Spectacular numbers if they hold for the full year. Revenue up...

Spectacular numbers if they hold for the full year.

Revenue up 50% in 1st quarter
EBIT up 40% in 1st quarter

This suggests a slight narrowing in Gross Profit Margin from 26.5% in 2007 to 23%-24%

Revenue looks like increasing to at least $85m, but possibly up to $95m.

If this holds we are looking at NPAT in the range of $22m - $25m

Or an increase of 30% - 50% on 2007

That puts them on a 2008 PE of 15 to 16.8 at the current price of $2.80.

This is ridiculous considering they have superior growth prospects, we could possibly expect further growth of 25% in 2009 and 15% in 2010.

IMO the new price target is $4 minimum.

This gives them a forward 2009 PE of just 20 on projected earnings growth of 25%.

This 25% number for 2009 could also prove to be conservative.

I'll continue to hold.

What does everyone else think?