A tidy half year result - nearly break-even which is very credible given lower Telstra and China sales. Seems a good chance we will see a profit in second half due to continued strong sales in Jan/Feb, first of the Iridium GO sales and possibly exchange rate benefits, given much of the revenue is coming from offshore.
If so, they could look cheap, although liquidity will remain a problem, especially if they fail to convert the convertible notes in another year or so.
WRR Price at posting:
14.0¢ Sentiment: LT Buy Disclosure: Held
