a new take on things, page-15

2009 revenue f/cast = $65m (current FY $14m - that's including all TZ's expectation).
Assuming 40% GP (I no longer think 50% i realistic given lower selling prices of units) GP is $26m. Current SGA is $17-18m. They have doubled sales & marketing function, increased engineering and how other outgoings for new gen devices. I anticipate their SGA will be $25m-$30m in 2009.
Add financing costs and they will be in the $2-$6m loss range - better than the current $12m but still a loss. They will be low on w. capital by this point and my point is raising additional funds will be difficult.