Company needs to growPhoton has developed a nice but small niche market. However they don't seem to be big enough to attract takeover bids by any one of the numerous massive companies that dominate the semiconductor industry. So to maximize shareholder value, I believe the company has to grow through acquisitions. With significant cash producing potential, they are in a good position to acquire small to midsize companies that would complement their existing product line and management structure. Watch for a push in this direction in the coming year.