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Looks pretty bad to me. Receivables up a lot! sequentially but costs and estimated earnings in excess of billings down slightly sequentially. No CF statement, but CFSG states they made +$2.6mm from cash flow from operations in 3Q and on the call, mentioned they expect to be CF positive for 2010. Btw, the call was one of the poorest I've heard in a long time -- basically read word for word from the article linked above and there were no questions from analysts.

Tim, what do you think? Worth an investment at $7 - $8? Like you mentioned in your 2Q review, it's difficult to tell how healthy the company is with its receivables and rev rec issue(s). But if the cause really is the inability of its customers, mainly the iron and steel industry, then this might be the time to invest at a point of maximum pessimism. Btw, could you please tell me where I could get some information on China's steel industry? Perhaps some projections, when it's expected to rebound, if ever?

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