These improved marketing efforts and census levels lead to an improved core operational performance in fiscal 2017 as evidenced by its 99.4% operating ratio, 3.7% NOM, 11.3% NOM-adjusted, and 0.9% excess margin
. These metrics remain substantial improvements from fiscal 2016 when Harrogate had a 118.9% operating ratio, negative 15.3% NOM, and negative 13.1% excess margin
The interest rate swap provided some liquidity and credit enhancement support through a guaranteed excess margin
and the payment of servicing fees on the portion of the portfolio composed of resettable loans (currently 25%).
SOLID HISTORICAL PERFORMANCE: Over the last three fiscal years, FSL has averaged an 92.7% operating ratio, 7.6% net operating margin (NOM), 26% NOM-adjusted, and 15% excess margin
which all compare favorably to Fitch's 'BBB' category medians of 97.4%, 7.7%, 21.2%, and 1.7%, respectively.
30, 2017, ACV had a 102.6% operating ratio, 0.7% net operating margin (NOM), and a negative 9.9% excess margin
, all weaker than Fitch's 'BIG' medians of 101.5%, 9.5%, and negative 2.9%, respectively.
In fiscal 2018, GOG had a 91.5% operating ratio, 17.6% net operating margin, and 0.8% excess margin
which all compare favorably to Fitch's BIG medians of 101.6%, 5.1%, and negative 1.3%, respectively.
From July 2010 through September 2011, FINRA says, Pershing also failed to promptly obtain and later maintain physical possession or control of certain customers' fully paid and excess margin
Bloomberg reports that JPMorgan Chase and Co (NYSE:JPM) will allow its customers to automatically aggregate excess margin
into a separate bank account at JPMorgan Chase Bank N.A.
(Or, perhaps more accurately, it was assumed there was sufficient inefficiency and excess margin
at the supplier level to absorb those hidden costs.)
--The excellent occupancy levels have translated into solid historical profitability, as excess income has averaged $1.4 million (8% excess margin
) over the past four fiscal years, the majority of which has been generated through core operations.
Due to excess margin
cheapest PIN photodiodes with worse sensitivity can be chosen.
We must follow the German lead and demand not 4p, but increase the farm gate price to 27p per litre, which is a realistic price and should come out of the supermarkets' excess margin
without increasing price to the housewife.