Wait for the call. We may find out that a sale or two slipped into next year accidentally on purpose.
Maybe everyone made their incentive targets for this year and see no advantage to making next years targets any harder to hit.
Bookings is what I care about most...
The Company reported $41,635,000 in bookings for the fourth quarter of fiscal year 2011 as compared with $43,123,000 in bookings for the fourth quarter of the prior fiscal year and a record $298,075,000 in bookings for the fiscal year ended March 31, 2011 as compared with $282,472,000 in bookings for the prior fiscal year. Backlog at March 31, 2011 increased 10% to ***a new record year-end backlog of $215,228,000*** as compared to $195,729,000 at March 31, 2010.
Your concerns about bookings seemed to be echoed by the analysts in the Q&A.
I thought one of the better questions came at the end when Brian Ruttenbur asked if sales would come in the first or second part of the year. Anthony or Ken answered "second".
Based on that answer alone I would not be surprised to see other analysts join Josephine in downgrading the stock to hold from buy.
Selling covered calls may be a decent strategy over the next couple of months.
Just beware that Anthony said the massive Mil Trailer order could come from DOD at any moment. In addition, ASEI could get taken out buy L3 or any number of other defense companies.
I also like what Anthony said about use of cash. He is NOT going to over pay for a competitor and lever the bal sheet. He would rather keep the cash in anticipation of QE2 expiring and interest rates rising.
Bin Laden is dead. Does that mean scanning is no longer a threat or spending priority world wide? Too soon to tell IMO.