ARI announced Q3 earnings this morning. We think they are very good. Sales up only 1%to $4.158 million, but they earned $427,000 or $.06 a share (untaxed). For the 9 months ended 4/30/2008 they have now reported $.14 a share untaxed. They also moved into a net positive cash postition with cash balances exceeding debt by $700,000 or $.10 a share. At $1.40, this is a steal. Our valuation moved up a tad to $5.63 from $5.61.

ARI is trading at 25% of our valuation, looks like it will make close to $.19 a share in untaxed earings and is now in a positive net cash position.

BUY.

PS–We will be off this weekend due to a personal situation. See you on June 28th.