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Microsoft Word - Q4 2006 report to shareholders - FINAL _3_.DOC

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TO OUR SHAREHOLDERS Q3 brought few surprises, either positive or negative. Profitability increased and our year over year revenue and profit growth was good but continues to decelerate. We made one acquisition during the quarter, and our cash position improved. The company continued to build intrinsic value at an attractive rate. Last Quarter we introduced and defined some metrics that we find useful in interpreting our results (especially Net Revenue, Net Maintenance Revenue, Adjusted Net Income and Organic Net Revenue Growth). Below is a table that repeats and updates those metrics and…

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