Very cagey wording used in the general meeting/proxy form announcement. They stated that their cash position was "in excess of $22.4M", page 4, so no definitive number used. The value of the options exercised was approximately $14.6M, page 10. That leaves a cash position of $7.8M, which is exactly where it was at 08 year end.
How much "in excess of $22.4M" at SEP 30 becomes the question to be answered and therefore how much cash/profit has been generated in the first quarter, remember there are no more quarterly reports to answer this.
There is one way to help discover this, ISS went ex dividend SEP 22, approximately $2.5M total payment on the basis of 132M shares on issue. This means the dividend could effectively have been fully funded from first quarter cash flow. Extrapolate the the $2.5M over four quarters and it will give you an operating profit of $10M, 20% above guidance.
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