I am so concerned re buying stks even where the company has...

I am so concerned re buying stks even where the company has released a recent update... that in some cses i am ringing firm to get further info. Most 'play it by the rule book' and CDA secretary Michael Barton was no exception when i spoke with him on Friday. However, i did uncover something that is not (at least to me) immediately obvious from update of 20/04/11.

Before i get to that this is my perception of CDA.

Bad stuff:
85% of revenue is derived from overseas salesand high AUD is affecting bottom line though not to extent i had anticipated.
The foreign-aid sector is no longer buying HF radios as communications in 3rd world countires improves.

Good stuff:
Products from CDA have 'high-value' add-on.
CDA is making good inroads into sales of radios to miltary of developing countries.
Also had strong sales of metal detectors to artisnal miners/prospecters. Machine can be tuned to detect a specific metal eg. gold or nickel etc. Hence, is multi-purpose. Small particles of gold can be detected up to 100cm below surface.
3rd world counties including Afganistan buy to detect land mines.
Secirity companies also use CDA radios. Michael confirmed 'pipeline' for radios is strong and some biggish orders are hoping to be confirmed soon.
CDA are dominating radio sales in rapidly growing marine segment.

Where i had made a mistake was in interpreting the latest update. This states that "underlying" NPAT for FY11 will be 24million. I read this as total NPAT for FY11 as 24m. But the correct figure is 28.3million. This is how it works.
1HFY11 'underlying'(operational) NPAT 10.4m.
1HFY11 asset sales 4.3m.
Total 1HFY11 NPAT= 14.7m.
2HFY11 'underlying'(oprational) NPAT=14m.
Hence, total FY11 NPAT = 28.7m.
Company policy to pay 50-65% divs.

Hence, i estimate 5.5c final div making 9.5c total div for full year. With SP $1.25= 7.6%+ fr = 10.8% div return!
166m shares diveded by 24m profit = PE 6.9. Note: i have only used the 'underlying/operational profit' to calculate PE as aset sale is one-off.

So CDA has seen NPAT rise from 10.4m to 14m over past 6 months. I said to company secretary... "a 35% rise in earnings is not to be sneezed at". He replied... 'indeed'.