I don't believe there's any "hidden message" from JT in there. But just look at the last two years. I believe it is a reasonable expectation that PTSC will bring in this kind of money, especially considering everything that has happened since two years ago.

However, though I don't believe this is currently the case, such expectations may present a "trap". I honestly believe PTSC fell into this mindset trap in 2006, when issuing divies. IMO, they had an expectation (which still think was reasonable) that the money would just keep flowing in, more and more, faster and faster.

I don't think he was mistaken, but I don't think there was a hidden message re: royalties/incremental payments.

FWIW,

SGE