text: Mermaid recorded an after-tax loss for the Period of $207,957. Compared with an after-tax  F I N A N C I A L 
  
  profit for the previous period of $2,454,919. Revenue for the Period was $15,124,774, a decrease 
  
  of 43% over the previous period. Fixed cost reductions enabled the Company to ride out the 
  
  market reversal with a minimal loss and positive operating cash before capex of $1.6m. This 
  
  result, achieved against a major drop in turnover, was possible through a vigorous attack on 
  
  overheads, which included more beneficial ownership costs, insurance savings, management 
  
  salary savings, including voluntary sacrifice from certain senior executives in recognition of the 
  
  tighter conditions. In all the changes contributed approximately $1.5million to the bottom line. 