Mmmmmm. Earlier I forecast the same Rev of $20M but expected a loss of about $3M. Looks a little worse on the loss this time about $7M compared to FY08 of $12M.
Cash is down to $4.3M and debt is up to $4.3M.
So.... early conclusions, ENG is not growing. Expenses are not under control. The chairmans address/prediction of 12 mths ago of breaking even in FY09 are 50% out of whack.
I think this report might slow down the SP growth. Pity, I was looking forward to a VOIP sector growth led by Engin. I guess we will just have to wait a year or 2 for MNF to overtake them in revenue and show them how to grow this sector, lol.
MNF financials due in the next few days should show up to $11M rev with profit in FY09, about $1M+ cash and around $2M debt I suspect. Looks a lot better than ENG and just 3 years of trading compared to ENG 9 years of losses.
ENG Price at posting:
$1.10 Sentiment: Sell Disclosure: Not Held
