hunter hall, page-12

Ocker,
I'm interested in your theory as to why you think ITE has to merge or die.

They currently have approx $25-27M of WIP of which $10-12 will most likely be relised 2nd half 2007.
In 2008 ITE will bill approx $6M in Maint and $3M in consulting and remainder of 2007 say $15M, so by my calc's they will be in the black to the tune of say $6-8M before any new C/T wins in 2008. I am including the PTX $4.5M yet to be signed contract.

The $26M is made up of RCB $8.5, MAN $5, FHL $4.0, Aust Tier1 PTX $4.5, Vic Treasury $2, Qld Treasury $2.
With expenses of approx $18M.

Even if they achieved 2-3 contract wins next year they will be well in front.

Assumptions
Revenue based on approx size of entity and product purchased.
All current Contracts completed within 1 year.