One other thing I forgot to mention. If you assume that 90% of the depreciation and amortization is related to cost of sales - the fabs, etc...it turns out the variable gross margin excluding depreciation on the combined business is 59%. The dep/amort is not going to change much q/q for awhile. It in fact declined slightly ($5M) from Q1 to Q2. This says I am being conservative on the marginal contribution from increased revenue. Steady state would be higher than my estimate, all the things you mention would push it higher. Enough math for the night. It was hard counting all the loss today.
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