I think Q3 looked poor. Is the wireless turf work going to stabilize or continue going down?
looking at the 9 months 2012 vs. 2013 I tried to back out the one time things, they look about the same, treading water. Don't see the corner turned yet.
I have a small short position. Not enough volume in this stock to risk much.
Well, treading water may be OK. Personally, all I see is progress.
I think you need to look at this relative to the situation six months ago when there were concerns about chapter proceedings, loss of revenues from key contracts, loss of the entire DirecTV contract, and so forth (you need simply go back and read Realassard's constant rants, which pretty much touched any panic button available.)
So the reality is that: 1) the company did not go into chapter 11 (or any other proceedings,) 2) the debt was refinanced, 3) the silly lawsuit was disposed at (cross your fingers on that one,) 4) the SEC, FBI, or Gestapo did not raid the offices and throw everyone in jail, 5) the extent of the actual fraud was minor, 6) the relationship with DirecTV was patched up, and 7) there was no mass flight of customers or staff.
Yes, granted, it all came at a cost, including fees (massive,) lending costs (colossal,) dilution (nasty, but manageable,) and some settlement money (trivial,) but the PSP adjusted to reflect that and so balanced the equation (on a sidenote, btw, I think it is interesting that the "concerned" shareholders that sued caused far more damage to the PSP than they will recover. Had they just shut up and done nothing, they would have gained far more than they are going to do now -- truly idiotic behavior.)
The diamond in the rough, of course, is that the PSP adjustment probably went way to far, and that the company is worth far more than the $20 million that it is trading for right now (the recent upgrade had a price target of $2.50, but I think that even that is way too low.)
Had all the nay-sayers been right, then this quarter would have contained a $10 million, or so, loss from the AT&T contract plus a huge settlement with the sharks. So, the great news is, I think, that did this not happen, and that, in fact, much of the AT&T revenue loss was absorbed and that the settlement was as favorable as it were.