Ann: December Quarter Cash Flow Report, page-7

Revenue is up big YoY but is down QoQ. Fish feed costs down considerably which I take as a sign of inventory reduction and lower fish meal prices. They are ahead of what I projected they would do for cash flow, but to be honest, I was expecting QoQ top line improvement and certainly not decline. I am not sure what happened there- not pleased.

Also, fellas, relax, that not NET outflows, it's gross. I am projecting they will be 3-4m cashflow negative next quarter. Quarters 4 and 1 will be positive, as the cyclical nature of fish growth turns the other way.