adacel- set to soar

Uninformed punters have sold down ADA recently on the basis of no news. However, the facts that saw ADA trading above $1 just 2 months ago are still in place.
- solid profit forecast for FY04
- Successful Thorney-lead capital raising recently completed (i.e., company cashed up)
-big projects in the pipe line (not just ATC sim software, but also voice recognition software and simulation learning)
(NB. ADA haven't lost a major ATC contract in 3 years. Company winning small contracts all the time. Most of these are not disclosed to the ASX for confidentiality reasons or because their value is less than $1.5m ).
- North American operations still expanding due to increased US defence spending.
- Major contract announcement due before the end of this calendar year.
- Reduced costs going forward due to major restructuring undertaken in FY03 (without FY03 restructuring costs, the company made an operating profit of $5.5m last year. One suspects that 04 NPAT will be at least that figure).
- Company NOT adversely affected by strong Australian dollar since virtually all of its ATC costs are in US dollars (i.e., they have a natural hedge).

At today's price, ADA is an absolute bargain (Yes, I bought yesterday). AGM next week.