Did you spot the $13mil Y to Y decline in shareholder equity in the latest quarter? Looks like SGC has been piling on massive amounts of long-term pension liabilities. Likely their pension fund investments have been hit hard.

From the 10K
"We have significant pension obligations with respect to our employees and our available cash flow may be adversely affected in the event that payments became due under any pension plans that are unfunded or underfunded.

A portion of our active and retired employees participate in defined benefit pension plans under which we are obligated to provide prescribed levels of benefits regardless of the value of the underlying assets, if any, of the applicable pension plan. If our obligations under a plan are unfunded or underfunded, we will have to use cash flow from operations and other sources to pay our obligations either as they become due or over some shorter funding period. As of December 31, 2008, we had approximately $7.1 million in unfunded or underfunded obligations related to our pension plans."

"The Company plans to contribute $1,000,000 to its defined benefit pension plans in 2009."

More info available here...
http://www.sec.gov/Archives/edgar/data/9...