A bit of smoke and mirrors here. I think they are hoping that we...

A bit of smoke and mirrors here. I think they are hoping that we can't count.
As stated earlier, guidance was for $21-23M. Now its $15-17M, a drop of $6M. Today's release announces an increase of $7.5M in revenue with $8-9M postponed till next financial year. Worst case from this is a drop in revenue for this year of $1.5M (7.5m increase minus 9M deferred) The canal project looks like it has been delayed, their wording is typically vague though, first they say that $1.5M will be delayed till next financial year then they say that the full $2.5M may be delayed. Lets say again, worst case, $2.5M, add the $1.5M from the wetlands and you have a decrease in revenue of a maximum of $4M. The revenue was revised down by $6M. Where's the other $2M
I have been generous here by allowing for worst case scenarios. If we use best and worst case we get a revenue drop for this year of $2.0 - $4.0M
Once again we are not being fed the full story, but hey, what can we expect, we're just the owners of the company.
Just letting off steam. In reality I am overall happy with this announcement. I was waiting for the downgrade for this year, I have been with this company and this board for a very long time and learnt that you get less disappointed if you have low expectations. One day they will over deliver I'm sure of it.