Ann: Quarterly Appendix 4C and Commentary - 31 Mar 2016-RFN.AX, page-98

Pretty bad quarterly which leaves me quite disappointed with management. At least this quarterly has moved to pretty much full transparency.
Not going to defend misleading management, but nor do I believe this is a sell at the current price.
Client numbers not what we would like, but given their guidance increased to 150 just a few months ago perhaps they were expecting a significant up-ramp in Q4 FY as their focus shifts from development to sales both in Australia and overseas.
Annual run-rate of $650,000 is from only 81 customers at this stage, and whilst the customer numbers are disappointing is better than the same annual run rate on 100 customers. With yield increasing significantly due to a unified product and an international and Australian sales campaign there are still positives in my book.
I'm unhappy as the rest of the holders but do not believe this is a sell at current prices.
Will place in the bottom drawer and see what the next 12 months holds.
The revenue per client is anticipated to almost triple for the reffind suite. If this doesn't see a significant drop off in client numbers, and they are able to add to client numbers approaching 150, their annual run rate could easily jump up to 1.5 million by next quarter approaching breakeven.
So yes, whilst this is a bad quarterly I think this company still has a chance, willing to give them that chance rather than sell out at these prices. One to put in the bottom drawer.