Your numbers are wrong. That is CURRENT assets, not total assets. The non-current assets such as equipment are certainly not worthless, and they are depreciated at a reasonable rate. Total assets are $450.78M, and shareholders equity is then $334.134M, with 44.831M shares, so $7.45 per share of book value, with 2/3 of that being cash ($5.09 per share of cash).
queen_anne -- Exactly. Unless they're going to start losing money on operations for the long term, it's hard to worry about being forced to sell the shares below net current assets.
For me the worst cases are (a) spending the cash on a dumb acquisition or (b) long-term loss of profitability. But (a) will probably produce a price *increase* from the silly market, and (b) ... well, it can always happen, but I haven't seen signs of it.