Good results considering the current economic situation. SANM paid off over 200 Million in debt and keeps reducing it more. This will lead to savings that go straight to the bottom line. Also, combined with the share repurchase program, those two initiatives should increase EPS by 15%. They still need to work on the inventory reduction, but the remaining working capital has been handled well. At the current evaluation (below/at book value) and a PE of 8, this is a great buy in my opinion, because it basically has very limited downside and a lot of upside should the economy pick up again.