Biggest issue (from the C4 point of view) is the op cash position.
The opening page of the c4 talks about 'annual green energy costs'. Since this is a cash report (not an accounting one)it would suggest that they are paying for their NGAC's in this qtr. Sounds like a less than even hedging policy.
The same sentence also says additional network costs relating to prior periods. Cannot understand what that means. $15.9m this qtr revenue, so est $7m as network costs, how did they all of a sudden get a bill for an additional $1.6m?
Not a spending spree, but not fantastic.
F111
JGL Price at posting:
11.5¢ Sentiment: None Disclosure: Held
