The stockholders equity has increased every quarter for the last 3 years. For the March quarter, equity increased 15 million dollars. The company is very profitable, even during the downturn. Its book value is 1.37 billion, yet its market cap is about half that at 789 million. Book value is >$22/share, yet it trades for $14/share. It makes no sense.
Unfortunately stock price has become completely disconnected from the value of the company, if it ever was connected. In my mind, if all the company stock can be bought for the cash that company has in the bank, much less the value of the assets and long term contracts, then the stock must be undervalued.
The rumor is the company is somewhat worried about a hostile takeover by someone who would just liquidate and make a good profit. The company has been buying back stock pretty consistently. The company has almost as much cash as it's market capitalization.