Does this toad need a princess kiss?

Yesterday I was just browsing through some companies when I stumbled upon a particularly special one that caught my interest. Here is some background on the company...

It has accumulated losses currently since it was listed on the ASX in 1999. However, now it has become profitable and earning about 4.5 cents per share currently. Its share price is less than 50 cents, and its paying dividends of about 5 cents per share. That represents a dividend yield of more than 10% and it is paying more dividends than it is currently earning. Its share price is nothing enviable as it has been going down from 2 dollars to its current share price over a span of about 4 years. It's biggest challenge seems to be growing revenue, sales, earnings as I believe it is competing in a pretty competitive industry full of other major players. It is currently a very unfavourable stock. The market has driven it to very, very low prices signifying a PE of only about 7.

And here I was just giving up on the company the more I looked at it. However, last night I thought alot about the company. It has very, very little debt and it is actually profitable now despite all its accumulated losses. Maybe in 1, 2 years time those losses will be retained earnings. I also see the company paying out too much dividends, if only it would stop paying its dividends, and use the money instead for growth, that will be excellent. Maybe that is the reason why it cannot grow. Amidst all their 'troubles', the company still has time to buy back shares, showing that management really knows how to increase intrinsic value by a per-share basis for the real owners of the company. Management compensation is reasonable, and the company's financial statements is audited by Ernst&Young in case of any fraud.

Furthermore, the market has driven the company to low, low prices...

Would it be a good investment?