Ann: Appendix 4C - quarterly, page-88

Thanks Klogg.

What am I missing here? Going by the 4c LPE is at breakeven on a cash flow basis, add back the 850k quarterly billing adjustment and we are at 3.5 million cash flow annualised. Expecting to almost double customer numbers next year. A defensible segment of the market with long term contracts. Even with the extra sales force costs you would expect the doubling of customer numbers to add significantly to cash flow. And the company has a market cap of 40million? I know my numbers are rough and don't account for seasonality etc but very cheap in my opinion. Is there a heap of outstanding options or something?