Ann: Wins $8 million Road Lighting Contracts for Victorian Roads, page-8

Good points Ozyoioi. They did repay over $2 million in debt - so that is certainly encouraging.

I don't think the $2 million debt repayment is recorded in the Profit and Loss statement - rather it shows up in the cash flow statement and the balance sheet. So it's not as though they made $3 million last year (ie. $1 million plus $2 million debt repaid). Hence I'm not sure your '7 years' figure is necessarily correct.

Nonetheless, as you say, the debt can be reduced faster if profitability improves.

I like that they appear to be trying to trade their way out of trouble rather than issuing more shares. Although I wouldn't be surprised to see them raise more capital at some stage, eg. a rights issue. It must be heavy going for a company of TTI's size to be paying out $1.5 million in interest a year.

Anyway, hopefully last year was the first in a string of good years for TTI.