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Study: Post 2 (Final).

Study-Post 1.

Lumacom Ltd, LUM: http://www.lumacom.com.au/parent.htm

Cash since 30 June 2003: $14.1 mill.
Shares: 98.9 mill, reasonably tightly held (It is best to wait for the next list of 20 largest shareholders).
Acc. losses on June 30: $5.4 mill.

Final Report-Comments from LUM:

"The 2003 financial year has seen considerable advances in the international commercialisation of Lumacom’s unique technology and products, with marketing activities being focused on Europe and North America.

The joint venture arrangement with leading outdoor advertising company, the Mega Group, including their associated members covering 13 countries throughout Europe, was announced in December 2002, with the first of a network of screens having been installed in June 2003 under a joint advertising revenue sharing arrangement at the Maremagnum complex in Barcelona, Spain.

In February 2003 the Company announced its agreement with North American joint venture partner the Totius Media Group for a joint venture advertising revenue sharing arrangement across the region. The first order for the US market was announced in June 2003 for a sign value of US$900,000 and recurring share of advertising revenue to Lumacom commencing later in 2003/4.

The close of the financial year saw the successful exercising of the Company’s options (issued at the time of listing and expiring on this date) to raise a total of approximately $5.5 million in cash and increasing shares on issue to approximately 98 million shares.

The percentage of converted options reflected a significant level of shareholder confidence in the commercialisation of Lumacom’s technology, and continued shareholder support for the Company’s growth in the future.

Increased expenses in cost of goods sold are attributable to a write down in asset values undertaken following a review of the carrying value of the Company’s sign located at the Aberdeen Hotel ($352,442), and slow moving inventory ($29,027).

Administrative expenses have increased as a result of advisory and legal costs in formation of joint venture arrangements, and in finalisation of the Company’s capital raising activities.

Since the formation of the joint venture in both the US and Europe the Company has intensified its marketing and commercialisation focus in those areas which has accounted for the increase in marketing costs expensed during the period.

These efforts have resulted in the Company now negotiating in excess of 50 potential sites around the world with some 30 sites in European regions announced post June 30, 2003.

The Company will naturally keep the market informed of major developments as they occur. The Maremagnum Barcelona screen is an excellent example of the Luma Technology in operation and enables the Company to showcase the benefits and operational savings now available from this type of display technology, and has lead to a large number of enquires throughout the European region.

It is with great confidence and enthusiasm that Lumacom enters into the 2004 year. Management and staff of Lumacom wish to thank all shareholders for their ongoing support as we continue on our path to successful commercialisation of our unique technology and products. Lumacom Limited Page 7

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Gerry
Please do your own research and you decide if and when to buy, hold or sell any stocks.