Ann: Profit Guidance , page-34

Vesupria, numbers do tell the story, just that I think you are not looking at the right ones. And if numbers tell the whole story, the richest investors in the world would be mathematicians and accountants, not Warren Buffet.

The radio comms business is quite insignificant compared to the detector business.

You said: "...but the spikey nature of the earnings (especially since the Minelab acquisition), tells me that the cream on the top is discretionary non-huminatarian, non-military spending."

I am afraid I am too dense to understand that. The spike was precisely because they opened up new markets, although to a certain extent the price of gold also plays a part. Just because it is non-humanitarian and non-military spending does not explain whether the detector business is cyclical or not.