anyone spoken to management lately?, page-2

IMO management will announce at least one and possibly 2 bolt on acquisitions within the next couple of weeks. These will be eps positive from day 1 and will be paid for after January 2006 using funds from option conversion.

Announcements will push the price and increase the incentive to convert the options.

TOX is a high fixed cost business so even a small increase in sales has a big impact on the bottom line (profit).

Remember barriers to entry are high. TOX provide an essential service that is mandatory not optional. Also has good management with a big stake in the company. All in all a good mix. Should be in the high teens and even then would be valued below competitors / similar companies on a per.