Personally I expected somewhat better numbers, but it seems 3rd was the last one within the transfer period. As management told us S,G & A stabilized and we have organic growth. From now on revenues should increase while costs stay at current levels. I compared S,G & A with revenues on a quarterly basis and came up with a percentage of about 24 in the middle. That means we should be able to generate about 29.6 million in revenues without further increase in S,G&A costs. Fourth quarter should give a more detailed outlook for 2005 which will be important for the development of the share price. From now on UniGold HIV should run on full steam in the U.S. and 2005 will bring even more revenue from the 3 by5 program. On top of that the cash in hand could put to work once a good aquisition target occurs. That should have a positive impact on EPS too.
It seems we will not come in line with expected #s for 2004. Therefore q4 must serve us with EPS of about 6 cent which is not realistic.
As every year I will have the chance to meet Mr. Farrell at the Medica over here in Germany end of November. Feel free to ask questions. I will try to ask them for ya and write a report here.