ATC 2.38% 4.1¢ altech chemicals ltd

Cash flow statement, page-2

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    Hi Tebley,

    I doubt very much (as I have previously posted) that ATC is operating at a gross margin of 40%.

    Based on what you have presented, vs what others have said, ATC may well have a high cost overhead structure which will hamper its future profitability (if any) unless carefulyl controlled.

    In these circumstances, references made to gross margin are about as useful, and foretelling of a company's true operating viability, as are references to EBITDA.

    If used correctly, they each can serve as a useful barometer of "raw" selling performance. But, in the instance of some of our colleagues out there, the 40% gross margin being quoted seemingly translates into underlying profitability.

    In many respects, the argument is not dis-similar to the suggestion of other colleagues that UEC's business is growing strongly, helped albeit by a $6.0m one-off payment from Lucent which, once excised from the equation saw net operating cashflow of -$3.5m for UEC in Q2,02.
 
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