Ann: Updated Investor Presentation-IDT.AX, page-2

A few weeks ago I sent an email to IDT requesting some further info and some of the answers were contained in this updated presentation. The most enlightening though was the unexpectedly high capex and what to me amounted to a profit warning on the final page. Modest growth of base business revenues next year?!? Really?

They said most of the plant is now operational , some of it after many years of sitting idle. Surely there would be a large upswing in revenue/profit when this occurs. CMAX is growing double digit year on year so unless they are achieving this growth by cutting prices then it has to be the contract manufacturing that is the dud. Seriously, when IDT has most of its acquired generic drugs up and running, they need to kick the contract business to the curb. What is the value of it?

I have been a long term shareholder of IDT and have attended a couple of the AGM's years ago. They have a bad habit of dangling a carrot by using ambiguous language to have you believe a turnaround in fortunes is just around the corner for this company, Blackman did it, Robyn what her name did it, and now they appear to be at it again. It is time for results.

When they report the full year results in August or September ( They usually just scrape in by the mandated cut off date ) there had better be a profitable second half. This year i will be attending the AGM for sure and will have lots of questions. As well as the ones outlined above I want the results of CMAX and the contracting manufacturing business separated to provide clarity on what's going on inside this company. Next I want them to explain why the development of Thiotepa (Project Teton) is not further advanced (See slide 8). They are the dominant global supplier of this product already ! Albeit as a contact manufacturer. Surely as the site is already FDA approved to manufacture it there should be few regulatory hurdles left.

Sorry if this post sounded like a rant, i guess it partly was.