smartmoney - Buying back shares USES cash. And equity does NOT equal cash.
If you look at the 6/30 financials, the biggest asset is accounts receivable - uncollected cash. The faster the growth, the more cash you need to fund operations and receivables. Your supplier invoices will come due long before your customer pays for the product. That is why fast-growing companies are always out in the markets raising capital - to fund growth.
"This is the business we have chosen." - Hyman Roth