I disagree with you as far as the main thing to look for is positive cash flow. With out a substantial increase in revenue, they would have to cut some magor cost to get a decent positive cash flow.
Ultimately the big guys want to see growth first and then the positive cash flow. although if you have them both that is even better these days!
This is the problem with TCX right now, they have all the fundamentals except the "potential Growth" factor which typically drives the price up to higher PE ratios and thus the price of the stock is higher.
This is why they made the critical path deal, they need to get other revenue drivers so that they stop growing in the 8-11% range and get into the 15-20% growth YOY.
Then they will get noticed!!
TCX is basically like that restuarant which has been in the neighborhood for 25 years that everyone loves to go to but their is no growth story there. In essence it keeps making money every year but its too stable for its own good.