RE: earning as expectedThe stock market speaks with its $
Companies with a good mangement team or premium assets will trade at a pemium to book value. Companies with ineffectual management teams or poor quality assets will trade at a discount to book value.
They have been sitting on the cash for years. If they don't have a use for cash that can generate a decent return for shareholders they should buy back some stock (at 50% of book value) or give it back to shareholders who have made ziltch over the past few years via a special dividend. By not buying back stock managemnt is saying that it offers poor value at less than 50% of book value. By management saying that it offers poor value, they are saying that they (managment) are incompetent....end of story!
IMO theses guys have nothing up there sleave and will continue to coast (and collect a salary) at the cost of shareholders.
PS
I am long on the stock and hope that I am wrong!