ACA Capital Holdings Inc (ACAH) [Rocket]

In millions, except per share items	Dec-31-06	Dec-31-05	Dec-31-04	Dec-31-03	Dec-31-02
	10-K	10-K	10-K	S-1	S-1
Revenues:
CDO Asset Management	352.9	258.5	141.5
Structured Credit	63.1	24.5	12.9
Public Finance	42.8	37.5	26.6
Other	5.3	10.1	11.9
Total revenues [+]	464.1	330.6	193.0	112.3	22.8
Net interest income	291.8	214.3	101.1	39.3	9.9
Net investment income	338.2	254.6	126.2	52.9	20.3
Revenue growth [+]	40.4%	71.3%	71.9%	391.9%
CDO Asset Management	36.5%	82.6%
Structured Credit	157.5%	89.5%
Public Finance	14.1%	40.9%
Other	-47.3%	-15.5%
Cost of goods sold	309.3	237.0	151.6	46.5	15.7
Gross profit	154.8	93.6	41.5	65.8	7.1
Gross margin	33.4%	28.3%	21.5%	58.6%	31.1%
Selling, general and administrative	9.6	8.6	6.9	4.1	1.1
Other operating expenses	49.4	37.4	38.6	29.5	18.7
EBITDA [+]	105.4	56.1	2.8	36.3	-11.6
EBITDA growth	87.7%	1901.7%	-92.3%	-413.4%
EBITDA margin	22.7%	17.0%	1.5%	32.3%	-50.7%
Depreciation and amortization	9.6	8.6	6.9	4.1	1.1
EBIT [+]	95.8	47.6	-4.1	32.2	-12.7
EBIT growth	101.5%	-1251.7%	-112.8%	-354.2%
EBIT margin	20.6%	14.4%	-2.1%	28.7%	-55.5%
Other income (expense), net	-4.0	-3.7	0.5
Pre-tax income	91.8	43.9	-3.7	32.2	-12.7
Income taxes	33.1	15.1	0.1	12.2	-6.3
Tax rate	36.0%	34.4%		37.9%	49.9%
Net income	58.7	28.8	-3.8	20.0	-6.3
Net margin	12.6%	8.7%	-2.0%	17.8%	-27.8%

Basic EPS [+]	$2,377.42	$1,261.74	($614.30)	$3.18	($1.01)
Growth	88.4%	-305.4%	-19390.1%	-415.5%
Diluted EPS [+]	$1,891.85	$962.32	($614.30)	$1.51	($1.01)
Growth	96.6%	-256.7%	-40895.4%	-249.2%

Shares outstanding (basic) [+]	0.0	0.0	0.0	6.3	6.3
Growth	8.3%	269.6%	-99.9%	-0.2%
Shares outstanding (diluted) [+]	0.0	0.0	0.0	13.3	6.3
Growth	3.8%	384.5%	-100.0%	111.1%

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