This one had a nice run a few months ago from 27c-40c (see my...

This one had a nice run a few months ago from 27c-40c (see my earlier posts). I've been accumulating again over the last few weeks following the capital raising. Liquidity a minor problem, so I've had to buy in small parcels to get a decent sized holding. Some big contract potential on the horizon with USAF and Lockheed Martin. I'll post again once the half year results have been released, but here's a quick summary of the key numbers:

Market cap $26mill (yesterday)
Cash $7.3mill (approx)
Debt $4.5mill
North American Revenue 04: $52mill
Estimated revenue for 05: $45-50mill (I'll show how I arrived at this figure in a later post)
Price to sales ratio: .52 (assuming $50mill revenue) (For those who don't know how to read price to sales ratios, .52 indicates that the stock is very cheap/oversold — especially when there is a real chance that ADA will post a profit this year).

North American operating loss for 04: $1.4mill
Reduction in North American cost base for 05: $4-5mill