There was a strong signal from gearing at just 13 percent and strong free cash flow generation in Q4, and that's the reason why the share bounced back.

With strong positive free cash flow, debt can be retired, new products developed and dividend payments increased.

This is a well-established procedure, especially for utilitarian cars.

We see a very strong cash generation, a very strong top line, and are starting to see a stronger bottom line now as well.

IES is a company whose cash flow is and continues to remain extremely strong. And the margin on our work increased during the last eight months, and that was without a great deal of bonding help.

It would be a grave error to write off Tribune. With their free cash flow, presence in major markets, local journalism and WB branding in TV, they'll recover if not to their previous glory then at least to a higher potential.