Ann: Appendix 4C - quarterly, page-8

Would have been an operating profit this quarter but for the expenses associated with the Local Embedded Networks. Admin and Corporate expenses forecast to drop by about $400K next quarter. So if that wasn't there, we would have had an operating profit of about $125K.

Also worth noting is the huge (52%) ramp-up in POE next quarter which suggests that they are not kidding when they said they on-boarded a lot of customers later in the quarter. Thats a lot of extra electricity they will be selling next quarter. I expect the next 4C actually will look like a big improvement. Having said that, I'm sure they will manage to release it on New Years Eve just as the fireworks are going off over the harbour, so that no-one actually reads it!!!