They did exactly what they said they would do. And yet they are selling at a 50 percent discount to book value (and that book value excludes the value of the movies they've announced since the library valuation!). If they had booked the additional $1mm, they would have had a P/E of 10 based only on Q1 earnings.
Selling under half of book. P/E of 10 (accrual basis, Q1 only). Unbelievable.
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