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Watch Mace....stock has been going down ever since they announced acquisition of a profitable online marketing company that has 100% growth and adds 50% to the company's overall revenue. Sweet new security product has been developed by them and PR'ed today, and conference call today with #'s from the acquisition...this could run to $2.75+ with MoMo...do your DD
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GENE $3.97...Small float/low volume Nazzer...May be worth adding to your watchlist to see if Friday's news brings some volume into this on Monday...
Genetic Technologies Achieves Operating Cash Milestone Friday July 27, 6:14 pm ET
MELBOURNE, Australia--(BUSINESS WIRE)--Genetic Technologies Limited (NASDAQ:GENE - News; ASX:GTG - News) is pleased to announce that, for the first time in the Company's history, GTG has generated positive net cash flows from operating activities in respect of the financial year ended June 30, 2007. The total cash receipts from operations and interest for the 2007 year exceeded $15 million, with consolidated net cash inflows from operations of approximately $2.6 million. These figures compare favourably to those for the previous financial year which delivered total cash receipts of $8.5 million and a net cash deficit from operations of almost $6.0 million.
This significant turnaround was driven by a 70% increase in revenue from licensing activities and a 23% increase in revenue from the Company's genetic testing operations, whilst operating cash costs incurred during the year were materially lower than for the previous year.
It should be noted that the following figures have been prepared in accordance with accounting standards applicable in Australia, have been rounded to the nearest $10,000 and are yet to be audited and may therefore be subject to change.
2007 2006 Change from prior year (unaudited) (actual)
Revenue from licensing activities $11,340,000 $6,685,248 Increase of 70%
Revenue from genetic testing activities $3,120,000 $2,550,221 Increase of 23%
Net cash flows from Increase of $8.6 operations $2,620,000 $(5,957,322) million
Cash reserves $13,780,000 $11,885,247 Increase of 16%
The Company believes that the positive results for the 2007 financial year just ended validate the strategies now being pursued by GTG and provide a sound platform for further growth and expansion in the 2008 financial year.
Further detailed financial information will be contained in the upcoming ASX Appendix 4C for the quarter ended 30 June 2007, and the ASX Appendix 4E which will be released in late August 2007.
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