I haven't been online much over the weekend, so hopefully not reiterating other peoples words.
However, as good as the customer numbers are the question is this: how much does the current price reflect the fact that a reasonable profit was expected in this financial year?
Although not said in words, the report implies a good sized loss for June 2004. Obscured nicely in the section headed "Going Concern" it states "The consolidated entity expects to achieve positive cashflows from operations during the 3 month period ended 30 June 2004." Not the nice profits predicted last year. Positive cash flow for three months. Read this as loss for the 6 months making a larger loss for the full year.
I was positive on this stock - but now think there are more "sure things" elsewhere. I'll still watch it as the rate of subscriber growth means, if they do get the formula right, they are onto a good thing. But I'll happily give up potential profit to put my money somewhere else for the time being.
Good luck to those who decide to hold. I sold last week.
