Hi Spiderman8,

 I agree with you that the construction costs should be capitalized and that the non-construction costs should not  be that high.

 I've searched for a picture of the blue and purple graph, but I have not had success.

I note that Connacher has removed the presentation slides from 2007 and before and that is where the graph was shown on at least two occasions.

I was able to listen and watch the Spring 2007, May 29 presentation which can still be found by going through the CNW Group.  The graph was not presented on that presentation which was about 40 minutes long.

However, in the presentation, Dick did say that he expected cash flows to increase in 2008.  So, that was positive and would support higher cash flow numbers.

I have noted that some analysts are projecting a wide range of EPS and also a wide range of cash flow numbers.  In both cases, their numbers seem to be unreasonably  low, as I see numbers not unlike Jurek's.

Since I have gone through all the information I have on Connacher I will have to admit that I'm unable to find a picture of the graph.

However, it did portray higher cash outflows than inflows during the 2008-2009 years and it was only in 2010 that extra cash would start to be available, etc.

I hope everyone is having a great weekend.  The weather here in Alberta is certainly lovely.

 Best Wishes,

Lynn