I have not seen a letter yet. Interesting gosh, a small div may be good for PR purposes. They would be cashed up as CAPEX has fallen away and no doubt Dial Time is again breaking records Dec/Jan. As mentioned by an earlier poster one problem is non recurring licence fees from BOPO licence sales in Asia. They were bought to account last financial year. Also i believe BOPO numbers are still disapointing. Offsetting the above is: Continued Dial Time growth. Continued Bill pay growth. Should get TLS Oct/Nov'08. Greater use of network by third parties - revenue straight to bottom line. Refinancing will see at least $250,000 savings pa Lower CAPEX will see more cash which should reduce loans/overdraft which will further reduce interest charges. Lower D & A will lift NPAT - however they changes to the straight line depreciation method so i am not sure of the size of the reduction. If they are planning a small div then with a little luck we may be seeing a first half profit around $5 mill. It is a volume game and volumes are starting to build. I am disapointed with BXP but continue to hold waiting for volumes to pick up. Also if they can move BOPO then it should do very well..
BXP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
