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What I meant to do was explain why the market might have been revising the share price downward due to the projected lower earnings and revenues for 2006 compared with 2005, not compared with prior guidance for 2006.

Even this doesn't make sense to me. When I do a very rough back of a napkin calculation using their midrange guidance of 60m EBITA and assuming D&A of 38m (4X Q1), other income of say 1M and taxes of 23M, I come up with around 50 cents per share which compares with a 33 cent per share estimate posted on MSN by two analysts.

So what is wrong with my napkin?

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