ARIS.ob, announced Q2 earnings this morning (1/31/2008).

Sales up 17%, earnings up 35%. Made $.05 per share (not-taxed, but I doubt ARI will pay any taxes (in the next 5 years anyway) with their net-operating loss carryforwards). Cash earnings were $.09 this quarter.

Our valuation actually fell a bit from $5.71 to $5.61 (on more shares ourstanding), but this is turning into an earnings play it seems.

Stock has not traded. Terrific results on a crappy day in the market (few days haven’t been crappy this year).

This should be trading at $4 a share at least–even in this market.

BUY.