Check the balance sheet. Didn't generate any cash this quarter. Cash went up just $2Mn, which is what they would have got from the exercise of options. Look for mgmt to start dumping their stock tomorrow.
Right - no cash.Oh yeh, they did generate $16MM+ for the 12 months. And they have $3/sh cash with no debt. I'm sure management will be selling hard.Good on your sales. You will clearly need it.
And don't forget, they usually report a 2% tax rate (this quarter, in fact, they reported a benefit). If you tax their cash flow, then they make less than $10Mn a year.
Take out the $5Mn stock comp add back, and they generated barely $12Mn of cash in the last year. So the stock is trading at > 30x trailing FCF.