Renavatio; the depreciation in 2007 was about 2.7 mil. if I remember correctly, and the depletion was 2.9 mil. There were no taxes in 2005 according to the PR of 2005 Income. So, this puts the net income at .86 mil. Still, as others have said, this is not so shabby for a developing company ramping up. But, I think you may see that there are going to be more financing needed, and a quick turn to significant profitability may take some time.
Bottom line, the profitability is way below what people have expected so far, which is what you would expect for a developing company in an early stage of getting its house in order.
Regards,
