Just wanted to point out a couple of items with KSWW. First, note that they had a tax benefit during the Q:
"Third quarter 2005 earnings include a benefit of $759,000 resulting from a deferred tax asset adjustment. "
That means that future earnings are likely to be more fully taxed on the income statement, but actual taxes paid in cash will be much less. The company is finally recognizing the valuation allowance that acts as a shield on the tax rate on the income statement. Once it is brought on to the balance sheet (as it looks like it will this Q), then the company "pays" the statutory rate on the income statement.
If KSWW had been paying a tax rate of 38%, then adjusted fd eps would have been 0.06 for the quarter.
The company doesn't say what its future tax rate will be, but my guess is it will be much higher than 2% IMHO.