21-05-2014, 03:59 PM
Quote:Its balance sheet is very strong.
35% of current share price is backed by cash (14 cts per share)
Its total debts at $12 mil implies a gearing of 10%, pretty low.
Latest 1Q14 financials show only $26.2M in cash ($0.11 per share). Net cash after debt and finance leases is only $2.5M ($0.011 per share). The company has spent heavily on Pixel Red, more in fact, than they had projected when bidding for the plot of land initially. Planned building and civil works expenditure was $27.2M and as of FY13, actual expenditure was already $31.6M. The latest quarter showed PPE went up by another $12.7M.
A result of bad planning? Every million wasted is a loss of $0.0043 per share.
Please correct me if my numbers are wrong.