historical valuations

FY2005: a $800k operating loss on revenue of $29.3m.
FY2006: a $1.5m operating loss on revenue of $30.2m.
FY2007: a $1.5m operating loss on revenue of $27.3m.
FY2008: a $1.0m operating loss on revenue of $27.4m.
FY2009: a $1.3m profit on revenue of 32.3m.
FY2010 (forecast): a $2.2-2.4m profit on revenue of $36-37m.

The approximate market caps around this time in October each year have been 2005 - $25m, 2006 - $15m, 2007 - $11m, 2008 - $4m, and now 2009 $8m. I can't help thinking the 2005 valuation of $25m seems more justified now than it was then - that would only be a forward PE of 10x or a backward one of 20x.

If you are still around Patient - and have been patient - you could well see 33c again.