HQ Sustainable Maritime Industries (fka HQSM)

[db_s99]

Looks good. Revenue up nicely while all expenses were down except for advertising. The small bad debt charge this quarter vs. the large bad debt recovery in 2004 impacted the bottom line comparison. Without that, and even with the dilution, EPS would have been about the same YOY.

If the share count doesn't increase much going forward and they keep up the current revenue (up) and expenses (down) trend this will do very nicely for the long term. Looking forward to the Nov 19 interview at AMEX.

Only question is what happened to aquatic products? Aquatic revenues were down this quarter. Wonder if this is a one-time problem. They said the bad debt is what impacted that, but bad debt was only $197K so aquatic revenue would still have been down YOY.