Management has bitten the bullet by cutting R&D. In a high tech company, this is DEATH...it IS a high tech company, isn't it? ITRON ain't a startup. A $60 million quarter represents significant sales...they either don't know how to price it, can't produce it efficiently, or can't adjust SG&A to match conditions. Most concern to me, as one who has been in the business, is that the market won't pay the needed price.