"So, if at 200 Million in Revenue you have .20 in earnings per share. And at $400 Million in revenue you have .40 earnings per share."
You are completely ignoring one of the biggest selling points of their business model: high operating leverage.
Their revenues have already broken above their fixed costs. Future revenue == future profit.
Honestly, for someone so intent on making a case based on price multiples and MBA ratios, you really should have thought through your argument before making it.
Actually, I don't believe stock buy-backs can be done at the close. Under the "Timing Condition" of SEC Rule 10b-18, corporations are prohibited from purchasing their stock at the opening and during the last half-hour of the trading day.
See sec-dot-gov/rules/final/33-8335.htm for more details.