Question-and-Answer Session
Operator
Thank you. Ladies and gentlemen, we will now be conducting a question-and-answer session. (Operator Instructions). Our first question is coming from Jeff Van Rhee with Craig-Hallum Capital.
Jeff Van Rhee - Craig-Hallum Capital
Good morning. Looks like some good numbers. A couple of questions for you. Maybe, Kirk, just if you could start with me on the growth of the core companies. It looks like the past quarters as I compare what you show this quarter compared to what you show last quarter that they have been restated. You touched on a number of things that affect restatments, but specifically what affected those core revenue numbers in particular I am talking about?
Kirk Morgan
Yeah. There was one of the companies is in the process, Jeff of selling a non-core part of their business. And therefore we removed that business from the line items.
Jeff Van Rhee - Craig-Hallum Capital
Okay. If you had included that what would we've been looking at?
Kirk Morgan
It would have been in the same direction as where we were.
Jeff Van Rhee - Craig-Hallum Capital
So without on an apples-to-apples, it looks like you didn't get to the 30%, so you're saying with that in there we would have maybe added another $1 million in revenues and we would have made the 30% compared to where the numbers were?
Kirk Morgan
Well, we made 31% for the year.
Jeff Van Rhee - Craig-Hallum Capital
Yeah. On the restated numbers, but I am saying compared to the historical time series that we had coming into this quarter, and then we add the numbers that you give this quarter 62.1, it falls short of the 30%. So I am just trying to be clear the 30%, you would have made it, had you not done this restatement?
Kirk Morgan
Yes.
Jeff Van Rhee - Craig-Hallum Capital
Okay. The consolidated companies went from 46 to 41 mostly with ICG Commerce in there. What seasonality-wise or sequential-wise leads to a down quarter with them?
Walter Buckley
There was nothing significant in there Jeff. It really had to do with some consulting engagements that we saw in Q2 and Q3 that fell off a little bit in Q4.
Jeff Van Rhee - Craig-Hallum Capital
Okay. So it's just really non-recurring consulting?
Walter Buckley
Yeah, yes.
Jeff Van Rhee - Craig-Hallum Capital
Okay. And then in terms of the gross margins, you talked about their expansion to Xinjiang and some other markets. We've seen gross margins coming in. Have we bottomed that gross margins for the consolidated P& L?
- To read the full transcript on Seeking Alpha, click here »
