Ann: Becoming a substantial holder from WAM , page-17

An analytical approach:

FY13

Sales 10m (4m first half actuals)
Costs 12m (3m per qtr)
R&D grant 2m
NPAT = Breakeven

FY14
Sales 20m (assume they double them)
Costs 15m (up from 12m - relatively fixed)
R&D grant 1m (???)They never got one before? - maybe the most recent one is an accumulation?
NPAT 6m

Market cap @ 100m (based on 30c p share)

NPAT of $6m on a MC of $100m is still pushing it...

And that assumes they double their sales next year.

Needs Corporate activity/overseas expansion .... Australia is too big physically and too small for massive volumes

Any thoughts out there?