Is the honeymoon over?, page-11

Fair points, it was just a rough back of the envelope calculation that I did from memory.

However, regarding cash flow I was taking others' figures of $3M, not the $350k. I believe that $3M figure was the difference between the current $350k cash flow less the previous $2.8M loss however, I haven't checked this against the relevant 4Cs.

You're right in that there may be additional SG&A costs to produce the additional revenue but the cost reduction initiatives and the benefits of scale will mean that it won't be a like-for-like increase. You could factor in these variances but then you could also factor in all the additional business and ramp up that might happen. That's getting a bit complex for me to bother with while I'm at work.