dffhogs, two quick points -- the FT deal was done by increasing the OS about 50% so that accounts for some of the weakness in stock performance you mentioned. i'd think the continued lockup of private placement shares is also a contributor. however, future deals shouldn't have this same "dilutive" impact on the share structure. instead, smaller amounts of shares will probably be issued to execs of target companies and used as incentives. jmho.
cleaning up the balance sheet, reducing high interest debt, was done (at least in part) so we'd be able to secure bank financing at single digit rates for future acquisitions. all my DD suggests this is now a reality. equity deals are most likely a thing of the past.
as far as acquisitions being a big "if", this type of growth is the cornerstone of DPDW's business model. we've already seen them buy electrowave, mako, and flotation technologies since the r/m. i have every reason to think they will continue to be just as acquisitive, if not more so, as they avail themselves of less onerous financing in the future.