DFNS NEWS

DFNS is delaying their 10Q.

But they did report they did $4,477,086 in revenue

And $195,000 in net income.

The one thing that worries me a little is.... Does that $195k INCLUDE
any payments from the Israel gov't for moving their operations out of
gaza strip. If this is included than OUCH.

If not and those #'s are only based on continued operations than we are
at breakeven earnings for the year.

Not a great quarter by any means on earnings side. .01 is a little
misleading as it is really about .0067 EPS they just round it up to
.01.

book value may have gone up a little bit but it is all about the
earnings. I will be waiting to see the 10Q which will probably come in
a week or two.

Hopefully they talk about future prospects though.

Otherwise will probably end up in the $14-$15 million revenue for the
year and maybe .01-.02 EPS for the year. Which on a PE ratio trading in
the .20's is fairly valued. Especially for a company whos revenue is
falling. I understand they got the book value but lack of talking with
investors doesn't get investors excited at all either.

I still would love to see a buyback especially at these levels. They
could pick up 10% of the outstanding shares and about 30% of the float
for less than $1 million. And they would still have plenty of money to
play with.

Its a trading range bound stock until....

Company talks to its investors,
buyback,
or big order news comes out.

I am holding for right now.

Steve