The anchor that is Europe Jeez, take away Europe and we have a fantastically profitable operation. Unfortunately current management keeps stuffing more and more cash down the European "rabbit hole". Their share of earnings in Singapore was $2.2m for the quarter. In North America they did $5.3m of EBITDA on $12.4m of revenue for the quarter. In Europe they did $0.35m of EBITDA on $6.3m of revenue for the quarter. The growth in Europe has been anemic for the past couple of years, the margins still suck, yet we are commited to spend $17m more on the network in France. (And probably more to come since they insist on expanding this unprofitable network in France, they have "won" another contract during the past quarter. Yippee, we get to spend more money we may never see again!) WTF is wrong with this picture? How does management justify the current cash outlay for Europe? I guess management could care less, they get paid either way.