growth?, page-11

Just started a small position here. Thanks if anyone can advise on a few questions.

From their latest presentaiton, September 2013 results showed $6.9M EBITDA, compared to September 2012 results of $6.5M. The companies forecast earings for Fy14 were $23- $25M. Lower than Fy13 actual of $25.5M. Does anyone think the FY14 guidance is conservative,as 6.9 x 4 = $27.6M. Possibly upside to come? This also makes more sense as the companiesdebt repayment costs for Fy14 are $4M less than FY13, so you'd expect greater earings for FY14.