AVSO.ob posted Q2 results (December ending quarter) yesterday and they were good, in our opinion. Revenues grew 31% to $12.4 million, but EPS fell to $.02 per share, versus $.05 per share last year as their investment in more sales folk has depressed short term earnings. They did also lower revenue guidance to $51-$55 million in this fiscal year (ending June 30, 2007). So why is this all good? Because our valuation rose 22% to $3.29 per share from the previous $2.69 per share. At todays closing price of $1.66, AVSO is trading at only 50% of our valuation which makes it an outstanding value. If you don’t have this one at a lower price, we would pick some up for the next 12 month ride.