ns final payment, page-12

belair22

Thanks for your comments.

I would like to correct a couple of what I believe are inaccuracies. You are correct; at the corporate level WRR has not been profitable, though when you have a look at was 3 subsidiaries it is as follows:
* Air Profiler (can't recall the correct name) which was all R&D therefore loss making division, this was sold approx 2 years
* Network Services - Good Revenue though the business never turned a profit - Sold March 08, final payment being received last quarter
* Beam - This business has produced a segmented profit for the past few years.

Beam is the ONLY business in the WRR fold.

imo What the market needs to see is that WRR is profitable for the current six month period to 31 December 2008 ignoring any one offs i.e. profit on Sale of NS (NS was written down to zero), though at Net Profiy Before Tax. Although due to as you say 10 years of being in the red (losses), I would not expect them to have to pay tax for the next couple of years.

I am comforted that the business has paid down the following from cash flow:
* $365,000 bank debt; now have an unutilised bank facility of $1m.
* $189,000 (was higher however negotiated to this level) Directors fees that had been accrued over the past few years
* $175,000 Convertible Notes

I agree with you that "cash is king", the above also demonstrates the company is heading in the right direction.

It is also positive that the Cnotes totalling $1.3m was extended as this again leaves them with unused bank facilities.

Belair22, I agree that "a leopard does not change its stripes overnight", though when the leopard has been shedding its stripes (most recently the loss making NS) I personally like to stand up and take note; this is after all this why I began investing in the company earlier in the year.

I welcome any further comments, as this makes me reconsider my investment.

Cheers

Clever1