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06/10/10
14:56
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my issue is around cash.
Using the 4C's
Cash receipts per paying customer are drifting down, from $67-69 in late 2008, to $51-52 late 2009 to $48.70 in June.
They spend about $8-10 per customer per qtr buying titles.
Staff costs per customer were drifting down from $18 in early 2008 to 13 in Sept 09 qtr, but now drifting up to around $17 or 18.
'Other wkg capital' is resiliently 22 per paying cust per qtr.
At this rate, the customer numbers they need to cash break even keep drifting out.
f111
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