USAP - agree, backlog and aerospace/defense exposure were definite positives.
re debt: For me, this is the primary drawback now. Looks like interest is approaching $1M a Q or so.
Is your thinking they can just use their tangible assets to their advantage here if they get into trouble? e.g. sale leaseback. They do have some runway to absorb a few more bad Qs because they have ~30M they can still draw from their credit facility as of last 10Q.