Bander, I believe a lot of folks are waiting for 7/19 before buying. That is when the company has promised to file a registration statement for the shares issued to acquire Benchmark (i.e. 90 calendar days from closing). I believe folks are thinking that the stock may sell off on that filing.
I'm, not certain that it will sell off though, so that's why I've kept most of my shares. Per the 8K, on a proforma GAAP basis the merged entity would have lost about $17M last year. I've come up with about $25M of expenses that would need to be added back to that figure to arrive at a P&L that does not have the weird accounting entries required by GAAP acquisition accounting rules. That says they earned $8M last year, adjusted.
Using 150M shares out FD this means they earned about a nickel a share last year, so the stock is trading at a multiple of about 11 X trailing earnings. Given the substantial increase to their backlog over the last few months this seems like a low multiple.
