Merriman Holdings (Merriman Holdings) Operating Income : $-3.40 Mil (TTM As of Sep. 2015)

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What is Merriman Holdings Operating Income?

Merriman Holdings's Operating Income for the three months ended in Sep. 2015 was $-0.39 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2015 was $-3.40 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Merriman Holdings's Operating Income for the three months ended in Sep. 2015 was $-0.39 Mil. Merriman Holdings's Revenue for the three months ended in Sep. 2015 was $2.36 Mil. Therefore, Merriman Holdings's Operating Margin % for the quarter that ended in Sep. 2015 was -16.57%.

Merriman Holdings'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. Merriman Holdings's annualized ROC % for the quarter that ended in Sep. 2015 was -130.06%. Merriman Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2015 was -7,914.05%.

Merriman Holdings Operating Income Historical Data

The historical data trend for Merriman Holdings'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.

Merriman Holdings Operating Income Chart

Merriman Holdings Annual Data

Trend

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Operating Income

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-5.31

-4.29

-2.29

-1.84

0.10

Merriman Holdings Quarterly Data
	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15
Operating Income	Get a 7-Day Free Trial															-0.43	-0.96	-1.19	-0.86	-0.39

Merriman Holdings 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 Sep. 2015 adds up the quarterly data reported by the company within the most recent 12 months, which was $-3.40 Mil.

Merriman Holdings (OTCPK:MERR) Operating Income Explanation

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

Merriman Holdings's annualized ROC % for the quarter that ended in Sep. 2015 is calculated as:

	ROC % (Q: Sep. 2015 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2015 )	+	Invested Capital (Q: Sep. 2015 ))	/ count )
=	-1.564 * ( 1 - 0% )	/	( (1.322	+	1.083)	/ 2 )
=	-1.564	/	1.2025
=	-130.06 %

where

	Invested Capital		(Q: Jun. 2015 )
=	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	))
=	3.772	-	1.17	-	( 1.28	-	max(0, 1.762	-	3.198	+	1.28	))
=	1.322

	Invested Capital		(Q: Sep. 2015 )
=	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	))
=	3.421	-	1.279	-	( 1.381	-	max(0, 1.852	-	2.911	+	1.381	))
=	1.083

Note: The Operating Income data used here is four times the quarterly (Sep. 2015) data.

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

Merriman Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2015 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2015 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2015		Q: Sep. 2015
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-14.364	/	( ( (0.202 + max(-0.741, 0))	+	(0.161 + max(-1.309, 0)) )	/	2 )
=	-14.364	/	( ( 0.202	+	0.161 )	/	2 )
=	-14.364	/	0.1815
=	-7,914.05 %

where Working Capital is:

	Working Capital		(Q: Jun. 2015 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.447	+	0	+	0.574)	-	(1.17	+	0.592	+	0)
=	-0.741

	Working Capital		(Q: Sep. 2015 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0.266	+	0	+	0.277)	-	(1.279	+	0.574	+	-0.00099999999999967)
=	-1.309

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Sep. 2015) EBIT data.

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

Merriman Holdings's Operating Margin % for the quarter that ended in Sep. 2015 is calculated as:

Operating Margin %	=	Operating Income (Q: Sep. 2015 )	/	Revenue (Q: Sep. 2015 )
	=	-0.391	/	2.36
	=	-16.57 %

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.

Merriman Holdings Operating Income Related Terms

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

Merriman Holdings (Merriman Holdings) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Merriman Holdings Inc (OTCPK:MERR) » Definitions » Operating Income

Traded in Other Exchanges

N/A

Address

250 Montgomery Street, 16th Floor, San Francisco, CA, USA, 94104

Website

http://www.merrimanco.com

Merriman Holdings Inc is a financial service holding company. It provides capital markets advisory and research, corporate and investment banking services. The company's investment bankers provide a range of corporate finance and strategic advisory services. Its corporate finance practice advises on and structures capital raising solutions for its corporate clients through public and private offerings primarily of equity and convertible debt securities.

Executives

D Jonathan Merriman	director, 10 percent owner, officer: CEO	MERRIMAN CURHAN FORD & CO 600 CALIFORNIA ST., 9TH FLOOR SAN FRANCISCO CA 94108
Ronald L Chez	director, 10 percent owner	1524 NORTH ASTOR, CHICAGO IL 60610
Jeffrey M Soinski	director	585 WEST 500 SOUTH, BOUNTIFUL UT 84010
William J Febbo	director	600 CALIFORNIA ST., 9TH FLOOR, SAN FRANCISCO CA 94108
Douglas Bergeron	director	111 W. OCEAN BOULEVARD, LONG BEACH CA 90802
Andrew Arno	director, 10 percent owner	C/O MERRIMAN CURHAN FORD GROUP, INC., 600 CALIFORNIA STREET, 9TH FLOOR, SAN FRANCISCO CA 94108
Christopher L Aguilar	officer: General Counsel	600 CALIFORNIA STREET, 9TH FLOOR, SAN FRANCISCO CA 94108
Robert J Majteles	director
Ronald Spears	director	600 CALIFORNIA STREET, 9TH FLOOR, SAN FRANCISCO CA 94108