Ann: Quarterly Activities Report, page-3

I thought this was a great report. It seems as though (save any government intervention), IEC have finally got themselves out of this whole they have been perpetually stuck in.

They generated nearly a million dollars in free cash flow this quarter, better than any quarter since I've been tracking them. They are holding this cash at the bank, rather than paying down their overdraft facility, which I think is the smart move at the moment. They are still at the whim of KCB Bank, so holding the cash as cash, rather than paying down the offset is probably prudent (IMO).

They paid down some debt, but its at the margin...

Key for me, will be whether they can sustain this momentum into next months update (re activities in January). If they can maintain sales at these levels, not get forced into lower paying coal contracts and manage to avoid peeving off the government, things may really be starting to turn the corner.

I'm awaiting cautiously for next months update.