Jason Hall

We saw a pretty solid 20-plus percent revenue growth.

Margin was actually better.

Profit margin dollars were better.

There were some positive things there.

But when you start saying things like, you know what?

Our customers, which are distributors, they're saying they're going to decline their inventory a little bit.

Oh, by the way, our gross margin percent was squeezed a little bit because of one of our fastest-growing products.

That product is going to continue to probably grow faster than the rest of our business.

That's going to hit our bottom line.

Oh, also, you know that big new factory that we're opening?

Well, expenses related to that, because it's really not contributing revenue right now, but expenses related to that, they're going to hit us even more on the bottom line next year.

And in the anti-Steve Jobs one more thing, that one more thing is, oh, by the way, we're maybe a little concerned that we've seen so much consolidation in our market, and now some of our competitors are now part of really big companies with really deep pockets.

We're going to spend a lot more money on sales and marketing next year, and that's going to hit our margin, too.

Everybody knows the housing market, the macro is bad.

All of those things together.

This is the cheapest that I've seen this stock since I've covered it on a price-to-sales basis.

You have to go back to the early 2000s to find a time when, on a price-to-earnings ratio basis, the stock was this cheap.

Emily?

Why not both?

Can it be both?