RE:RE:Q1 resultsOne thing I've normalized for in the cash flow is that included in your $18 million figure is $2.7 million for the collection of the government receivables & $5.9 million of prepaids which is included in that amount. The decrease in prepaids is the result of RET not having to keep large deposits with their suppliers as they're now of bankruptcy. So both for me are one-time items (though positive cash flow is always great) - as you can't expect them to keep decreasing prepaids $6 million a quarter.
So I have final cash flow after the lease payments and capex of close to break even which is great for a first quarter.
What I would be interested to know is that whether their BMO agreement prevents them from doing buybacks or what their actual banking covenants are. I'm thinking they will not doing anything share related until they show a continued trend (being Q2 and Q3 again) at which point they should have in theory plenty of cash.