Ann: Quarterly 4C and Activities Report, page-6

Don't get your self distracted from net cash flow going down from 800k last 4C to less than 400k. Even if you assume 4M EBITDA(more than double actual) run rate which is VERY generous given that the business is growing, you can't ignore the fact that it's EV/EBITDA multiple is like 32x. SWF is IMO overvalued. In an environment with increased competition SP will be pressured.