bad start to the day!, page-15

AS REPORTED
EBITDA...... 1.996
Dep'n......... (331)
Interest...... ( 80)
NPAT......... 1.585
Write off...... (400)
NPAT.......... 1.186

MY FULL YEAR EXPECTATIONS **NORMALISED**
Share price........... 12.5cps
Value of tax losses...(1.5)cps
Equals effective buy price....11.0cps

Revenue............ $13.3m
EBITDA.................. 6.2m
Depreciation.............(0.7)m
Interest...................(0.0)m
PBT....................... $5.5m
Tax........................$(1.6)m
NPAT..................... $3.85m
eps...........................0.72cps
PE............................15.3x

2008
Revenue............ $38m
EBITDA.................. 18m
Depreciation............ (1)m
Interest...................(0.2)m
PBT....................... $17m
Tax........................$(6.2)m - actually assuming they'll pay about 900k in tax
NPAT..................... $12m
eps...........................2.2cps
PE............................4.9x