Thanks for clearing that up. I guess it is a matter of technical...

Thanks for clearing that up. I guess it is a matter of technical interpretation as to what is debt and what is not. I would say to you that my interpretation of a working capital item is that provided there appears to be continuing revenue and associated profitibility and thus an overall ability to pay it down on an as incurred basis it then it should be recognised as such otherwise it can simply turn into a loan of sorts.

In the case of MNF it would appear that as they are now in profit territory and growth has continued along similar rates to previous years that they will have the capacity to pay down that debt to Symbio.

It is a unique situation I guess and fortunate for MNF to be in the position where they are afforded creditor financing.

Interesting comparison of gross margin between the two, ENG margin is simply spectacluar, MNF margin is clearly clipped due to Symbio taking a portion of it to make their profit on the transaction. You might call it financing costs! LOL!

Anyway, I think we all agree that ENG appears to have arrested it's systemic spiral downward and this bodes well for the sector as a whole and ENG specifically. Of course they are not out of the woods yet but the signs are encouraging.

I was surprised to see that there was little or no growth in the revenue/ARPU or subscriber base, even though they have only recently turned the marketing machine back on I would have assumed a greater natural growth than the reported ~1.6%

Another stark comparison between the two is in fact the ARPU, both companies have the same subscriber numbers but ENG has double the revenue. I hope as an MNF holder that the MNF ARPU climbs to ENG levels!

Good luck to ENG holders and congrats to ENG management for cutting costs, let's hope they can keep it up.