They did mention the covenants. The "relaxed" covenants are good through early 2011, as others have pointed out. They, therefore, have all the time in the world, and you're wasting your and our time talking about the covenants....unless you believe the economy is going into a double dip.

The question of valuation here relates to future EBITDA and EPS....that's what one needs to be focusing on. It is important to remember that there was $780K taken out of the adjusted EBITDA number in Q3 for severence for the old CFO. Also, that there was more political in the year ago Q3.

There's nothing wrong with the results they just released. Not as good as I had hoped for, so maybe I would have expected the stock to maybe "tread water" around $2.25 on the earnings release....but not drop to as low as $1.60. That's CRAZY!