Brief comment as I hold no position:

-ve O/L again (even after backing out 145M transaction costs this Q) from GM contraction/EPS dilution and increasing G&A + one more new sales guy on the horizon. Talked about this risk at the beginning of this message thread.

Analyst put the acquisition roll-up strategy in much simpler terms than I could:

20c EPS Q3-2009 quarter with 4c from acquisitions = 16c EPS ex acquisitions.

Q3-2008 EPS was 18c EPS in the slow snowbird Q3-2008 before all the acquisitions and TRCR would still have gotten 17% organic growth go forward. Lance seemed uncomfortable answering this question. So you would have been at 21c + had a huge cash hoard that could have been distributed to the shareholder.

TRCR hope that indirect costs will moderate to give Cheesburger's hoped for +O/L but they didn't sound too confident. Q4 pause from acquisitions but they are still looking hard.

Roll-ups are a tough, tough gig.

Sue is an operational genius (great winback Sue!!) - Pitty Lance and Larry aren't.

Still waiting on the sidelines here for an attractive re-entry - that may never come though. Good company but valuation is too rich for me esp. with roll-up risk. g/l in Q4.

Spin