this is my opinion anyway, page-16

That may be the basis for the 2010 forecast - however as morley stated, they gave their $48 million forcast the the year to June 2009 on 5 June 2008!! Yes, 2008.

My primary question is how they can make this projection given the history to then, and the half year results, and have so little change given all that has happened after 5 June 2008. It is almost beyond belief.

I'm not calling them liars - but that is why I have stated a few times that the Cash Flow Statement will mean more with these results than anything else. Profit can be manufactured. Cash cannot, unless you own a mint.

My holding is very small, so my disclosure doesn't mean a lot.