Best looking quarterly we've seen in a long time IMO. Positive operating cashflow was promised and has been delivered.
Cash is still being drawn down but its good to see it being spent on improvements / investments (...wonder what they are though) rather than covering losses! lets hope this confirms the days of capital raisings to fund the failures of the kingfish business are over.
Debt is payed off and we have the upgraded facility ready for the SBT spawning season. Finally a few reasons to be positive for holders.
Still a high risk stock by nature but it seems the clean seas ship which was rubbing on the rocks a year ago is at least in calmer waters now and is charting a course to profit.
Interested to know what others read into the accounts, SP has gone down today, maybe some were hoping for better results?
Ann: Appendix 4C - December 2010 cash flow , page-2
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