Encouraging Report

As an accountant, this is what I see:

December Quarter
Revenue   23,151
Sept Deferred Product Royalty 319,271   This relates to September product sales.
Total Income Received December    342,422  

September Quarter
Product Royalty 338,963
Total Product Royalty Received 6 Mths   681,385

R & D Income 842,824
Total Six Months Income 1,542,209

The product royalty mainly relates to SK II (partially launched in the middle of the September quarter) with a small contribution from Olay, which was just getting started during the December quarter.

The December quarter royalty cheque should be received mid Feb (6 weeks after the end of the Dec quarter) and banked a week later.  Skillful HC researchers, who are much appreciated, lead us to believe that it is expected to be a good result.

This is an encouraging report.  My opinion only.