Looks the goods, page-13

Company is certainly in healthy position and trading at appealing valuations.

But operating cash flow has reduced by $1M and the final dividend has reduced (not that this means much). This seems to of come from COO eliminating some less profitable parts of their business at least in part.

Growth may come from acquisitions but I haven't seen any activity to this affect. As a general rule I don't make future bets on management.

IMO they will only see increased competitions from other vendors. As this technology/software seems to becoming less specialised.

Is there an avenue of growth that I am missing? I'm certainly not well versed on this stock so i'm sure i'm missing something.