There's nothing new in the presentation which I think most would interpret as bad. More of the same as last quarter isn't going to cut it.
All about how much things have improved this quarter.
For me, I think the story is going to be how much seasonality actually affected sales.
Positive spin - big fall in customer orders due to seasonality was offset by a orders from new clients, meaning when normal orders return in the northern hemisphere spring/summer, there'll be a big jump in revenue as orders from new and old customers spike.
Negative spin - there was only an approx 15% drop in volume of chemical shipped due to seasonality meaning that seasonality alone is not enough to expect any big jumps in revenue when normal orders return in spring/summer. Any significant growth in revenue has to be new contracts and customers of which we've heard little about.
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