I am not sure whether anyone noticed, but based on bank balance...

I am not sure whether anyone noticed, but based on bank balance at end of Sep 2014, accounting for the dividend paid in mid September, they raked in $750k of cash for the 1st quarter.

Now we cannot be sure that all of this $750k is operating cashflow because as at June, receivables exceeded payables by over $800k, so they may just be squeezing working capital. $750k per quarter annualised amounts to $3m, which would be 50% more than the highest cashflow CTE has ever achieved in history.

In any case, 2015 should see some pretty healthy cashflow. There is no reason why operating cashflow will not revert back to $2m annual run rate if they cease the capex spend and reaps the benefit from increase revenue, but I think current price supports $1.5m cashflow runrate, and no growth in this cashflow has been priced in at all.