A let down here:1. No dividends declared - until June 2014 at...

A let down here:

1. No dividends declared - until June 2014 at least!
2. Revenue growth remains challenged; refractive revenues are going no where fast and does not appear there is a clear strategy on how to grow the business
3. Ebitda continues to decline (for over 3 years)
4. Ebitda result did not exceed forecast
5. Appears there has been a loss of doctors; only 34 doctor partners at year end

On the upside:

1. Lots of debt repaid; $37 net debt at end of July 2013
2. Appear to be holding onto cash to fund Surgery acquisitions

All in all, mildly disappointing and executive team still has plenty to do to add value to the business and to take advantage of great favourable economics of the sector