In the last letter to the shareholders, the BOD made this statement in their discussion about dividends:

"When we believe it to be a prudent use of corporate funds to pay a dividend to reward our shareholders, we will definitely do so. "

I'm not sure where you got your public company BOD experience, but your job is NOT to REWARD shareholders.  Your job is to RETURN VALUE TO THE SHAREHOLDERS.  The company that you are stewards of is OUR company, and you work for US.  A dividend is not a REWARD.

Anything and everything you do is to RETURN VALUE TO THE SHAREHOLDERS and that is your RESPONSIBILITY to us, your employer.  The money is not the company's to hoard, it is the company's to make use of solely in RETURNING VALUE TO THE SHAREHOLDERS.  A dividend is one way of doing so.  Acquiring another company that will generate positive cash flow and increase the value of the company in a way that will increase the shareprice is another, and the preferred way.  Until you do either, you are NOT performing.

Perhaps you need to re-examine this portion of your outlook on running OUR company and realize your responsiblity is to US.  You don't REWARD us as though we've been good little shareholders, YOU DO YOUR JOB and create a company with an increasing share price that will provide us value or return the company's cash to us through dividends to provide us value.  Thanks.