Wave Systems Corp. (fka WAVXQ)

[aleajactaest]

*** dell is a possible source of weakness on the inflow side of things. i think the gm contract was paid in advance with the fee spread across the contract term so it had no effect on q3 cash flow and won't be missed going forwards. wave has also lost the cost of thib.

we cannot assume that $2.5m is a good forecast number. but it is a decent operating cash flow number with which to begin.

by the way, i don't think it is speculative to assume a contract period has expired as advertised. wave described the term of the maintenance. it would be speculative to assume it has been renewed without any publicity.