fy06 net profit 9.36m vs 10m in fy05

To their credit they tried to warn you:

Sydney - Wednesday - September 13: (RWE Aust Business News) -
Senetas Corp Ltd (ASX:SEN) reported a net profit of $9.36 million for the
year to June 30 2006 compared with $10m profit in the prior year.
Revenue was $19.15m against $22.51m previously.
While Senetas continues to grow and remains debt free, the latest
result was affected by significantly lower than expected royalty and R&D
payments from its overseas distributor.
Chairman Francis Galbally said the 2006 profit was affected by
lower-than-expected royalty income from sales of technology by an
international distributor, which issued guidance to the US market earlier
this year about a slowdown in government sales.
"As a result the Senetas board decided to broaden its sales
strategy to achieve less reliance on a single vendor for international
sales," he said.
Mr Galbally said Senetas was confident that, with further
reductions in non-essential costs allowing for an increased
commitment to necessary R&D expenditure, it would continue to improve the
bottom line.
"The directors have voted to suspend the current dividend policy
and not to pay a final dividend this year in light of a planned corporate
alliance and strategic investment," he said.