Lower maintenance costs more than compensated for the higher depreciation costs, they said.
"Companies that work off inventory or take high depreciation charges mask improvements in income statements that you can see on balance sheets," he said.
Whilst EBITDA margin was only 40 basis points lower than conensus, higher depreciation and lower interest income contributed to the miss.
Best of all, BET had a stunning earnings record, unlike many cable companies whose high cash flows are eaten up by high depreciation costs.
But higher depreciation costs because of plant expansion in the United States and Canada and other nonauto-related expenses, led to a drop in bottom-line profits.
Clients of the concern legal ly take advantage of the high depreciation allowance for cat tle that Federal and state laws permit.
Commission payments (licit or illicit) on multi-million-dollar aircraft deals increase the capital cost of aircraft, which are therefore subject to higher depreciation or operating-lease charges, or both.
The accounting laid out so far in this story assumes high depreciation deductions.
BHP had never made money on the assets because of high depreciation expense on its inflated acquisition price.
Volkswagen also makes our list with an enterprise multiple of 3.4, a reflection of its high depreciation charges.
