I'm not too sure I got the jist of your message. Are you saying that because the expansion is being done partialy from cash flow that the net earnings number may be impacted?
Possibly. And a good thing- not diluting shares or borrowing against the future (this is the way HWP always did it)! Of course, to truly determine the quality of a company it is operating earnings that are of import. These should not show any negative impact.