Oh I agree. Their conference calls are HORRIBLE! I cringe every time I start calling in to listen to them ;).
With regards to collection, 99% of their A/R come from the Big3 telecoms. Its not like they can call them up and threaten to not service them in the future if they don't pay tomorrow ;). I definitely hope they act on their plans and broaden their customer base in 2011 (Non-Big3 customers will also help lower the A/R collection time and thus DSO's).
They are actually using 10M out of their current 44M+ credit line, as per an 8-K they put out a month or so ago. I expect we will see further utilization of that in Q3 and Q4 of this year, at least if their revenue growth is anything like last year's.
The fact is, with their upcoming working capital needs, there was no way they could have spent 20M on a new facility without raising capital or getting even larger credit lines sometime in 2011.
With the stock at $5.7, personally i'm quite happy they raised money at $12 (laugh, at least it raised book value).
-Fernando
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