34 mill cash 10 mill MC !, page-11

At least they managed to report before market open and not at 8pm. Slowly getting their act together.

Andrew A your analysis is fair but a little harsh considering they have increased marketing expense with the online rollout and using your logic this should be added back if you add back the one-off franchise expenses last year for the comparison.

The balance sheet is becoming cleaner at each iteration. Intangibles are lower plus the deferred tax asset is lower (i.e. it is all becoming cash and physical assets). It is a will be a very clean balance sheet in 12 months: cash + stock + receivables - payables = what it is worth. 13.6c now, probably 15c plus in 12 months time.