RE:RE:RE:RE:RE:Polishing the jewelPrairie, I get operating margin around 35% after adjusting for options expense. EBIT excludes fx gains. I get company value in the range of $1.1-$1.18. But as you said, the main question here is what will the management do with all the cash? Also I would like to point out ROE, take cash out of the equation and Photon is probably the best run company on TSXV. On a negative side, I think Q1 will be disappointing. Last year as at March 31, the company had $6.6MM backlog and this year I believe it is at $5.7MM as per MD&A. Regardless, I have been with this company for 3 years and I think management is doing a good job diversifying revenue streams. I also like this new and more comprehensive MD&A this year. glta OP