How low nobody knows but I feel better looking at the...

How low nobody knows but I feel better looking at the numbers:

125 million shares outstanding @ 1.75 = $219 million market cap - $72 million in assets = $147 million good will

Business is likely making $40 million profit per year before tax (even taking in to account recent guidance) so if my back of napkin numbers are correct this business is for sale for 3.6 times earning.

I guess if you though that the business would shrivel into irrelevance (like blockbuster) then this kind of valuation could be justified. There is also the risk of sustained decrease in earnings while we are in this part of the debt cycle. Like most of you, I'm hoping to ride it out and hold this stock long term while collecting the dividends. Anyone else got anything to say, I'd love to hear it!