Revenue for the period just ended was $2.6 million, down from $3.1 million a year earlier. All figures are in Canadian dollars. The company blamed the drop on delayed buying decisions by new customers. However, Serenic express optimism stating that "The sales pipeline remains strong in management's opinion and management believe that sales anticipated to complete in the quarter have only been delayed and not lost." The company was also hurt by the decline in dollars. It said revenue is billed primarily in U.S. dollars while expenses are paid both U.S. and Canadian dollars. Serenic had been helped by its signing of several international resellers during fiscal 2011. The company stated that during the first quarter one of its goals was "to continue investigation of alternatives to maximize that value for all stakeholders of the Company." That has been defined as including M&A.