I'm optimistic about the future and position of this company. It...

I'm optimistic about the future and position of this company. It may be good that so many shares traded hands today, hopefully to new long term holders.

Also, it's worth the following that the HY11 EBITDA of $2.6m was greatly impacted by:
$1.17m depreciation and amortisation
$792k income tax expense

Why was the income tax expense appoximately 64% of the gross profit? I would think the tax rate would not remain this high.

Another point is that whilst the international revenue grew from 200% compared with the HY10 ($6.3m vs $2.1m), there was no profit recorded against this stream. If they can continue to grow this stream, a neat profit may be the reward.

With a market cap of only $18m, annual revenue of 67m, annual EBITDA of 5m (3.6 EV/EBITDA) and net profit of appoximately $1m (18 P/E), I think this company is reasonably priced.

Let's see if they can sign some more international carriers and keep their costs down. Any more downgrades could force this share back to the doldrems of < 15c.