Attention grabbing headline in the news for NeraTel: "...earnings of $2 million for 3QFY2015, down 43.3% from earnings of $3.5 million in 3QFY2014." This news led to some rather aggressive selling of the stock and I wondered if it was justifiable? I made the observation before that NeraTel's revenue recognition can be lumpy because it is a project based business. It would be a mistake to place too much emphasis on any one quarter's results. Could we see 4QFY2015 doing better which might give the full year results a boost? Of course, I don't know but looking at the first nine months' results, year on year, things don't look so bad. The numbers are not pretty, for sure, but they don't look as bad as the headlines in the news which is about 3QFY15. Quite obviously, revenue is down and expenses are up. A very competitive environment is old news ......