cash flow In statement of cash flows- see page 5 of the Q2 report 6 month activity- shows 53m drop in first 6 months
includes among other items
- they began purchased of their shares : 15m (none in comparable period last yr)
-paid down debt 331m (vs 225m in comparable period last yr)
offset by increase in debt 395m (prior yr figure was 568m) of which about 80m is a replacement of credit facility
-63m in capital expenditures (vs 45m in comparable period).
so they are generating cash but investing it in the biz as well as shareholder base.
Agree that for the size of company they are not as efficient/effective as other players.
Still they have the intellectual property and capability to continue to win contracts (backlog continues to grow) but as long as they are growing the biz, they will contribute more to bottom line and attract investors.
A change at top or by key shareholders to bring about change/consolidation with others are also potential catalysts for share price appreciation in the 2nd half and beyond.
glta
glta