"I would have assumed that the December Q was a poor period of trading especially with the factory closes for a couple of months and that this was reflected in customer receipts of $133k"
You are right when you suggest that the Dec quarter was a poor trading period with the closure of the plant for 6-8 weeks but in terms of the quarterly cash receipts,this was in fact reflected in the March quarter figure of 166k. The reality is that most of that 166k was generated in Jan and say the first half of Feb. This would have also been in part related to the clearing of the backlog. The cash receipts that would have normally been booked in Q3 for the Nov/Dec months was in fact the period when the plant was in shut down.
You wrote-:
"It was therefore still a surprise to see only an additional $33k[12% of sales]collected in the March quarter despite sales increasing by 235%"
In terms of the 4c quarterlies, you are comparing a collection period of three months in the Dec Q2 compared with an interrupted period of about 6 weeks collection in the March Q3 since the shutdown period in terms of receipts would have been reflected in Q3.
In summary, the Dec quarter in respect of cash receipts would have been a normal accounting period without the impact of the plant downtime. Not so in the March quarter where it would have impacted the most. The receipts of 166k for the Q3 (March)really would have included the months of second half Nov 07 (plant shut), all of Dec07 (plant shut),all of Jan 08 and first half of Feb 08.
ciao
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