I need to revisit my SMMX view. I struggle to make sense of the most recent qtrly results, and the direction for this company. I just listened to the Q3 conf call. I make a few preliminary conclusions:
1) HPR is in secular decline. This is the SMMX legacy business -- and it appears to be, if not going away, declining to the point that it no longer justifies further investment, hence the restructuring announced, with 75 people canned, offices closed, and cash charges.
2) Am I the only one who heard Isy breath a sigh or relief when there were no questioners on the conf call? I think he must have been ecstatic that there was no one asking for guidance on 2010 #'s. I think these will be horrible.
3) The view into 2010 from Rex: " . . . we will be driving improvements in Symyx Software. Though we will have lower revenues next year than in 2009, entering 2010 we will have transitions through our significant customer concentration and large contract expiration issues, [sic] structured the company to a new base line and positioned ourselves for more consistent progress in our businesses." Yikes! I read this: don't expect profits, just "progress". I guess they plan to shrink their way to lower losses in 2010.
4) employee morale must be in the crapper. Not good for a business that depends on its people.
5) Dow agreement expires next month. Goodbye Dow.
6) Well, just as they bought MDL to migrate to a new business, I think they could try one more 'hail mary' acquisition to find a new future for this company. After that, even the remaining cash will be gone.

Good luck, y'all!