Kinghamhill, I do see your point and yes the folks employed with PSN and who are also shareholders are also suffering. But ask yourself this, why didn't the BOD deal with the slowdown back when it became supposedly first noticeable during the second half of the third quarter? The correct thing would have been to reduce or eliminate the dividend then.

  Also keep in mind, is EBITA actually a measure of profitability of a company? Looks to me like A/R is certainly not a part of it...

Kherson