Blackwater Midstream Corp. (BWMS) [Rocket]

In millions, except per share items	Mar-31-12	Mar-31-11	Mar-31-10	Dec-22-08	Mar-31-08	Jan-01-08	Dec-31-07
	10-K	10-K	10-K/A	10-K	10-K	10-K	10-K
Total revenues [+]	10.0	6.9	4.0	2.3	0.6	2.3	2.6
Other				0.2	0.0	0.2	0.4
Other income	0.0	0.2
Revenue growth	44.7%	74.0%		0.0%
Cost of goods sold [+]	6.6	5.1	1.3	1.8	0.4	1.7	2.1
Labor costs				-0.8
Gross profit	3.4	1.8	2.7	0.5	0.2	0.6	0.6
Gross margin	33.8%	26.2%	66.9%	21.5%	38.8%	25.9%	21.1%
Selling, general and administrative	3.6	3.5	4.3	0.2	0.0	0.2	0.2
Other operating expenses	-3.3	-2.5	0.1
EBITDA [+]	3.8	1.4	-1.4	0.2	0.2	0.4	0.3
EBITDA growth	165.6%	-204.8%		-38.7%
EBITDA margin	38.2%	20.8%	-34.6%	8.3%	32.2%	17.1%	11.9%
Depreciation	0.7	0.6	0.3	-0.1	0.0	0.1	0.1
EBITA	3.1	0.9	-1.7	0.3	0.2	0.3	0.2
EBITA margin	31.5%	12.6%	-43.3%	12.7%	27.5%	12.7%	7.6%
Amortization of intangibles	0.1
EBIT [+]	3.1	0.9	-1.7	0.3	0.2	0.3	0.2
EBIT growth	251.5%	-150.8%		45.5%
EBIT margin	30.7%	12.6%	-43.3%	12.7%	27.5%	12.7%	7.6%
Non-recurring items [+]	0.4	-0.2	-0.3
Loss (gain) on sale of assets	0.4	-0.2
Interest expense	0.9	0.9	0.4
Interest expense	0.9	0.9	0.4
Other income (expense), net [+]	3.2	0.8	1.9				5.2
Gain (loss) on debt retirement	1.4
Other							5.2
Pre-tax income	5.0	1.0	0.0	0.3	0.2	0.3	5.4
Income taxes	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Tax rate	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%
Net income	5.0	1.0	0.0	0.3	0.2	0.3	5.4
Net margin	50.4%	14.5%	0.0%	12.7%	27.5%	12.7%	207.2%

Basic EPS [+]	$0.09	$0.02	$0.00
Growth	391.6%
Diluted EPS [+]	$0.08	$0.02	$0.00
Growth	402.8%

Shares outstanding (basic) [+]	55.8	54.6	52.8
Growth	2.1%	3.5%
Shares outstanding (diluted) [+]	65.7	65.8	52.8
Growth	-0.1%	24.8%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.