You are right about cash burning, yet one thing that needs to be taken into account is that cost of revenue accounts for 60% of revenue and SGA in last two Qs for 80%. (140% total)
Here are my thoughts:
Cost of revenue may be taken down proportionaly to the loss of revenue without major problems. So, I can see the cost of revenue staying flat at 60% aligned with future revenues.
Future revenues of say $23M/quarter fom the existing business (excluding ATT), with the cost of revenue at $15M. If SGA is cut by 1/3rd (advertising - easy), down from 35M to 23M/Q, that leaves company $15M in red. SGA of 23M is still about 120% of their regular SGA costs prior to last two Qs. With the existing cash at hand of ~$55M, that gives about 4Qtrs to turn this business around.
This seems to be the worst case scenario, as persumably they won't lose any more business in 2004, and also asuming that they will not win any new business during 2004.
IMHO
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