Not so sure it's very conservative. They are on a buying spree without strong cash flow. Negative cash flow in 2002 and 2003 and a small positive flow in 2004. If they haven't really improved it this year and have to rely on more debt, could be a problem. They were just downgraded because of increasing debt. If the economy holds up for a long period they can get by, but if it doesn't, interest expense can really eat up profits.