One of the things that impressed me about the company is how its increasing free cash flow has enabled it to dramatically accelerate its acquisition quest. From my notes, here is the company's free cash flow, which I'm defining as cash flow from operations less cash used to purchase property and equipment:
2010 - $13k
2011 - 361k
2012 - 591k
2013 (9 months, which only includes 3 months of the Community Networks acquisition) - $1,117k
2013 Q3 (which includes the Community Networks acquisition) - $517k
Note: These figures do not include either the Hybrid Wireless acquisition which just closed 1 Nov 2013 or the Pathcom Wireless acquisition to close mid-January 2014.
Let's assume for a moment that the company's free cash flow can increase to $600k per quarter with the 2 new acquisitions. That's before tax, but tax is calculated on pre-tax net income, which is considerably lower than free cash flow, so I'm thinking that actual free cash flow after taxation would be about $500k per quarter. That would put after tax free cash flow at about $2.0M per year or $.033 per fully diluted share (assuming all options currently outstanding were to be exercised). That should allow for an increasing number and size of acquisitions which would in turn generate even more free cash flow.
Of course, the company could just pay a dividend of two or three cents per share, but that would limit further acquisitions, which are what we want to drive capital appreciation.