Seems a bit low?

Can't really tell based on softness in econ.



Some interesting notes.



1. Too bad mgmnt bought 4MM shares earlier this year burning up $40MM of cash. I hope they are not tempted to buy more in the near future.



2. Cash is steadily going down. Now down to $40MM. KEYN has about $10MM in debts, and a building worth ~$30MM.

3. Cash and building = $4 p/s.

4. KEYN will <<probably>> loose $1 p/s of cash this year (at least).


5. Company is priced now at $4 per share (if you take into account a $1 p.s. of loss)

6. Keny with sales at ~ $80MM. KEYN has had a nice ramp of +$10M per year (which will not happen this year of course).

7. Business valued at $50MM with $80MM of sales.

8. Company has an IRS carry forward of credits.


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So this is what is tough ... it seems that the company without the cash should be worth more than 50 cents per dollar of sales.

On the other hand, U.G. will probably drive the company into the ground.

Any comments would be welcome