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.