As I wrote before I think the management forecasted profit growth rates are conservative. The CEO even said on the latest conference call that he will always underpromise and try to overdeliver. My opinion is that your jaundiced view of the growth of this online commerce/banking identity security market is grossly incorrect. This market is much larger than you must think, and more importantly the timing is now and over the next several years for the mass deployment to consumers around the world. The phisers and fraudsters have brought it on, and the banks and now governments are mandating the online identity security for consumers. Since I think the timing is right, I think we will see much higher growth than you forecast for these low cost and reliable devices. Things like the GO 3 are just the first step in my opinion. The digital signature devices and online card readers will be next as even higher security will be needed longer term against the ever-resourceful fraudsters.
So you and I have a total disconnect for the timing and perhaps the size of this high volume, viral growth consumer security market uptake. When the US FDIC/Fed got involved a few weeks ago, that should have been a big clue that the uptake for these types of products was going to accelerate faster than a normal market uptake. VDSI appears to be the lowest cost producer with many viable products for this huge market, and that is what such a consumer market will need. So good luck to you, but I think my luck is going to be better than yours in this case.