RE:An analysis on the Q2 numbersI have to thank you for that as it was clearly a lot of work. I am still unsure, however, where those new FACC and other revenue opps are and what they amount to, and I will NEVER agree that a CFO who puts on a hedging program, rolling or not, cannot take action to alleviate ANY losses (or, indeed, garner great gains.) These guys are fed all sorts of economic data and it is their job to act on it. Even if he had meaningfully changed the amount of exposure and forward dates, it would have been the type of action easily available to him and there is NO EXCUSE for such a prolonged period of significant adverse affects on profitability. Also, one does not keep up the same pattern expecting that it will even out over time: it is no way to do business in currencies. Over $200K in exchange giveaways over a year is ludicrous for a company this size. It is probably twice the CFO's salary, so just look at it in terms of what one person is costing the company ($300,000) while behaving incompetently.