buyers back in today, page-4

Only issues I have in it that rank it outside my targets are the turnaround numbers are not "smooth". By that I mean declining losses each period and then a shift into small profit, bigger profit etc...


They have shown signs of a turnaround in a half and then not followed through in the next half.

For example - for all of 2003 -the loss was approx $2.4 million.

First half 2004 the loss was just $171,000 - quite an improvement that signals to me to watch the second half for follow through! However in the second half the loss was about $1 million for an overall loss for 2004 of about $1.2 million.

Now that is an improvement over 2003 - but 2nd half 2004 didn't match the first half 2004 improvement.

Then if we look at the first half 2005 - they made a profit - not a big one but pre tax it was just under $500,000. Again - ding - ding watch the second half - and it disappointed with a loss of about $30K - again still overall profit for 2005 of about $470K and an improvemnt over 2004 loss.

That is what I mean by not smooth - I would be interested in any forecasts people have done given there has been recent deals over the past few months - impact on revenues and PROFITS.

The next report that must be due out soon will be very interesting as will any earnings forecasts that they can give based on recent deals.