Their earnings have been slowly declining (recession), but their selling and admin have been dropping even faster and so their earnings (EPS) have increased. GRC has generated 10 to 16 million in cash from operations (2009 is up since last year). They then use it up on capex + + investments + dividends. Then they borrow $5 to $11 million per quarter so their change in cash/equivalents is plus and a little more than they borrowed (so they have the ability to pay it off immediately?). These borrowings show up under Current liabilities.But no long term debt. This looks all pretty regular to me. Tangible assets have been increasing. Can't they take their expense CAPEX Expense immediately without decpreciating it? It looks like that is what they are doing. Or they would prbably mention 'depreciation'. The only part I think should change from a practcal standpoint is that they should not pay dividends while increasing debt (even if it is short term). But they might see it from another point of view since they can pay off their debt at any time if they wanted to (not a big deal).