quarterly

Looks like it was a rough quarter for HYO with Staff costs blowing out by $5,000,000 which is quite a lot, maybe redundancies. Sales Receipts increased by roughly 10% or $2,000,000 for the quarter to $22,924,000. The sale of the business unit bought in $1,116,000 to bring total Operating and investing cashflow to -$1,421,000. Cash at hand was $3,750,000.

Looking at the blurb in the quarterly, which I encourage everyone to read, Mr Votsaris says that due to the collapse of Lehmans operational revenue and earnings were impacted (even though they had a 10% increase in customer receipts).

On the Lehmans deal, $60,000 has been paid and the balance of $1.14m will be paid on the 3rd of Nov. along with the first 107,000,000. The balance of the shares is to be approved by share at a meeting to be held in December. This has been a tremendous outcome for the company and it's shareholders.

Bill Votsaris states "there has been a significant upturn in sales and the companies order book, allowing a return to normal trading terms with suppliers" since the deal with Lehmans Asia's liquidators.

He also talks about the new digital services index which the "initial findings indicate strong structural drivers for the shift to digital channels as the level of customer engagement and share of total revenue for business from digital channels continues to rise."

He finishes stating that there are a number of accounts up for pitch from smaller boutique companies which HYO is well positioned to possibly win. Finally he says there will be a focus on balance sheet management, cash generation and operational profitability.

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