I also re-listened to the cc, but didn't hear exactly what you heard. The most significant positive info I came away with was the 4th Q numbers with 53% yield and 12% of revenuue income-a significant improvement over the full year. One would assume they can match or improve that performance for full FY08. If so income can likely hit 30 cents m/l(or more) pre option of 5.8 cents.
I don't know how you concluded "The reality and hope of a TI 4meg fram product that was supposed to be released and be a significate investment event did not occur and continues to be delayed." 4 meg product desins are ramping up rapidly as we speak. This I confirmed with my Lee brow chat.
Maybe you see them in neutral going forward. Time will tell if they're long term business plan is working or not, or if they are just going to be a hohum wannabe.