I hope you know that hits does = page views, and neither of them = uniques, which is what I was talking about.
And by hits you must be thinking of something like every image and css file loaded is a hit. Not the standard way to look at it my friend. One hit = one page loaded = one impression = one page view. These are standard terms you will learn when getting into the world of marketing & traffic.
The site still gets 30k-40k uniques a day, translating into over 100k page views (hits, impressions, whatever you'd like to call them).
This translates into $10,000 to $20,000 monthly revenue.
So your analysis is just ever so slightly off :-P, by a landslide!