VRAD and NHWK Done?

Virtual Radiologic 1st qtr results: Revenue up 23%, total reads up 30%, % of read revenue from final reads up to 27% from 23%
And Yet: Net Income DOWN 30%, and 1st qtr 2009 diluted earnings per share of $0.09 from 1st qtr 2008 of $0.12.

Does this business model make sense?

EPS dropping after a announced share Buyback is not good.
When the former CEO sells off a tons of options soon either diluted earnings per share will drop, or the company will be forced to buyback even more stock then they are currently doing? buying back stock, just to artificially boost share growth is not good for the long term. It does not add to the business itself, that artificial EPS won't materially matter.

If the CEO and the rest of the management are so confident about the future of the company then why aren't they announcing a big stock buyback? They can almost buy the whole company back.

Can’t wait for Nighthawks earnings call
just my two cents. : ) just my humble opinion :)

Virtual Radiologic First Quarter 2009 Results
Revenue up 23% to $28.6 million.
Total revenue increased 23% to $28.6 million for the quarter ended March 31, 2009, compared to $23.3 million for the quarter ended March 31, 2008”
Read volume up 30% to 613,000

Three Months Ended March 31,
Total reads 2009: 613,117 2008: 470,694 Percentage growth over prior year period 30 %
Same site volume growth(1) 2009: 2 % 2008: 15 %
Percentage of read revenue from final reads 2009: 27 % 2008:23 %

Net Income down 30%
GAAP net income was $1.4 million for the quarter ended March 31, 2009, compared to $2.0 million for the quarter ended March 31, 2008, resulting in diluted earnings per share of $0.09 and $0.12, respectively.