Ann: Chairman's Address to Shareholders, page-10

I agree the board cost and value is a contentious issue with kov. I think it would be useful to strip out the costs/losses incurred with the overseas adventures (some ~10mil) which has impacted fcf recently in the timeframe you looked at. If kov can get back up to 60mil with the east coast infrastructure spend (given 45mil was a terrible year and 75 mil was a great year, and they are saying they are as busy as ever, hopefully 60mil is achievable in the next year or two), with ebitda margin of 10%, should see the market cap around 38mil