Tuesday, November 11, 2014

If the numbers are not known, invent them

Reviewing BC Ferries financial statements this week, I was reminded of a radio interview I heard early in the tenure of the current BC Ferries CEO. That was shortly after he banked a $200,000 bonus, provided to him by the ferry corporation because he was not going to collect bonuses in the future. (Don't worry if this seems odd; no one else understands the logic either.)

Mike Corrigan appeared on Sean Leslie's CKNW program June 17, 2012, explaining how a net loss at BC Ferries was actually good news.
"...Throughout the year, we lost $30 million more in revenue than we expected but we were able to claw back all of that and a bit more through good financial management..."

"...Our gift shops - that part of the business is actually really growing significantly over the last year. We're seeing double digit increases year over year. So we're doing what we can to generate revenues wherever we can and managing costs..."
Actually.... According to audited financial statements, BCF revenue in fiscal year 2012 was up by $15 million over the previous year, while traffic was down 1.5%. Unfortunately, expenses increased $21 million. So much for good management clawing something back.

Additionally, had retail sales been growing by double digit increases, year over year? Here are the actual results:


Further demonstrating Corrigan's error, in 2014, sales and gross profits of retail operations were less than the amount in 2010.


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6 comments:

  1. Honesty from BC Ferries? Honesty from friends of the BC Liberals?

    Sir, thou doth jest!

    ReplyDelete
  2. I'm sure Mr. Leslie will have him back on to explain. That's if he has enough time after breathlessly repeating the government's press releases as information unearthed through his incredible journalistic sleuthing.

    ReplyDelete
  3. I think Gordon Campbell should be, dragged back to BC by the scruff of his neck and explain all of his dirty deeds. Ditzy Christy and Harper need to explain their part, assisting Campbell with his foul deeds. Or, was Campbell assisting Harper to dismantle BC?

    Just the thought of Ditzy Christy, her cabal or BC Ferries being honest is laughable.

    ReplyDelete
  4. You are the best Norm!
    The Liberals must really hate you - and that makes all of us just love you more.
    Your headlines should become classics!

    ReplyDelete
  5. Mr. Corrigan should share his bonus with Sean.

    ReplyDelete
  6. Fire the bum. If he can not read a financial statement he is of no use to anyone. They can hire Sean or I am sure the CEO from Washington State ferries would come up here for an extra $50K

    Perhaps Corrigan could talk to the german banks about re negotiating that interest rate el gordo got of 10%. mortgage rates are down to under 3%, so why is B.C. Ferries still paying 10% to the German banks on a couple of billion. Every body knows that is not good business. oh, well its only our tax dollars.

    I am sure once the b.c. lieberals have sunk the ferry system, they will have someone to take it all over, just like BC Rail

    Oh, well it must be working for the citizens of B.C. at some level, because they did return them to office.

    ReplyDelete

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