The theory seems to be the revenues will drop forever, so will the the margins, profits and ultimately be followed by losses and inability to service the debt burden. Plus issues with debt covenants on what's in place ... currently. ?? hmmm, why did they announce hiring Merril Lynch and Moelis at the q's???
IAR has been doing this for decades. The online revenues, though growing, are not sufficient to make up the rate of print - traditional Y.pgs - declines.
The q's verify - they're still highly profitable even with declining revenue. The stock is priced for the complete demise of a print product. IAR is not a co that will re-create the wheel, but the experts have predicted the demise of print Y.pgs for over 10 years now..... I just seem to get more of them, not less of them! Where's the demise of print Y.pgs? Someone has forgot to tell the people delivering them.
How many PE's of point something can you find out there? 50 cent quarterly trading at < 50 cents - I think the Wall Street gurus are missing it.