363,4573,4261,9392,5355,7412,9713,0272,8806,7094,4023,86112,66017,0448,5996,9569,4408,3425,1802,6743,2641,6252,3284,6224,9895,1749675575521,4671,0713932952605613852151501,4655121,6682,82539415874
       Other Current Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,220
1,457
1,351
2,161
1,030
879
350
1,901
590
469
1,598
1,120
5,915
5,480
6,061
6,0615,4805,9151,1201,5984695901,9013508791,0302,1611,3511,4571,220000000000000000000000000000000000000000000000000000000000000000000000000
   > Long-term Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
62,800
62,874
63,659
61,859
54,022
54,609
55,154
215,518
247,129
255,665
301,490
341,087
405,119
416,664
474,335
474,335416,664405,119341,087301,490255,665247,129215,51855,15454,60954,02261,85963,65962,87462,800000000000000000000000000000000000000000000000000000000000000000000000000
       Property Plant Equipment 
3,300
2,603
4,299
10,581
13,123
10,444
10,909
11,967
13,425
16,508
17,441
15,462
15,956
17,363
19,599
20,610
21,203
21,005
26,259
33,287
50,678
59,262
62,184
81,835
144,755
171,783
190,815
213,954
226,648
236,407
256,706
268,142
281,847
280,033
284,760
281,060
279,913
281,546
283,525
279,172
220,442
213,145
210,381
184,693
182,861
180,748
179,632
122,870
121,050
119,817
117,246
145,381
139,638
128,062
144,312
104,766
103,662
103,187
102,151
79,732
77,696
48,309
47,803
59,694
56,914
56,929
57,217
70,487
68,915
57,334
57,101
61,184
59,827
59,729
60,081
58,223
50,736
51,323
51,868
215,183
246,794
255,330
301,155
340,752
404,784
415,658
473,329
473,329415,658404,784340,752301,155255,330246,794215,18351,86851,32350,73658,22360,08159,72959,82761,18457,10157,33468,91570,48757,21756,92956,91459,69447,80348,30977,69679,732102,151103,187103,662104,766144,312128,062139,638145,381117,246119,817121,050122,870179,632180,748182,861184,693210,381213,145220,442279,172283,525281,546279,913281,060284,760280,033281,847268,142256,706236,407226,648213,954190,815171,783144,75581,83562,18459,26250,67833,28726,25921,00521,20320,61019,59917,36315,95615,46217,44116,50813,42511,96710,90910,44413,12310,5814,2992,6033,300
       Intangible Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
392
381
425
416
417
405
0
381
369
357
0
333
0
0
297
0
0
0
0
236
224
212
200
187
175
163
151
139
127
115
103
91
79
67
0
43
31
19
7
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0000000000000037193143067799110311512713915116317518720021222423600002970033303573693810405417416425381392000000000000000000000000000000000
       Other Assets 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,970
3,145
3,578
3,636
3,286
3,286
3,286
335
335
335
335
335
335
1,006
1,006
1,0061,0063353353353353353353,2863,2863,2863,6363,5783,1452,970000000000000000000000000000000000000000000000000000000000000000000000000
> Total Liabilities 
703
1,272
1,185
1,990
2,539
4,483
3,915
4,671
6,966
6,435
5,509
4,935
5,244
5,487
6,892
5,791
5,992
5,729
8,417
8,946
12,622
11,823
8,050
24,562
36,062
44,332
67,400
39,764
41,459
27,802
43,824
49,717
44,349
31,829
35,141
30,587
30,826
30,381
30,918
26,200
29,375
28,763
29,190
8,881
7,020
7,438
7,573
9,177
8,959
8,278
7,759
9,863
8,428
8,623
22,215
11,997
9,840
10,077
9,630
10,248
10,239
10,155
10,718
10,814
9,593
9,247
9,718
12,619
10,594
10,566
10,971
13,601
13,159
13,260
13,834
13,961
12,385
12,990
13,643
31,655
86,152
84,493
115,297
91,016
117,871
133,534
160,943
160,943133,534117,87191,016115,29784,49386,15231,65513,64312,99012,38513,96113,83413,26013,15913,60110,97110,56610,59412,6199,7189,2479,59310,81410,71810,15510,23910,2489,63010,0779,84011,99722,2158,6238,4289,8637,7598,2788,9599,1777,5737,4387,0208,88129,19028,76329,37526,20030,91830,38130,82630,58735,14131,82944,34949,71743,82427,80241,45939,76467,40044,33236,06224,5628,05011,82312,6228,9468,4175,7295,9925,7916,8925,4875,2444,9355,5096,4356,9664,6713,9154,4832,5391,9901,1851,272703
   > Total Current Liabilities 
578
1,272
1,185
1,284
1,853
2,328
1,755
2,759
2,620
1,815
741
862
1,019
665
1,935
780
532
468
2,957
4,543
10,454
5,706
2,773
19,252
29,288
38,807
61,026
31,464
24,778
10,105
24,294
26,577
13,911
4,709
9,158
5,781
6,172
6,456
7,671
3,336
1,899
1,424
2,281
3,473
1,195
1,758
1,419
1,462
1,253
0
0
2,769
1,627
1,441
14,753
3,721
976
839
1,012
1,127
1,011
591
609
1,178
840
422
597
4,090
1,542
1,370
2,224
2,501
1,093
790
908
1,790
1,398
1,049
1,101
14,639
67,797
64,433
92,845
57,945
76,778
81,914
98,233
98,23381,91476,77857,94592,84564,43367,79714,6391,1011,0491,3981,7909087901,0932,5012,2241,3701,5424,0905974228401,1786095911,0111,1271,0128399763,72114,7531,4411,6272,769001,2531,4621,4191,7581,1953,4732,2811,4241,8993,3367,6716,4566,1725,7819,1584,70913,91126,57724,29410,10524,77831,46461,02638,80729,28819,2522,7735,70610,4544,5432,9574685327801,9356651,0198627411,8152,6202,7591,7552,3281,8531,2841,1851,272578
       Short-term Debt 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30,847
0
0
0
0
0
0
0
0
0
00000000030,84700000000000000000000000000000000000000000000000000000000000000000000000000000
       Accounts payable 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
498
1,378
1,300
953
911
4,105
37,828
26,820
44,834
52,970
66,384
62,434
74,676
74,67662,43466,38452,97044,83426,82037,8284,1059119531,3001,37849800000000000000000000000000000000000000000000000000000000000000000000000000
       Other Current Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
131
10,305
29,680
37,230
47,219
3,924
9,331
18,005
22,139
22,13918,0059,3313,92447,21937,23029,68010,305131000000000000000000000000000000000000000000000000000000000000000000000000000000
   > Long-term Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12,066
12,470
12,926
12,171
10,987
11,941
12,542
17,016
18,355
20,060
22,452
33,071
41,093
51,620
62,710
62,71051,62041,09333,07122,45220,06018,35517,01612,54211,94110,98712,17112,92612,47012,066000000000000000000000000000000000000000000000000000000000000000000000000
       Long term Debt Total 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
201
213
200
195
189
183
158
298
0
248
573
695
527
491
328
3284915276955732480298158183189195200213201000000000000000000000000000000000000000000000000000000000000000000000000
       Other Liabilities 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11,865
12,257
12,726
11,976
10,798
11,758
12,384
16,718
18,092
19,812
21,879
32,376
40,566
51,129
62,382
62,38251,12940,56632,37621,87919,81218,09216,71812,38411,75810,79811,97612,72612,25711,865000000000000000000000000000000000000000000000000000000000000000000000000
> Total Stockholder Equity
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
114,768
114,148
112,792
114,310
157,235
156,386
155,148
269,030
257,461
268,191
295,528
397,791
441,148
492,145
525,006
525,006492,145441,148397,791295,528268,191257,461269,030155,148156,386157,235114,310112,792114,148114,768000000000000000000000000000000000000000000000000000000000000000000000000
   Common Stock
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
247,881
247,435
247,332
247,332
290,328
290,946
290,946
387,393
387,950
395,870
396,099
469,521
472,007
476,622
476,632
476,632476,622472,007469,521396,099395,870387,950387,393290,946290,946290,328247,332247,332247,435247,881000000000000000000000000000000000000000000000000000000000000000000000000
   Retained Earnings Total Equity000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
   Accumulated Other Comprehensive Income 0000000-264,011-276,441-276,417-275,663-273,158-271,897-271,823-271,118-268,548-267,541-267,497-266,707-263,955-277,336-277,306-277,247-275,327-287,423-286,417-256,791-254,670-225,460-225,063-224,106-221,925-185,628-183,560-181,423-179,199-209,688-207,587-205,373-203,139-155,651-153,182-150,412-147,413-90,727-86,642-80,787-91,660-85,664-80,990-75,420-69,440-61,613-55,455-48,989-41,875-33,938-28,226-22,547-16,932-12,129-5,416-5,085-1,933-3,778-1,934-1,934-1,934-874-874-874-874-233-233-233-233-115-73-73-73-64-66-66-64000
   Capital Surplus 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11,130
11,230
11,295
11,366
10,425
10,637
11,122
11,659
12,473
12,695
13,760
14,686
15,594
15,368
16,674
16,67415,36815,59414,68613,76012,69512,47311,65911,12210,63710,42511,36611,29511,23011,130000000000000000000000000000000000000000000000000000000000000000000000000
   Treasury Stock000000000000000000000000000000000000000000000000000000000000000000000000000000000000000
   Other Stockholders Equity 
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,680
7,680
7,680
7,659
7,512
5,512
5,449
5,437
3,037
1,233
1,233
1,2331,2333,0375,4375,4495,5127,5127,6597,6807,6807,6800000000000000000000000000000000000000000000000000000000000000000000000000000



Balance Sheet

Currency in CAD. All numbers in thousands.