EPS of 1.4c beat estimates of -1.6c; revenue of $17.6M beat estimates of $16.97M. EBITDA of $2M beat estimates by a wide marging. Q4 revenue rose 21% to a record. The gain reflects new customers and expanding deployments at existing customers. Margins increase 1 percentage point. Income fell year over year due to a one-time gain in the prior year. The balance sheet remains fine with only a small amount of net debt. We would consider it a decent quarter. The conference call has not yet happened. Not much in the way of outlook was provided in the release, but consensus calls for good sales growth and near-break-even profit this year. We can only gauge demand through sales growth and it looks fine, considering some economic concerns. Management we think is good, and insiders own 5%, and two funds own 31% collectively. The Conguitive acquisition seems to be integrating fine, but was not specifically discussed in the release.
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