In a market update to the Australian Stock Exchange, Cellnet stated further to its half yearly results, reported on 28 February, the company has completed its withdrawl from the desktop and notebook segment of the market.
The company's cash had increased to around $17 million and is expected to stabilise at around this level.
Previously, the distributor reported it had $10 million cash in hand, as of 31 December 2008, and no outstanding debts other than normal trade creditors.
The distributor's board stated it had yet to decide what it would do with the additional cash resources.
It could include growing the remaining parts of the businesses either organically or through acquisition, a return of capital to shareholders or a share buy-back program, acquiring a new business, or a combination of these measures.
However Cellnet's board said the company is expected to make a loss between $1.4 million to $1.7 million, resulting in an overall loss for the 2009 financial year of between $11.6 million to $11.9 million.
-1.jpg&w=100&c=1&s=0)
.png&w=100&c=1&s=0)
