Not harsh, you are spot on. Pretty hard to put much trust in...

Not harsh, you are spot on. Pretty hard to put much trust in managements forecasts after last year. It reinforces this is certainly a cyclical business witch is heavily reliant on contracts.

I do still like their aquisitions resulting in virtual tower business, this will take some time to grow.

I also think we are at the bottom of the cycle and with covid out of the way, air traffic increasing, more training likely required and military spend increasing there is a good opportunity here. I thought adacel having these niche market we would have seen steady growing earnings but unfortunately not. The service revenue was meant to be a re-occuring in nature, but is proven to be lumpy.

As always wish I had sold at the top of the cycle when I bought at it's lows last time around, and watched it go to $1.35+, but not to be. Have to hold out until the next round.

I would be interested to see what the guys at thorny investments think with their 30% stake, surely they are looking hard at ways to maximize the shareholder returns - I suspect they pushed for the buy backs. Possible sale/take over of the Business would be handy right now so shareholders could put their capital somewhere else.

In the mean time, fingers crossed for more contracts, a div and an upgrade cycle. There is a decent business somewhere in here.