Ok, now that I've had time to look at it some quick comments.  Good quarter but when adjusted for the one time gain of $670,000 some things stand out.  The gross margin actually declined just a little when adjusted both sequentially and year over year, not much, and I'm not concerned since recurring service revenues are out pacing my expectations at over 20% growth per year.  Service margins were at about 57%.

 

Cash went down this quarter and there were no buybacks this quarter.  Their SEC filing should shed more light here.

 

Anyway the stock should stay in the 3's IMO.

 

You can download or look at the model and draw your own conclusions at: