All figures are in Canadian dollars. The addition of new resellers continued to help the top line, and it was the North American channel that produced the growth as direct sales for both Serenic Navigator and its HCM product were down from a year earlier. Increased purchases by an African government were also a factor. However, increased channel sales depressed gross margins to 65.8 percent in May quarter from 71.4 percent last year since license margins are lower than via direct sales. During the quarter, Serenic also lowered the price of stock options for employees. The stock price has been a factor in Serenic's operations for the last few months as it has declared that it believes its shares are undervalued and it will keep looking for other avenues to enhance share prices, which obviously means such moves as new investment or sale of the company.