@hotrocker
They've got about $20m of cash on the balance sheet though, which is worth 1.85c/share. If you are talking about P/E ratios, you need to account for cash and debt.
If you back out the cash, they're trading on an adjusted P/E of 18.2x this year using your numbers.
More to the point, they were trading at around 11-12c when everyone thought they were going to make $5m pretax, and they were trading at 17-18c before the January profit warning when everyone thought they were going to make 7.5m.
If they're going to make 7m, I can't see a reason they shouldn't be trading at 15-16c.
