Cash Flow and Balance Sheet

Cash and cash equivalents and short-term investments decreased to $309.2 million on April 30, 2009 from $366.9 million on October 31, 2008, and $350.7 million on April 30, 2008. There were no outstanding borrowings against the Company’s $200.0 million credit facility on April 30, 2009. In conjunction with the TABS acquisition completed in 1Q09, the Company recorded $44.8 million of amortizable intangible assets representing client relationships acquired, which will be amortized over a ten-year period. The Company also recorded a long-term liability of $14.6 million representing a contingent purchase price liability.

Share Repurchase and Dividend

The Company used $31.9 million to fund share repurchases, and $70.8 million to fund dividends to the shareholders over the past twelve months.

During 1H09, the Company repurchased and retired approximately 0.4 million shares of its Non-Voting Common Stock. Approximately 2.4 million shares remain of the current 8.0 million share repurchase authorization.