with a P/E Ratio of 24 it's still too expensive. And I can bet that their cash position is still in a nice reducing process. Guess...spending 20M$ minimum for earning 2M$. That's what their business is known for. Positions are worth to be dropped at ANY price over 0,90$ (if not to say 0.30$ - don't want to shock the sheeps, LOL)
That P/E is totally distorted by the q/e 4/30/05 non-cash tax benefit of $23.1M. Take that out and the P/E is 65. That's not a tax refund, or a tax credit, it's a NON-CASH write down of accrued tax liability on their balance sheets. Why? Because planned tax liabilities didn't materialize. Whether from @Ventures, operations, or the sale of some other asset, whatever it was that didn't happen, that capital gain didn't happen, and the tax liability had to be taken off the balance sheet.
So, a cash-based P/E for CMGI is more like 65. This is very close to what you get if you use E = earnings from operations. On that basis, CMGI's P/OE = 69. Here's how P/OE stacks up compared to other LOW P/S stocks: