My two minutes summary of the fourth quarter report:
Sales for the fourth quarter $7,230,000
Sales for the third quarter $2,490,000
Staff Costs fourth quarter $1,038,000
Staff Costs third quarter $1,536,000
In addition to the above excellent news on sales and Staff Cost reduction, the new management at TEE has cleaned up the $2,118,000 dollars deposit taken during the third quarter (Ian May’s time) for sales delivered on the fourth quarter.
Ian May reported $972,000 as Cash Flow at the end of quarter in his third quarter report, What he should have done was reporting $972,000 minus the $2,118,000 deposit taken for sales during the fourth quarter. Ian May’s Cash flow should have been negative by $1,146,000 instead.
Most important company only booked $5,270,000 as receipts from customers during the fourth quarter but orders were for $7,230,000. We should expect an even better report next quarter.
I am happy with the first quarter under the new management.
DYOR
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