Uninformed punters have sold down ADA recently on the basis of...

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.