Ann: Ceasing to be a substantial holder, page-5

Even if we consider annual revenue of 400 million dollars and not 500 million dollars
and apply a multiple of 3
and not 7 or 8,
it still gives a market cap of 1.2 billion .
Considering 80 million issued stock ,
it still gives a bseline price of 15 dollars.
Management has done well by selling one business,paying off the debt and
create some cash for the kitty.
What they need to do more is cut out the fat
and create value by being cash flow positive.
This is where they have not been as cruel and business like as they need to be.
If they can do that and show to that market for 2-3 qrtrs market will take the stock to 15 dollars.
This is where they are failing.
They need to face hard business realities.