Anuncio • Jul 17
Crown Point Energy Inc. has completed a Follow-on Equity Offering in the amount of $30 million. Crown Point Energy Inc. has completed a Follow-on Equity Offering in the amount of $30 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 240,000,000
Price\Range: $0.125
Discount Per Security: $0
Transaction Features: Rights Offering Reported Earnings • May 31
First quarter 2026 earnings released: EPS: US$0.07 (vs US$0.16 in 1Q 2025) First quarter 2026 results: EPS: US$0.07 (down from US$0.16 in 1Q 2025). Revenue: US$36.1m (up 87% from 1Q 2025). Net income: US$5.44m (down 53% from 1Q 2025). Profit margin: 15% (down from 59% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • May 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$11.7m (US$8.45m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 22% per year over the past 5 years. Market cap is less than US$10m (CA$11.7m market cap, or US$8.45m). Anuncio • May 27
Crown Point Energy Inc., Annual General Meeting, Jul 31, 2026 Crown Point Energy Inc., Annual General Meeting, Jul 31, 2026. Location: alberta, calgary Canada Board Change • May 14
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Juan Manuel Llado was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Anuncio • May 14
Crown Point Energy Inc. has filed a Follow-on Equity Offering in the amount of $30 million. Crown Point Energy Inc. has filed a Follow-on Equity Offering in the amount of $30 million.
Security Name: Common Shares
Security Type: Common Stock
Transaction Features: Rights Offering New Risk • Mar 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.5m (US$9.83m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.3m free cash flow). Shares are highly illiquid. Earnings have declined by 22% per year over the past 5 years. Market cap is less than US$10m (CA$13.5m market cap, or US$9.83m). Reported Earnings • Mar 13
Full year 2025 earnings released: US$0.065 loss per share (vs US$0.13 loss in FY 2024) Full year 2025 results: US$0.065 loss per share (improved from US$0.13 loss in FY 2024). Revenue: US$102.0m (up 237% from FY 2024). Net loss: US$4.74m (loss narrowed 48% from FY 2024). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Anuncio • Mar 12
Crown Point Energy Inc. Announces Retirement of Gordon Kettleson as Director and Board Chair Crown Point Energy Inc. announced Gordon Kettleson, the Chair of Crown Point's board of directors has retired from his role as a director and Board Chair. Mr. Kettleson is a founder of the Company and has served as a director since 2001. At times, he has also served as the Company's President, CEO and CFO. New Risk • Jan 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$11.3m (US$8.23m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.3m free cash flow). Shares are highly illiquid. Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (CA$11.3m market cap, or US$8.23m). Board Change • Nov 18
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2025 earnings released: US$0.07 loss per share (vs US$0.028 loss in 3Q 2024) Third quarter 2025 results: US$0.07 loss per share (further deteriorated from US$0.028 loss in 3Q 2024). Revenue: US$17.9m (up 292% from 3Q 2024). Net loss: US$4.80m (loss widened 132% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Anuncio • Oct 21
Crown Point Energy Inc., Annual General Meeting, Dec 17, 2025 Crown Point Energy Inc., Annual General Meeting, Dec 17, 2025. Location: alberta, calgary Canada Board Change • Oct 06
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Anuncio • Aug 12
Crown Point Energy Inc. Appoints Juan Llado as New Director, Effective August 11, 2025 Crown Point Energy Inc. announced that, effective August 11, 2025, Mr. Juan Llado has been appointed as a director of the Company by Crown Point's board of directors. Juan is an attorney and has held various positions during his career in the financial services, insurance and energy sectors, including as: CEO of Life Seguros de Personas y Patrimoniales S.A. (formerly MetLife Argentina); CEO of Life Group Seguros S.A. (formerly Prudential Argentina); Legal & Compliance Director at Grupo ST S.A.; Legal Affairs Manager and Trust Banking Manager at Banco de Servicios y Transacciones S.A.; Legal Affairs Manager at Orígenes Seguros; and Legal Affairs Manager at Credilogros Compañía Financiera S.A. Juan is currently a member of the Executive Committee of Grupo ST S.A. and serves on the Board of Directors of the following companies: Grupo ST S.A.; Banco de Servicios y Transacciones S.A.; ST Securities S.A.; Best Leasing S.A.; Life Seguros S.A.; Liminar Energía S.A. (which is the Company's controlling shareholder); and Crown Point Energía S.A. (a wholly-owned subsidiary of the Company). Juan has a Bachelor of Laws degree from the University of Buenos Aires and a Master's Degree in Finance from the Universidad del CEMA. Board Change • May 14
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 03
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 12
Full year 2024 earnings released: US$0.13 loss per share (vs US$0.11 loss in FY 2023) Full year 2024 results: US$0.13 loss per share (further deteriorated from US$0.11 loss in FY 2023). Revenue: US$36.8m (up 67% from FY 2023). Net loss: US$9.15m (loss widened 13% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Board Change • Mar 06
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 13
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 14
Third quarter 2024 earnings released: US$0.03 loss per share (vs US$0.028 loss in 3Q 2023) Third quarter 2024 results: US$0.03 loss per share (further deteriorated from US$0.028 loss in 3Q 2023). Revenue: US$4.57m (down 24% from 3Q 2023). Net loss: US$2.06m (loss widened 1.8% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2024 earnings released: US$0.04 loss per share (vs US$0.029 loss in 2Q 2023) Second quarter 2024 results: US$0.04 loss per share (further deteriorated from US$0.029 loss in 2Q 2023). Revenue: US$4.56m (down 18% from 2Q 2023). Net loss: US$3.06m (loss widened 43% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Anuncio • Jul 26
Crown Point Energy Inc., Annual General Meeting, Sep 20, 2024 Crown Point Energy Inc., Annual General Meeting, Sep 20, 2024. Location: alberta, calgary Canada Reported Earnings • May 15
First quarter 2024 earnings released: US$0.01 loss per share (vs US$0.026 loss in 1Q 2023) First quarter 2024 results: US$0.01 loss per share (improved from US$0.026 loss in 1Q 2023). Revenue: US$5.01m (down 15% from 1Q 2023). Net loss: US$901.7k (loss narrowed 52% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Board Change • Apr 24
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 15
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 03
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Oct 18
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Sep 26
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Sep 07
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Chairman Gordon Kettleson was the last independent director to join the board, commencing their role in 2001. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Anuncio • Aug 26
Crown Point Energy Inc., Annual General Meeting, Oct 19, 2023 Crown Point Energy Inc., Annual General Meeting, Oct 19, 2023. Reported Earnings • Aug 13
Second quarter 2023 earnings released: US$0.03 loss per share (vs US$0.009 loss in 2Q 2022) Second quarter 2023 results: US$0.03 loss per share (further deteriorated from US$0.009 loss in 2Q 2022). Revenue: US$5.55m (down 17% from 2Q 2022). Net loss: US$2.14m (loss widened 221% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Board Change • Jul 26
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Keith Turnbull was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • May 25
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Keith Turnbull was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 16
Full year 2022 earnings released: US$0.08 loss per share (vs US$0.13 profit in FY 2021) Full year 2022 results: US$0.08 loss per share (down from US$0.13 profit in FY 2021). Revenue: US$26.5m (up 16% from FY 2021). Net loss: US$5.91m (down 160% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Board Change • Nov 25
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Keith Turnbull was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Sep 09
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Keith Turnbull was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Anuncio • Aug 13
Crown Point Energy Inc. (TSXV:CWV) entered into an agreement to acquire 50% stake in Puesto Pozo Cercado Oriental Exploitation Concession from Petrolera Aconcagua Energia S.A. for $12.5 million. Crown Point Energy Inc. (TSXV:CWV) entered into an agreement to acquire 50% stake in Puesto Pozo Cercado Oriental Exploitation Concession from Petrolera Aconcagua Energia S.A. for $12.5 million on August 11, 2022. Crown Point will pay $5 million for its 50% working interest in the Concession at closing, which it will fund from the proceeds of its recently completed note offering. Crown Point will also pay up to an additional $7.5 million in quarterly installments based on a percentage of the EBITDA derived from Crown Point's interest in the Concession. The Acquisition is expected to close on or about August 16, 2022. Reported Earnings • Aug 11
Second quarter 2022 earnings released: US$0.01 loss per share (vs US$0.006 loss in 2Q 2021) Second quarter 2022 results: US$0.01 loss per share (down from US$0.006 loss in 2Q 2021). Revenue: US$6.66m (up 6.8% from 2Q 2021). Net loss: US$667.5k (loss widened 41% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Board Change • Jun 10
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Keith Turnbull was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Anuncio • Jun 07
Crown Point Energy Inc. Provides Update on its Drilling Operations at La Angostura Concession, Tierra Del Fuego Crown Point Energy Inc. provided an update regarding its drilling operations at La Angostura Concession, Tierra del Fuego. San Martin Oil Field -- La Angostura Concession (WI 34.74%) As previously reported, in March 2022, Crown Point and its partners drilled an appraisal well (SM a-1004) to evaluate the Tobífera formation and overlying Springhill formation on the western crest of the San Martín high. The well was drilled to a total depth of 2,097 meters and cased as a potential oil well with indicated log pay in fractured Tobífera volcaniclastics and Springhill sands. An extensive completion and flow test program to evaluate the Tobífera began on March 22 and was completed on May 10, 2022, at which time the well was connected to the San Martin battery and placed on production on May 11. During the following 15 day period, SM a-1004 has produced at an average rate of 815 (net 283) barrels of 34 API oil per day with a 0.3% water cut at a flowing well head pressure of 160 PSI. The flow rate is being restricted through a14 mm choke. In May 2022, a work over was performed on SM a-1003 to perforate and evaluate the Springhill Formation sands. The well was drilled in July 2018 and completed as a Tobífera oil well but has since produced minor amounts of oil on an intermittent basis. Preliminary swab testing of the overlying Springhill interval over a 24 hour period recovered 220 barrels of fluid comprising 90 barrels of light oil and 130 barrels of formation water (60% water cut); the well will be placed on long term pump test for further evaluation. During May 2022, the San Martin oil pool production averaged 1,860 (net 646) barrels of oil per day. San Martin oil production is being trucked to and stored at the Total Argentina operated offshore loading facility located at Rio Cullen, TDF for subsequent sale into the international market, or trucked and sold to Enap (the Chilean state oil company) at its domestic oil facility located at San Gregorio, Chile. The sale price at both Rio Cullen and San Gregorio is indexed to the Brent oil price. Construction of the 6 inch oil pipeline connecting the San Martin oil battery to Total's Rio Cullen facility is scheduled for completion and commissioning in third quarter of 2022. Anuncio • May 17
Crown Point Energy Inc., Annual General Meeting, Jul 20, 2022 Crown Point Energy Inc., Annual General Meeting, Jul 20, 2022. Board Change • Nov 25
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Keith Turnbull was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS US$0.02 (vs US$0.018 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$5.66m (up 187% from 3Q 2020). Net income: US$1.41m (up US$2.69m from 3Q 2020). Profit margin: 25% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Board Change • Sep 08
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Keith Turnbull was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 13
Second quarter 2021 earnings released: US$0.01 loss per share (vs US$0.009 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$6.24m (up US$5.40m from 2Q 2020). Net loss: US$472.5k (loss narrowed 28% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 37% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
First quarter 2021 earnings released: EPS US$0.11 (vs US$0.12 loss in 1Q 2020) First quarter 2021 results: Revenue: US$2.90m (down 16% from 1Q 2020). Net income: US$8.10m (up US$16.8m from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 03
Full year 2020 earnings released: US$0.17 loss per share (vs US$0.019 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$9.67m (down 70% from FY 2019). Net loss: US$12.7m (down US$14.0m from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Anuncio • Apr 03
Crown Point Energy Inc. Reports Impairment of Property and Equipment and Goodwill for the Fourth Quarter Ended December 31, 2020 Crown Point Energy Inc. reported impairment of property and equipment and goodwill for the fourth quarter ended December 31, 2020. For the quarter, the company reported impairment of property and equipment and goodwill of $1,628,000 against nil a year ago. 
