Very good points. I think you interpertation of their comments is right on he money. I have owned this stock for over 5 yrs. (good time & bad) so I guess waiting another 9 to 12 mos. is big deal. It is my opinion that the survivors of the financial meltdown will not only survive but thrive and prove once again to very good investments. Tnaks again and GLTA longs.
Would agree with Peter that we don't know. I would only add one other thing which I've said before, but think it bears repeating:
NCT is still re-deploying this free cash to make accretive investments that grow shareholder value. They've proven that they can continue to buy down debt at cents on the dollar (they bought $47M in face debt for 3 cents on the dollar in Q3) and making other investments at steep discounts and with attractive forward-looking yields (they said 13-15% in the past 2 quarters). There was a lot of good discussion with the Maquarie analyst on the con call this morning about their growth strategy and how they're going to grow the business and re-invest the cash.
Divvies will certainly be good when they return, but the other key driver of sustained PPS growth is their ability to grow future earnings and cashflow. I was excited to hear the very positive commentary in the call this morning about their ability to do that.