....on the balance sheet. Sure, they have a ton of debt offsetting that cash...but the point is that the company has gone out of its way to maintain STRONG liquidity, which is going to be particularly reassuring, as we hit the nadir (low point) of the recession in here. If you back out the $3 M they accrued in the quarter owing to the "guaranteed minimum" arrangement on advertising, and back out all the unusual charges, I figure they made about $1 M, after interest expense and preferred dividends expense accrual. Of course, depreciation and amortization is significantly exceeding capital expense, so there still appears to be plenty of room on excess CASH FLOW (to go along with the previous mentioned cash position). With this all in mind, I'm thinking, as other stocks in this sector have been showing strength lately, EMMS could PROBABLY trade up to perhaps 60-80 cents, over the next few months, and possibly $1.00-1.25 later in the spring.