ytd sales, page-2

Hi Jim - I guess you are subtracting the 1st Q receipts ($6.6m from quarterly cash flow report) fron the July to October Sales figure given today ($9.8m).

Not sure that we can equate the sales figures reported as cash flow reported for the same period. Sales are probably reported on an accrual basis (i.e. as the sale is made not when the cash is received). Because trading terms would probably be 30 days from statement (or even longer in some "forward charge" schemes there obviously is a lag time in recording "cash in the bank" flows. Having said that I have no knowledge of what CST's terms are but it is usual to offer good terms to new customers for instance.

So sales for July - September are likely to be higher than that reported as cash flow in the same period - if that makes any sense. So I don't think we can exactly say we had a $3.2 sales month in October but it would still be still pretty impressive if we take into account July - August are holiday periods in USA and Europe and sales can slow down. So for all we know October may have been even bigger than $3.2m.

Guess I went round in circles a bit there.

Now the market did not seem overly impressed with todays result - I don't know why not. CST has been and still is a safe haven for investors. It may not be paying a dividend yet but since I bought in over the last few months it is the only investment that has made me money (on paper).

I thought the presentation today was positive but it could have been better still. Particularly with the reference to current economic conditions as a caveat to future performance. More emphasis should have been put on the fact that this is still very much a growth stock even in tough times. And that QFT-IT is a very cost effective method compared with TST. It goes without saying that times are tough but health care spending historically never goes backwards - ever! It was said that TB does not slow down in recession.