I think everyone needs to take a chill pill...
While I am a little surprised at actions taken by ITE management at times (feel the SPP really hurt their loyal holders) you cannot criticise their contract flow. Getting the first few is the hardest...the flow on will be positive and significant. While not all costs in this business are fixed a good number are, so while overheads may seem a bit high right now once revenue (and gross margin) flows through the ability to generate significant net income is possible. The fact that the MANN deal is on a 10 year annuity is huge. Other banks/insto's will be including ITE in their evaluation set from now on without doubt. Unless you need the money just let the story unfold for a little longer...I am hopeful they will cease with the SPP offer....then (if they can manage cashflow short term) it's game on...
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