In my view, it shows they have proven relatively resilient...

In my view, it shows they have proven relatively resilient considering the drop in trading activity and client cash at hand. Expenses seem to have adjusted accordingly. I still wonder where some of this money is being spent but I am not as concerned as I was about the amounts being spent.

The acquisition noise and this report is a good sign. .18 looks like a pretty good price to pick some up at if the speculation about a .21 offer turn out to be true.