COFFEE REPUBLIC - about to boil in 2006?

so one year from now : back of the envelope....
19 more bars franchised - net inflow of £2.5m based on £125k per franchisee + 19*£17500 or £325k so net cash of £300k, no debt.
then accruing 8-10% cut of t/over based on £450k avge. deli/ bar for 05 gives 23 bars at avge. of say £40k p.a. worst case £920k - cut that in half to allow for mean opening at 6 months from now, gives £460k.
take out head office , say £600k gives net cash £160k, +ve. eps for first time in nine years and no allowance for international territory license revs.
for 07 (when mgmt options vest) you get £920k less head office etc.etc....or poss. about £500k net profit assuming no growth.